One of the biggest purchases you’ll ever make is buying a home. Do you want to protect your investment if stuff breaks down? That’s where home warranties help.
They cover the cost of repairs when your appliances or home systems have issues. With so many warranty companies to pick from, how do you choose?
This article explains everything Oregon and non-Oregon residents need to know to pick the right home warranty. Before then, let’s take a look at what a home warranty is.
What’s a home warranty?
A home warranty is a service contract between you and a warranty provider. When you pay a monthly or annual fee, they cover the cost of repairs or replacement in return if covered appliances or systems have problems from regular wear and tear.
Home warranties typically include
- Heating and AC systems
- Water heaters
- Electrical systems
- Kitchen appliances like refrigerators and dishwashers
- Washer and dryer
- Plumbing systems
When something breaks, you pay a service fee (usually $60-$100). The company then sends a repair person they work with to check it out. If it’s covered, they fix or replace it. This spares you from massive repair bills.
Differences from Home Insurance
A home warranty is separate from homeowner’s insurance. Homeowners insurance covers damage from fire, theft, and storms. A warranty covers breakdowns from normal use. The two work together to fully protect your home.
What Are the Benefits of a Home Warranty in Oregon?
There are good reasons to get a home warranty in Oregon:
- Saves you money on surprise repairs. With an older home, things need more repairs over time.
- It’s convenient. The company finds a qualified repair person and handles the appointment.
- It gives you peace of mind. You know you’re prepared if something breaks.
- It helps you stick to your budget. Pay a little monthly instead of one huge bill.
- Can help you sell your home faster. Home warranties appeal to buyers.
What’s Covered in Oregon?
Coverage varies by company, but most plans cover major systems and appliances:
- Heating and AC systems: furnace, air conditioner, heat pumps, ductwork
- Pipes, clogged drains, water heater, sump pump (Plumbing)
- Wiring, breaker panel, outlets (Electric)
- Fridge, dishwasher, stove, microwave (kitchen appliances)
- Washer and dryer
- Water softener
Pricier plans may also cover pools, wells, septic tanks, and entertainment systems. Read the contract closely to understand what’s included and what’s not.
Costs of a Home Warranty in Oregon
The cost of a home warranty in Oregon has two parts: a monthly or yearly premium and a service fee when you need a repair.
The premium ranges from $300 to $600 per year, depending on your location and what’s included. The service fee averages $75-$125, and you pay this per repair visit. You can lower the service fee with a higher premium.
Factors Impacting the Cost
- Your zip code
- Home’s age
- Square footage
- What’s included in the policy?
- How many claims have you had
Expect to budget $400-$750 in the first year for the premium and service fees. After the first year, it’s usually just the annual premium.
Top Home Warranty Companies in Oregon
With different coverage options, contracts, and prices, picking a home warranty company takes some research. We recommend getting quotes from several providers and comparing them. Here are some top home warranty choices for Oregon homeowners:
American Home Shield
- Prices start at $405 per year.
- Service fees start at $75.
- Covers over 21 home systems.
- Available nationwide.
First American Home Warranty
- Prices start at $505 per year.
- Service fees start at $75.
- Covers electrical, heating, plumbing, and appliances.
- Cancel anytime.
Liberty Home Guard
- Prices start at $499 per year.
- Service fees start at $65.
- 90-day workmanship guarantee.
- Optional extra coverage
Select Home Warranty
- Prices start at $389 per year.
- Service fees start at $75.
- Budget-friendly pricing.
- Systems and appliances are covered.
Cinch Home Services
- Prices start at $444 per year.
- Service fees start at $75.
- Coverage includes septic, well, and pool.
- Online claims center
What Should You Watch For in a Home Warranty Company?
When comparing home warranty choices, consider these key things:
- Coverage: Find coverage that matches your home systems and appliances. Newer homes need less coverage.
- Exclusions: Note any exclusions like pre-existing problems, flooding, rust, or code violations.
- Limits: Watch out for coverage caps per repair or item. Low limits mean you pay more out-of-pocket.
- Add-ons: Extra coverage, like for pools and roofs, may be available.
- Reputation: Check online reviews and BBB rating. Good providers respond quickly to repair requests.
- Cost: Calculate total costs- premiums, service fees, and limits. The cheapest isn’t always the best.
- Contracts: Read the contract! Understand terms, cancellations, renewals, and changes.
Overall, finding the right balance of good coverage, fair costs, and good service means you get a valuable home warranty.
Are home warranties worth it in Oregon?
For most Oregon homeowners, a home warranty is worth the relatively low monthly or yearly cost to avoid expensive repairs. According to HomeAdvisor, the average homeowner spends $2,000 per year on home repairs and maintenance. One major appliance or system replacement can easily top that.
With a home warranty, a $500 furnace replacement might cost you just a $75 service fee. Those savings add up over time, so warranties make sense for many.
You’ll get the most value from a home warranty if your home systems and appliances are aging or you want to avoid large surprise repair bills that mess up your budget. Home warranties provide peace of mind, knowing you have affordable protection against covered repairs.
Tips for Choosing a Home Warranty in Oregon
Follow these tips when selecting a home warranty for your Oregon property:
- Compare plans and pricing from at least three providers. Most offer online quotes.
- Consider your home’s age and condition. Older homes benefit the most.
- Read sample contracts to understand coverage, exclusions, caps, and cancellations.
- Check Oregon reviews and complaints with the BBB.
- Look for adequate coverage caps. Low limits mean you pay more out-of-pocket.
- Understand the claims process and service fee amounts.
- Ask about renewable and pre-existing condition clauses.
- Find out the response times and quality of local contractors.
Getting quotes from several home warranty companies helps you make an informed decision on good coverage at a fair price. Be an educated shopper by doing your homework before purchasing a plan.
Bottom Line
A home warranty can provide Oregon homeowners with financial protection against expensive home repairs. With a good home warranty company, you get coverage, convenience, and savings when the unexpected happens.
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