6 Best Home Warranty Companies in Lake in the Hills, IL

How Does a Home Warranty Work?

A home warranty is a protection policy that helps Lake in the Hills homeowners in lowering the costs of appliance and system repairs. The plans provide coverage to replace or fix appliances and systems that break down due to normal wear and tear.

When something breaks down, you submit a claim and pay a service fee. The home warranty provider then arranges a contractor to handle the replacement or fix. Homeowners may have out-of-pocket costs only if the repair or replacement costs exceed the item's coverage limit. A home warranty gives homeowners reassurance by helping avoid high-priced emergency repairs. The coverage is especially helpful for owners of older houses or houses with fixtures near the end of their life span. However, people with newer homes and modern appliances may not need a home warranty.

What Does a Home Warranty Cover?

Home warranties cover many home systems and appliances. Covered appliances normally include washers, microwaves, garbage disposals, refrigerators, dryers, dishwashers, and others. Covered systems include electrical, air conditioning, heating, and plumbing. Many home warranty providers also offer additional coverage for locksmiths, septic systems, roof leaks, and central vacuums. It's important for Lake in the Hills homeowners to know that most home warranty policies have a 30-day waiting period before they will cover the cost of any repairs. Additionally, most policies only cover repairs and replacements due to normal wear and tear. Home warranties don't cover things like cosmetic issues, natural disasters, pre-existing conditions, or damage caused by improperly using a system or appliance. You need to keep up with preventative maintenance to help ensure that your next repair or replacement is covered by the policy.

Key Home Warranty Terms to Know

Before agreeing to a home warranty contract, you should learn key terms like:

• Coverage limits: How much money your warranty provider will pay for specific repairs or replacements. Check limits on repairs for things like roof leaks, appliances, and air conditioning units.
• Service fee: The out-of-pocket cost per claim that you pay for contractor access and repair coverage.
• Deductible: The amount you're responsible for before your warranty covers the remainder of the cost. Deductibles apply to covered repairs and may be on a per-claim or yearly basis.
• Endorsements: Optional add-ons that expand coverage for additional systems like septic, well pumps, pools, and more. Endorsements typically cost an additional fee.
• Contract rate: The pre-negotiated rate a home warranty company has with its contractors. This rate is usually less than typical retail costs.
• Trade call fee: An added fee that you'll sometimes need to pay for appliance-related claims.
• Claim approval: The process a provider uses to validate that a requested repair or replacement is covered under your plan.

Keeping these important details in mind will help you understand costs and select a home warranty that's tailored to protect your most important home systems. Discuss specifics of coverage with potential companies during the quote process to avoid unexpected fees.

Key Factors in Choosing a Home Warranty Company

There are several important factors to consider when choosing a home warranty provider:

Coverage Options

Home warranty plans differ significantly in terms of coverage. Most plans cover electrical, heating, plumbing, AC, and appliances. More robust plans also extend protection to other items such as spas, pools, well pumps, and roof leaks. Look for companies with a range of coverage choices, such as upgraded plans. You'll want to tailor your protection for your home’s needs.

Service Fees

Expect to pay a per-service fee of $60-100 for each home warranty claim. As this charge applies to every separate claim, some homeowners prefer to choose a company with lower service fees to maximize savings on every claim. Some providers also remove deductibles if a customer goes a period of time without filing any claims.

Reputation

A home warranty company's track record provides insight into things such as contractor quality, claim approval rates, timeliness of repairs, and overall customer satisfaction. Use third-party review sites such as the Better Business Bureau (BBB), Google Reviews, or TrustPilot to research providers. Favorable ratings and reviews indicate a provider known for stellar service.

Contractor Network

Home warranty companies maintain networks of local contractors to handle repairs in your area. Reach out to potential providers to learn how many repair professionals they have in Lake in the Hills and get an idea for how fast your repairs could take place in an emergency situation. Bigger networks raise the chances of getting qualified contractors to swiftly service your home.

Added Benefits

Certain home warranty companies offer extras such as protection for smart home devices, discounts on maintenance, and energy-efficient upgrades. These bonuses offer extra value beyond repair coverage. Extra perks can enhance your home and maximize your home warranty.

Is a Home Warranty Worth it in Lake in the Hills?

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Benefits of a Home Warranty

Lake in the Hills’s cold winters can put a strain on a home’s HVAC system. Whether it’s summer or winter, a home warranty is designed to cover your home’s appliances and systems in the event they need to be repaired or replaced. For example, if your air conditioner stops working in the middle of July, a home warranty can cover the needed repairs, saving you from spending a lot of money out of pocket.

In addition, having a home warranty can save you some time by eliminating the need to research contractors — most providers will send a trusted professional right to your door to complete the repair or replacement. In addition, though it varies by company, some providers will let you transfer your warranty in the event that you sell your home. This can make your property more attractive to potential homebuyers and help your home sell faster.

Downsides of a Home Warranty

One major drawback of a home warranty is not every home system and appliance you care about may be covered. It’s important to research the different plans and purchase one that covers all the appliances, systems, and add-ons you need.

Another downside is that home warranties may exclude some repairs, like those due to natural disasters. For example, if a tree falls onto your house and damages the roof, the affected systems and appliances most likely won’t be covered by the home warranty.