You’ve probably heard of home warranties, and you might have some questions regarding their value. Many times, home sellers offer home warranties as a way of enticing buyers to purchase their Irving homes; other times, buyers purchase their own home warranty.

Whether the home warranty is being offered by the seller or paid out of your pocket, learning about the advantages of a home warranty will better help you make the decision if you should carry a home warranty on your Irving home purchase.

Q: What is a home warranty and how does it work?

A: A home warranty is an insurance policy, of sorts, that is designed to cover the cost of repairing or replacing certain items in and around your home. From electrical and plumbing issues to broken appliances and a malfunctioning furnace, home warranties can often cover many of the major areas in and around your home. You can also purchase additional riders on your home warranty that cover extra items, such as swimming pools and Jacuzzis.

Most home warranty policies are taken out for the year, and paid upfront, although there are many home warranty companies that allow you to pay per month, and many can add the monthly premium to your mortgage payment for convenience.

Home warranties are designed for existing homes; new home warranties, offered by builders, are different than home warranties.

Q: What do I do if something that is covered by my home warranty breaks?

A: Your home warranty company will likely have a toll-free number that you call to file a claim. The home warranty company then calls a local company that is partnered with them to make the necessary repairs. A small service call payment is usually collected by the local company at the time of repair. If the item covered under your home warranty cannot be repaired then the warranty covers the replacement, or replacement cost, of the item.

Q: Is it worth it to purchase a home warranty?

A: Most homeowners find that home warranties provide convenience and peace of mind. The small, monthly premiums are usually much less than it would cost to pay a professional to repair or replace a large item, such as a furnace, air conditioner or appliance, for example, so many homeowners find that purchasing a home warranty is a great way to provide them with the peace of mind knowing that if something breaks it won’t break the bank.