Often referred to as a service contract or warranty, an appliance extended warranty provides coverage for a period of time after the manufacturer’s original warranty has expired. These warranties are a money-making product for companies that sell them. Retailers typically offer these plans as an add-on when shoppers buy major appliances. Some credit cards also provide this type of coverage as a standard benefit.
Peace Of Mind
Unlike the manufacturer’s warranty that comes with new appliances, which typically only covers replacement costs for specific parts or issues caused by manufacturing defects, an appliance protection plan typically offers more comprehensive coverage. This can offer peace of mind to consumers who worry about the financial burden of expensive repair or replacement expenses. An Appliance Extended Warranty may also come with added perks that can make it worth the purchase. For example, many warranty providers have a network of service technicians that can quickly and easily handle most repair or replacement issues. This minimizes the amount of time that consumers have to spend searching for and scheduling a qualified technician.
In addition, some appliance protection plans may include a “no lemon policy,” which allows customers to return an item if it fails or has major problems three times within the warranty period. Keeping track of multiple warranties and receipts can be a hassle, so many appliance extended warranties and home appliance insurance plans provide one convenient solution for resolving covered issues.
No Monthly Fees
While some warranties require a monthly fee, many warranty providers offer appliance coverage for a flat up-front cost. This can be a big advantage, especially if the manufacturer’s warranty seems too short or you have had issues with the particular appliance in the past.
Unlike a home warranty, an appliance extended warranty typically covers only one specific appliance. This makes it easier to keep track of, as you do not have multiple policies to remember. It also simplifies the process of getting a repair technician when something goes wrong, as the warranty provider will handle the logistics for you. The service technicians are usually experienced with the specific brand of appliance you have. This can be a real time saver if you are new to the area or not as handy as you’d like to be. Also, the warranty company can help you find a repair professional who is licensed and insured. Generally, these are required to meet state requirements for service technicians.
Coverage For New Appliances
Many companies offer plans to cover a variety of appliances, including refrigerators, dishwashers, washers and dryers. Home appliance warranty coverage typically provides access to service technicians and helps reduce out-of-pocket expenses when an appliance breaks down. Some of these plans may also include additional perks like priority service and expedited repair services. The cost of a home appliance insurance plan is often less than a standard manufacturer warranty. Some companies also offer a plan that covers both systems and appliances, which can be helpful for those with large homes or who have multiple home appliances.
Some home appliance warranties are transferable when ownership changes, which can be a benefit for homeowners who plan to sell their house in the future. Some of these plans are also backed by state laws that require manufacturers to honor implied warranties for a reasonable amount of time after a sale. In these cases, the extended appliance warranty is designed to fill in the gap left after a manufacturer’s original limited warranties expire.
Convenience
Unlike manufacturers and retailers, which generally only offer warranties during the first few years of ownership, third-party appliance warranty companies like Choice Home Warranty will often allow you to add your new purchase into their comprehensive plans. They also have a network of certified technicians who are familiar with the specific make and model.
Buying an extended appliance warranty, or a protection plan, is a great way to avoid high repair costs and stress that comes with unexpected breakdowns. The best home warranty companies offer a variety of coverage options to fit your needs and budget. You can even find a plan that covers the entire house, allowing you to protect all your appliances for one low monthly fee. Plus, most appliance protection plans are transferable and can add value to your property.
Conclusion
Home appliance insurance, sometimes called a protection plan, is usually offered when you purchase a new major appliance. Most of these warranties cover functional parts for a specific timeframe and are similar to the standard manufacturer warranty. Appliance extended warranties are money-making products for companies that offer them. Consumers should be aware of the risks involved and carefully consider their alternatives.
