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The Truth About Home Protection Plans

In some cases, the seller may offer you a home protection plan instead of an inspection. Before getting bogged down in a home warranty plan, make sure you know what you're getting and what you're not getting. 

Home protection plans offer limited insurance coverage

The coverage you can get with a home protection plan is limited. Home security plans usually limit you to a specific supplier or one of the few vendors that have an agreement with a home warranty company. You can also discover many home protection plan via the internet.

In general, if someone comes out of your house looking for trouble, you will pay collectively and you may have to pay some of the repair costs, depending on the terms of the plan.

Unfortunately, home security services offer limited coverage. This can include many exceptions that prevent the plan from covering general budget issues.

Even if a certain repair is insured, it can only be covered up to a certain amount in dollars. This means that to qualify, you must pay in dollars for any fees that exceed that amount or receive suboptimal repairs. In the long run, this can cost more than getting the repairs right first.

Never accept a home maintenance plan as a substitute for a property inspection. Some sellers or builders offer home warranty plans as a "good faith" sign to show the buyer that there is no problem with the property and that the buyer will be covered if a problem arises