You might not be aware that you can get a warranty on a resale home that provides coverage for major components as it is a product that is mostly unavailable in Canadian marketplaces. I did a Google search for a Canadian warranty company and found only one out of Toronto that I’ve never heard of and two Canadian banks offering some kind of warranty if you get a mortgage through them so it is really an untapped market there.
In the Greater Phoenix Real Estate area, there are several well known and experienced national and local warranty companies that you can buy an annual warranty from. Their warranty plans will protect you from failure of air conditioning, heating, plumbing, electrical, pool equipment, appliances and many other components at a reasonable price.
If for no other reason, you should consider having a warranty plan just because of the air conditioning system. Unlike furnaces in Canadian homes that can last 20-30 years before having to replace, air conditioners average projected lifespan is 10-20 years and along the way you can have some breakdowns. Consider the $350-400 warranty to be like a layaway installment plan for your future air conditioner that can cost $3000-4000 to replace or several hundreds to replace broken down parts. Chances are that you’ll be having to get an air conditioner replaced before you’ve paid the equivalent to replace one, especially if you’re buying a house that is older than new.
I recently had to make a claim for mine as when I returned home from a visit to Alberta, I adjusted the thermostat from 85 degrees ( the while I’m away maintain temp) down to 78 degrees. That may seem kind of warm to you still but compared to 100-110 degrees outside in summer months, 78 will feel very cool. Well, the a/c kicked on and cooled off the house but it didn’t hold it for the day and by the next morning I knew that I had a problem. I called my warranty provider’s 24 hour line and the next day on Sunday, they sent out a contracted a/c company to diagnose the unit. They replaced the fan motor….no questions asked….which could have set me back $500-600 instead of the $55 service call fee that I paid. My warranty has more than paid for itself this year!
That same weekend my best friend had the same thing happen to his AC unit as did many Phoenicians who have had challenges this summer with their units. Fortunately for him, he also had warranty coverage and got a similar quick response and repair. Due to the latest hot stretch that we experienced this year (still rather have the heat than 10-20 below winter temps!!), the units were being worked over-time to cool our homes.
There are many reputable companies in the USA that offer their warranties including Fidelity, Old Republic, National and others. I happen to have chosen Service One Warranty which is a local Arizona company that own their own building outright, have a great track record and a policy that covers pre-existing conditions, normal wear & tear, a re-keying door locks service for new homeowners, termite coverage and much more. Whichever company that you choose, it is comforting to know that you’ll have coverage for when things happen to your investment for the price of a reasonable annual charge and a small service call fee. You can add the cost to your Settlement Statement during the escrow process by calling a warranty company before you close on your sale or you’ll have up to six months after you close to get the initial preferred rate that they offer through a referral from a Realtor.
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