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Which Home Warranty Plan is the Cheapest?

Which Home Warranty Plan is the Cheapest?

As soon as we become homeowners, we want to protect our houses, and unlike home insurance, a home warranty covers unexpected malfunctions for home systems and appliances and saves our wallets from high repair costs. As we start selecting the plan that is best for our home, many questions arise.

If we just look at the price and buy the plan that costs less, will it give us the best value for our money? If plans in two different companies cost the same, will they provide the same coverage? Let’s take a look at the cheapest plans available on the home warranty/home appliance insurance market and try to find the answers to these questions.

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97.0

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Best Overall
97.5

Limited Offer: $50 Off + 1 month free
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Most Affordable
95.8

Limited Time: $150 Off + 2 Free Months + roof coverage
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Cheapest home warranty plans

Choose your State:
Company
Plan
Premium (Year)
Deductible
Limit
Coverage
Get free quote
Company
Plan
Rating
Basic Plan
Level:
Silver
Type:
Combo
$517
$85
$500 - $3,000
57%
Details
Basic Plan
Rating: 97.50
Level:
Silver
Type:
Combo
Deductible
$85
Limit
$500 - $3,000
Premium(Year)
$517
Coverage
57%
Details
ShieldSilver Plan
Level:
Silver
Type:
Systems
$420
$125
$1,000 - $3,000
59%
Details
ShieldSilver Plan
Rating: 97.00
Level:
Silver
Type:
Systems
Deductible
$125
Limit
$1,000 - $3,000
Premium(Year)
$420
Coverage
59%
Details
Gold Care plan
Level:
Silver
Type:
Systems
$580
$60
$500 - $2,000
27%
Details
Gold Care plan
Rating: 95.80
Level:
Silver
Type:
Systems
Deductible
$60
Limit
$500 - $2,000
Premium(Year)
$580
Coverage
27%
Details
Appliance Guard plan
Level:
Gold
Type:
Appliance
$525
$75
$1,600
42%
Details
Appliance Guard plan
Rating: 95.10
Level:
Gold
Type:
Appliance
Deductible
$75
Limit
$1,600
Premium(Year)
$525
Coverage
42%
Details
Gold Plan
Level:
Silver
Type:
Combo
$479
$75
$400 - $500
50%
Details
Gold Plan
Rating: 95.05
Level:
Silver
Type:
Combo
Deductible
$75
Limit
$400 - $500
Premium(Year)
$479
Coverage
50%
Details

Who Needs a Home Warranty?

Whether you are a homeowner, a buyer, a seller, a landlord, or a property manager, a home warranty is important to protect you from excessive repair and replacement costs for appliances and systems.

Homeowners

Homeowners stand to benefit greatly from buying a home warranty, especially if they have aged appliances. Since appliances don’t always last forever, they’ll need constant repair and servicing as they grow older. Having to pay for the repair of several appliances in a year is not exactly pocket-friendly, and this is where your $300- $600 becomes a lifesaver.

Homebuyers

Are you buying a house? Imagine after you’ve completed all the transactions and are starting to settle in the new home, the appliances start failing. Having spent all the money and time, the situation is stressful, annoying, and disorienting.

Well, a home warranty for buyers will give you great peace of mind, so you don’t have to worry about repairing appliances when you haven’t even used them or learned how to use some of them.

Landlords

Managing tenants is stressful in itself, but imagine if they keep calling for home repairs. Suppose you have a whole block of rental apartments. In that case, it becomes extensively costly and time-consuming to move from one unit to another, checking what needs to be repaired and following up with the various technicians.

However, with a home warranty for landlords in place, you just need to make a call to your home warranty provider and leave the rest to them. Companies like American Home Shield have a large network of technicians they contract and deploy to your home.

Home sellers

Did you know that a home warranty could help you sell faster? Well, try to picture a first-time buyer who has spent almost all of their savings on buying their dream home. Amid all the excitement, there’s a certain amount of fear and doubt, and knowing that their home is covered will give them a sense of security.

Other than acting as a deal sweetener, the home warranty also gives you higher bargaining power. This means that you can use this as an opportunity to sell it at the highest amount possible.

The home warranty for sellers works like a charm for real estate agents, sellers, and property managers when the home is up for sale.

Prices for the Cheapest Home Warranty Companies

Our team at ReviewHomeWarranties.com has reviewed analyzed over 68 different home warranty plans and want to tell you the best coverage options for your wallet. In thirteen companies, the prices of the cheapest home warranty insurance were less than $200 per year. Six companies priced their cheapest warranty plans from $200 to $250, another forty-two companies had a price range between $250 and $500, and in six companies, the prices ranged between $500 and $625.

If you’re looking for a trusted, industry-leading home warranty company, we recommend Choice Home Warranty. They’re a top-rated brand and right now you can take advantage of their current promotions that get you $50 off, plus one free month and free 30-Day cancellation. Get a free online quote or contact a specialist at 929-400-6169 before these deals end. Another great option is American Home Shield which offers $50 off. Get a free quote online or you can call a home warranty specialist directly at 866-464-7521.

Cheapest plan cost distribution

Such huge differences in the costs of the cheapest home warranty insurance are explained by the coverage offered by each plan. For example, the $43 plan in HomeServe USA is called the Appliances Plan. It only covers eight major home appliances. Alternatively, the Home-SAFE Warranty/ABC Home Services plan that is available for $625 for condominiums provides coverage for a wide range of home systems and appliances.

The Cheapest Home Warranty Plans

As of 6/17/2021 we at ReviewHomeWarranties have compared and rated 64 companies and their 238 plans for the 57 covered items. Come and see our findings and recommendations of the best value-for-money plans available right now:

How much money can you save if you choose the cheapest warranty cover for a year, which is how long home warranty plans usually last? To answer this question, we compared the prices for the cheapest and the most expensive plan within one company. The difference ranged from 18.3% to 82.6%. In the graph below, we show how much you can save if you buy the cheapest warranty plan in the company instead of the most expensive plan.

Savings distribution when selecting the cheapest plan

The data was collected from 67 home warranty companies. In four companies, there was no difference, all plans cost the same. In sixteen companies you could save between 10% and 29% if you purchased a cheaper plan. In the other twenty-six companies, the difference was between 30% and 49%. In the last group, the cheapest plan cost ranged from 52% to 89% percent less than the most ex