We’ve all been in that scenario when we’ve just completed that major appliance, electronic, furniture or tool purchase only to have a salesperson or internet pop-up ask the dreaded “would you like to purchase a warranty” questions. If you’re anything like us, who agonize over what to eat for dinner on a regular basis, the option often seems a bit much. Imagine, then, the consternation that a warranty on something like a home purchase can conjure up. Instead of $29.99 for three years of coverage, home buyers or current owners could be looking at hundreds if not thousands of dollars for a plan they may not even understand.
When it comes to locksmith needs such as rekeying, lockout services, security system monitoring, repair and more, things get even more murky. Here we delve into the world of home warranties and whether they make sense or provide value when it comes to much needed locksmith services.
Cost vs Value
If you’ve received an offer for a home warranty package or are considering adding one on to your home purchase or refinance, you should compare the price of the plan versus the overall value. Most plans provide some basic level of handyman repair to things such as gutters, squeaky and broken windows and even appliances. Increasingly, plans are also including locksmith services such as rekeying or installation of new locks in existing doors. In the DFW area, these service calls can often be several hundred dollars or more. When deciding whether to purchase a home warranty, compile these pros and cons of expenses and see if the math adds up.
Deductibles, Percentages and Fees
Before choosing a specific home warranty plan, it’s vital to ask about any copays, deductibles, service or one-time house call fees. Many buyers think that purchasing the home warranty is the end of any out-of-pocket expenses. In fact, most home warranties have maximum caps on amounts they will pay out. In addition, a flat service fee for each warranty claim is typical in most home warranty plans. The cap will usually be more than most homeowners will need for coverage and the service fee smaller than a typical house call for the service. If you’re dealing with a smaller or less reputable home warranty service, however, these types of nickel-and-dime costs may be larger than expected, in many cases outpacing the cost of the underlying service, negating any value received from the warranty itself.
The Bottom Line: Read the Fine Print
Whether a home warranty is right for your needs will depend on your individual situation and the details and provisions of your particular policy. While more home warranty policies are including valuable services such as rekeying, lock changes, security system discounts and more, coverage isn’t industry wide and inclusions will vary from company to company and, in some cases from policy to policy.
If you’re unsure whether your home warranty policy covers the services of a skilled locksmith, call A-1 Locksmith for a free assessment. Our many years of experience in the Dallas Fort Worth area will help in interpreting the minutia of your individual policy to determine whether you’re covered. In addition, A-1 Locksmith has partnered with many home warranty companies in the past and may be able to recommend one that caters to those with security in mind.
