Living in a condo is one of the best ways to enjoy homeownership. You will get your perfect little slice of home yet still be able to avoid things like yard work and general repairs to the exterior of the building. However, condo life will still have you responsible for the systems and appliances inside your condo. In our guide featuring the best home warranties for condos, we will help you . . . .
- Find the best home warranty for condos in 2021
- Help you understand what a home warranty is
- Give tips for choosing one home warranty from another
- And much more . . .
Let’s take a look at the top five best home warranties for condos and which could work for your needs.
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Our Top Home Warranty for Condos Picks
Top 5 Best Home Warranty Companies For Roof Warranty
- Choice Home Warranty (Best Overall)
- American Home Shield (Most Customizable)
- Select Home Warranty (Most Affordable)
- Liberty Home Guard (Best Reviewed)
- ServicePlus Home Warranty (Best Emergency Service
1. Best Overall: Choice Home Warranty
Choice Home Warranty is the best overall home warranty for a condo. The Choice Home Warranty plan has been on the market for about 13 years, and they have continued to prove to homeowners how important a home warranty can be. The Choice Home Warranty will allow you extensive coverage for all systems and appliances in your condo. In addition, if an issue comes up, the customer service is very responsive. The pricing for the Choice Home Warranty is quite fair and will allow condo owners to feel as though they are getting great value with their home warranty plan.
Both plans cover systems and appliances
Cannot put together a custom plan
Pricing is fair
Service fees are reasonable
The contract is straightforward to follow and understand
Plans and Pricing
There are two plan options from Choice Home Warranty for a condo. These are the Basic Plan and the Total Plan. Each of the plans has both systems and appliances covered on it to ensure that homeowners won’t have a difficult decision to make. Overall the pricing of the Choice Home Warranty plan is quite fair.
Cost Per Month
When it comes to coverage for condos, the Choice Home Warranty plan will accommodate any condo regardless of age. As long as your systems and appliances are in working order, you will be able to invest in a Choice Home Warranty plan.
2. Most Customizable: American Home Shield
American Home Shield is the most customizable home warranty plan on the market. With an American Home Shield home warranty, you can pick and choose coverages to match the needs of your condo. One of the reasons that we find this so helpful is that not all condos are responsible for all of their systems. Most appliances will need to be part of the plan, but not all systems are covered by the condo owner. With an American Home Shield plan, you won’t be paying for things you don’t need.
It has been on the market for 50 years
Price is a little higher than other plans
Easy to build out a custom plan
Plenty of add on options
Pricing can be customized as well
Plans & Pricing
There are three basic home warranty plans for American Home Shield Customers to choose from. These plans are typically just considered a starting point or a guide, and you can then customize the plan to work for your specific needs.
With more than 50 years in the home warranty industry, the American Home Shield plan does a great job of offering the coverage that a condo owner needs. The age of your condos systems and appliances will not keep American Home Shield from providing you coverage. Simply ensure everything in the home is working, and you will be well on your way to having a condo warranty in place.
3. Most Affordable: Select Home Warranty
Select Home Warranty is the most affordable home warranty plan for condo owners. The pricing of the Select Home Warranty plan makes it much easier to make a home warranty purchase decision. You will find that the combo plan from Select is one of the best values on the market. Select Home Warranty is very specific about their workmanship quality. With more than nine years in the industry, the Select Home Warranty is an excellent option for those looking for impressive coverage at a fair price.
Great customer service
Some covered items have lower policy limits
Coverages and exclusions are clearly defined
High workmanship quality
Straightforward policy choices
Plans and Pricing
There are three plans available from Select Home Warranty, but the Platinum Care plan will stand out as the best overall choice. Platinum Care covers both systems and appliances, and the service fee is considerably lower than other home warranty companies.
The condo coverage with the Select Home Warranty plan is quite comprehensive. The only issue that you may run into is the policy limits. The limits of these policies are sometimes relatively a bit lower than they are with other home warranty plans.
4. Best Reviewed: Liberty Home Guard
The Liberty Home Guard condo warranty is the best-reviewed option on the market. Even though Liberty Home Guard has only had a plan available for about two years, they have one of the most comprehensive options around. Liberty Home Guard has managed to earn an A rating with the BBB, and their reviews are better than almost any other home warranty company. In addition, Liberty Home Guard has an extensive list of coverages that will work for any condo. If you have something like an extra refrigerator or you want locksmith coverage, you can get all of that with a LIberty Home Guard policy.
