Four Ways a Condo Warranty Can Benefit You

We have all had a dishwasher that puttered out or a washing machine that sat idle with clothes floating in a well of water. Fixing creaky old appliances can be costly, and it often seems there is no way of avoiding such expenses. However, many owners and renters have found a solution: purchasing a condo warranty.
Unlike insurance-which covers natural disasters, calamities, and theft-a warranty is a service contract that, among other things, covers major appliances for members of a condominium. These warranties are specifically designed to work within the existing support structure and services provided by your association, so you only pay for the protection you need. Here are four ways a condo warranty can benefit you.

Covers Major Home Appliances and Systems

While the definitions of major systems and appliances may vary from policy to policy, a condo warranty will typically cover HVAC, plumbing, electrical, hot water heaters, garbage disposals, dishwashers, stoves and ovens, washers and dryers, and garage doors. Refrigerators are often covered when they are in the property at the time of purchase. This can be even more beneficial in the event that a retailer or chain goes out of business and/or any coverage you have on the product lapses.

Enhances Market Value

Condo warranties are, in general, cost-saving tools when it comes to maintenance. However, they can also be an enhanced benefit in a competitive seller’s market because they increase a unit’s marketability. According to the National Home Warranty Association, units on the market that covered by warranties tend to sell about 50 percent faster than homes that are not.

Protects from Potential Post-Sale Legal Disputes

Warranties generally protect the condo’s seller from post-sale legal disputes. They allow for the purchaser to invest with confidence, as they are given more security than what is offered by a statute of limitations, which, in most cases, only lasts four years. On the flip side, sellers can avoid legal disputes based on faulty or dysfunctional appliances and systems because they are covered. Of course, reviewing the fine print for specifics is always highly encouraged before purchasing a property.

Provides Peace of Mind

Out of the nine most crucial appliances in the home, at least one is expected to break down at some point in its 13-year average lifespan. A new buyer is assured some peace of mind in knowing that if something goes awry with any of the condo’s major appliances or systems, they will likely be covered by the warranty.

6 Surprising Ways to Save Money on Auto Insurance

Safe driving and fewer points on your license will always go a long way toward reducing the amount of money you pay for Elkton auto insurance, but these aren’t the only ways to keep your premiums low. Check out these surprising ways to keep more money in your pocket at the end of the month.
Reduce Coverage on Older Vehicles

Did you know that collision coverage makes up the largest portion of insurance costs? If you’re driving an older vehicle that is paid for, you may want to consider eliminating this coverage. Car owners with vehicles that are older than 10 years should can benefit the most from dropping collision coverage.

Increase Your Deductible

The lower the deductible you have on your vehicle, the higher your insurance premium will be. You may have chosen a lower deductible because you financed your vehicle, but if the vehicle is paid off and you’re a safe driver with no accidents on your record, you may want to consider raising your deductible. Yes, you’ll pay more if you do have an accident, but why pay more for driving your car around safely every day?

Are you still financing your vehicle? You have wiggle room when it comes to your deductible. Most lenders require their customers to have a $500 deductible or less. If you’re feeling the pinch in your budget with a $250 deductible, consider raising it to $500 to lower your monthly payments. Doing so will give you a little bit of financial relief without breaking your lender’s rules.

Save Money on Teen Drivers with Safety Programs

It’s no surprise that teenage drivers can make your insurance premiums skyrocket overnight. This is the case whether they have a car of their own or they borrow yours. One of easiest ways to soften the financial blow is to ask your insurance company if they have safe driver programs. These programs may require proof of a driver education class or may simply require your teen to take a course online. Although your teen may not be thrilled to participate in a driver safety program, you’ll be happy when you open your insurance bill every month.

Keep All Your Insurance Policies with One Company

Multipolicy discounts are money savers. Whether it is a life insurance policy, renter’s insurance, or a homeowner’s policy, you save when you bundle. Nearly every insurance company offers multipolicy discounts, but if you’re with an insurance company that doesn’t offer this savings, it’s time to start shopping for a new provider.

Drive Less to Save More

Today people work less from brick-and-mortar offices and more from the comfort of their own homes. If you telecommute, work part-time from home, or carpool during the week, let your insurance company know. Spending less time on the road means you’re less likely to get into an accident and this is news to be celebrated by insurance companies. Cutting the amount of driving you do to and from work can slash the cost of insurance.

Research Safe Cars before You Buy

Are you in the market for a new vehicle? Before you head to the dealership, do a little research. Each year the Insurance Institute for Highway Safety (IIHS) rates vehicles for safety. Cars that meet the highest standards generally cost less to ensure. It’s not that these vehicles won’t be involved in accidents, but if they are, the chances of injury and damage may be significantly less than other cars on the road that are not equipped with certain safety features.