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When’s the Best Time to Buy a Home Warranty?

A couple has just purchased a home and wonders when is the best time to purchase a home warranty? | SHW Blog

It’s a good question. Whether you’ve been a homeowner for a decade or are just starting your search for the very first time, the timing of when to buy a home warranty isn’t always clear.

There are some circumstances where it’s a good time to purchase a home warranty, such as when buying or selling a house. This makes the transition of new ownership simple. But on the other hand, there’s not a bad time to buy a home warranty, either.

In the end, you may be wondering when’s the best time to purchase a home warranty?

The answer: as soon as you can.

The sooner you have a home warranty, the sooner you can stop worrying about appliance and home system breakdowns. If you’re a long-time homeowner, you already know the frustration, expense, and hopelessness that comes in the wake of a major (or even minor) system or appliance failure.

As for those new to homeownership, well, we hope you never have to experience these costly circumstances. Fortunately, with a home warranty, you never will!

Can I purchase a home warranty at any time?

Yes! You can purchase a home warranty at any time, meaning you can defend yourself against unexpected repair costs whenever you’re ready to do so.

Of course, you want to keep in mind that your home warranty won’t cover appliances and systems that are broken prior to the effective date of the service contract. Therefore, if you really want to be sure you’re protected, sign up for coverage ASAP.

Are there any waiting periods for a home warranty?

Waiting periods can vary from provider to provider, so it’s important to review the terms of your home warranty before making an investment. In some cases, it may even be possible to expedite these waiting periods. Select Home Warranty requires a 30-day grace period after payment for your coverage to kick in.

Can I buy a home warranty after closing on my house?

Absolutely! While it’s recommended you get coverage as soon as you’re able, it’s possible to sign up for a home warranty days, weeks, months, even years after you move in.

That said, you’ll want to be mindful that, without coverage, you’re not protected. You also won’t fully comprehend the condition and functionality of your home’s appliances and systems until long after you’ve settled. This can be risky.

As far as dollar amounts go, average repair costs for home systems often range in the hundreds, while system replacement costs tend to float in the thousands. With a new mortgage, homeowners’ insurance, and other expenses, you need to ask yourself: do you really want to pay for those repairs out of pocket?

What if the previous owner already has a home warranty?

With some providers, including Select Home Warranty, the previous homeowner can transfer an existing home warranty to you when you close on your home. This means you can continue enjoying the peace of mind that comes with a home warranty without having to worry about a lapse in coverage while you get settled in.

After all, buying a home can be hectic – you’ve got enough to worry about as it is. Just be certain you ask your realtor to make sure the warranty is transferred as part of the sale.

Tell us a bit about your home and get a FREE quote today! Compare your options and find the best way to shield your home and your wallet.