BBB rating of an A
Plan add on options will increase overall pricing
Very fair overall pricing
60 Day workmanship guarantee
Long list of add on coverages
Plans and Pricing
There are three plans to choose from with the Liberty Home Guard. The Total Home Guard tends to be the most popular as it has a great combination of both system and appliance coverages.
Total Home Guard
The condo coverage under the Total Home Guard policy is quite extensive. In addition, Liberty Home Guard is quick to respond and ensure that things are well handled. If you only want appliance coverage for your condo, the Appliance Guard policy is a perfect place to start.
5. Best Emergency Service: ServicePlus Home Warranty
ServicePlus Home Warranty is the best home warranty plan for emergency service. We love the ServicePlus home warranty for those with a family or who work from home and know that a few weeks without a stove or a refrigerator would be tough to handle. With ServicePlus, you can sometimes have your system or appliance repaired within 24 hours. The ServicePlus technicians are very high-quality workers that will try and have an issue fixed as quickly as possible. ServicePlus keeps their home warranty contracts straightforward and easy for the condo owner to understand.
Fastest home warranty service on the market
Sometimes emergency service will have an upcharge
Large network of service technicians
Quick and efficient work
Plans and Pricing
There are two home warranty plans for condo owners to choose from, the Platinum Plan and the Gold Plan. The Platinum Plan tends to be the more popular choice because of the combination of systems and appliances being quite broad.
The condo coverage from ServicePlus Home Warranty will be the same as it is for single-family residences. The combination of systems and appliances will be enough to give any homeowner peace of mind regarding their home.
How Much Will A Condo Warranty Plan Cost?
Pricing varies, but the average home warranty cost for a condo is between around $400-$750 for a year of coverage. Of course, this annual premium amount will vary quite a bit based on a few factors, which include:
- Location of the condo
- Size of the unit
- If you want coverage for appliances, home systems, or both
You may wonder if you need coverage for a condominium when you are already paying the condo association a maintenance fee. But this fee is for common areas and for exterior maintenance. It doesn’t cover the systems and appliances within your condo unit.
The good news is that condo owners can generally save a bit on their home warranty costs because they don’t need to pay for add-on coverage for shared systems or amenities, like pools, spas, or septic pumps. So, home warranty coverage for condos tends to be quite affordable since protection plans can often be scaled to meet the needs of individual condo owners.
But even a platinum comprehensive plan that covers all the major systems and appliances in your condo can be purchased for around $45 – $60 per month. Such a plan covers everything from your HVAC to your trash compactor and garage door opener.
Want to learn more about investing in a condo? Check out this video on why a condo could be right for you.
Is A Home Warranty For My Unit Worth It?
Simply put, a home warranty is certainly worth it for your condo. If you’ve made the decision to purchase your own condo, you want to ensure that your investment is a happy, comfortable place to live for years.
The beauty of condo living is that so much of the maintenance is taken care of for you. A home warranty plan takes that a step further. It can help you keep your condo in good working condition without the headaches normally associated with homeownership. Here are some of the many benefits of a home warranty for your condo:
Financial Protection From Major Home Repairs
Let’s face it: Owning any home, even a condo, isn’t cheap. In addition to your monthly mortgage payment, you need to pay for your air conditioning, water, heat, and other utilities.
But, while these regular payments are all part of your monthly budget, the cost of replacing your entire electrical system or HVAC system probably wasn’t part of your financial plan.
Indeed, unforeseen repairs and replacements of major home appliances and systems, like a water heater or furnace, can easily rack up hundreds, if not thousands of dollars. Unless you happen to have lots of cash on hand, this can quickly create a lot of debt for you and your family. And even if cash flow is not an issue, paying one monthly fee for everything from your plumbing to smoke detectors is more cost-effective than paying out-of-pocket to repair or replace everything.
With a home warranty, you’re protected from huge repair bills. Depending on the terms of your coverage, you can get thousands of dollars in payment protection for each covered item in your home. Instead of having to pay the entire repair bill, you’re liable just for a small deductible, also called a service call fee, and any repair costs over your maximum limit.
At the end of the day, home warranty protection can make a big difference for the long-term health of your bank account when your air conditioning system decides it no longer wants to work in the middle of the summer or when you need to replace your refrigerator.
Peace Of Mind And Seamless Repair Service
Hands down, one of the biggest benefits of a home warranty is the peace of mind you get when it comes to servicing your condo’s appliances and systems. With a warranty plan, you don’t need to spend hours searching for the best service provider when your heating system is acting up.
