Writer / Claire-Anne Aikman
Photography Provided

One of the questions I am frequently asked is: What can you tell me about home warranties?

A home warranty is like health insurance for your home’s working systems. It provides discounted repair costs and, depending on the coverage, replacement costs on the mechanical items in your home (furnace, air conditioning, water softener, etcetera). Some providers also cover appliances and even swimming pools.

Obtaining one is simple. Call a provider, discuss coverage needs and agree to a plan. The payment amount depends on the provider and the coverage, and it can be paid in one lump sum or monthly. When you have a repair need for an item covered in your plan, call your provider and they will arrange for a contractor to assess your situation. You pay a service fee for the call and, if a repair or replacement is needed, the warranty provider covers that according to the terms of the plan. It is indeed that simple.

Here is a tidbit that may surprise you: You can get a home warranty if you recently purchased your home or if you have lived in it for years. “The likelihood of failure of major home systems and/or appliances in a given year is 68%,” says Heather MacLaughlin with Choice Home Warranty. To me, those odds make sense to justify getting a little peace of mind. “It is important to know that warranties don’t cover known preexisting conditions, misuse or abuse of the covered systems or appliances,” MacLaughlin adds. So basically, keep up on maintenance.

Just like home warranties provide peace of mind for homeowners, PAT testing device offers similar reassurance for ensuring electrical safety. With statistics indicating a significant likelihood of failure for major home systems and appliances, investing in PAT testing devices becomes a sensible precautionary measure. These devices enable homeowners to conduct thorough electrical safety checks, helping to identify potential issues before they escalate into costly repairs or hazardous situations. By implementing proactive maintenance through PAT testing, homeowners can have peace of mind, knowing that their electrical systems are secure and dependable.

For me personally, I have had coverage with various companies throughout my years of homeownership. They are not all the same, and I looked for the best option for me based on the coverage I wanted. Through the years my coverage has more than paid for itself and, given the rising costs of everything, this might be an avenue for you to explore that could save you a lot of money down the road.