Instead, all you need to do is call the warranty company’s service center. Once you submit a claim, they’ll arrange for a repair professional to come to your home.
This is particularly beneficial if you’re a new homeowner or have recently moved to a new area. Since your warranty company will contact a repair company for you, you can rest assured that you’re getting the best service possible.
Covers What Home Insurance Won’t
When you purchased your condo, you probably bought a homeowners insurance policy and, rightly so. Homeowners insurance is important for protecting your condo against unexpected costs associated with natural disasters, fires, and other emergencies.
However, homeowners insurance won’t cover any of the costs associated with maintaining your home’s major appliances and systems. That’s where home warranties truly shine. They’ll cover or greatly offset your repair bills, even when your insurance policy or a manufacturer’s warranty doesn’t.
How Does Coverage For Condos Work (Are They Unique)?
Interestingly, most home warranties that can be used for a single-family home can also be used to cover the cost of systems and appliance repair or replacement in a condo. So, condo home warranties aren’t “unique,” specifically to condos, but they offer all of the coverage you need to protect your investment.
Here’s how it works:
Step 1: Find A Plan
The very first thing you need to do to protect your condo is to find the right plan. We’ll give you a list of the top home warranty reviews in just a bit and as you can see, there are plenty of great options to choose from.
Generally, home warranty plans come in three varieties: an Appliance Plan, a Systems Plan, and a Combo Plan. Most people choose the comprehensive coverage of a premier Combo Plan.
When selecting the best plan for your condo, though, you want to look for a policy that covers the most important things in your home. This is where shopping for home warranties for a condo differs from purchasing a policy for a single-family home.
When you own a single-family house away from municipal water and sewer services, you’ll want protection for things like a sump pump, well pump, or septic system. Condo owners, however, don’t have to worry about most of these systems.
Best Home Warranty For A Condo?
Choice Home Warranty is our top pick in the condo home warranty market. Choice has more than 10 years of experience helping homeowners insure their properties, offers three extensive plans and will cover condos up to 5,000 square feet.
So, when you own a condo, your biggest priorities are likely to be your appliances and any systems that are wholly contained within your unit.
That being said, home systems (particularly air conditioning systems) are where things can get a bit tricky when it comes to protecting your condo. The majority of home warranty plans will not cover any “shared systems.” So, if your condo uses the same air conditioner as the neighboring unit, this may not be considered a covered item under your policy. Plumbing systems are another area that might be complicated in a condo complex. While plumbing systems, including stoppages, are generally covered in a home warranty, if elements of the plumbing system, like drainage pipes, are shared, that may or may not be covered.
That’s why it’s so important to be sure to read the service agreement carefully to understand the coverage, exclusions, and dollar amount limitations before you sign. For instance, very few home warranties cover known or unknown pre-existing conditions on covered systems and appliances. Cinch Home Services is a notable exception to that rule among our top 10 providers.
Step 2: Wait For The Grace Period
Once you’ve found the right plan for your condo, you’ll need to wait for the grace period to finish before you can make your first claim. Most companies will have a 30 day waiting period before your coverage kicks in.
However, if you already have a warranty on your condo and are simply looking to switch from one company to another, most providers will wave this grace period. Then, you’ll be able to make a claim as soon as your new policy starts.
Step 3: Make A Claim
If you need to repair or replace a covered item in your condo, you’ll simply need to contact your home warranty company to file a claim and put in a service request. The best companies will offer 24/7 call center service so you can file a claim even in the middle of the night.
Step 4: Pay A Service Fee
When you have a home warranty, you’ll pay a small service fee every time you submit a repair request. This fee is generally paid when you make your claim.
The amount that you’ll pay will depend greatly on the plan that you have. You can think of a service fee as similar to the copay on your medical insurance whenever you go to see the doctor.
Step 5: Receive Prompt Repair Service
As soon as your claim has been processed, your home warranty provider will contact a local contractor and send them to your home. The contractor will then assess, diagnose, and perform any needed repairs or replacements to get your condo back in full working condition.
If workmanship is an issue and the repair fails, most home warranties have a window of time during which free reservice for failed repairs is available.
Home Warranties for Condos: Coverage
Home Warranties for Condos: Expense
Home Warranties for Condos: Reliability
We hope that you now feel as though you can choose a condo home warranty with confidence. Even though some of your maintenance responsibilities on a condo are less than what they would be with a single-family home, the systems and appliances are still going to require your attention and money. The best home warranty for a condo is a Choice Home Warranty. With Choice, you can rest assured that your condo will be well protected and liveable throughout the course of a year.