Safeguarding your home has never been more important than it is now, as we continue to ride the aggressive waves of the global pandemic. But there are still many who may be unfamiliar with the home warranty service — which has played a major role in home protection consistently over the past few decades.
Today, we invited over Aaron Regev, the sales manager for one of the most well-known home warranty companies in the industry, Total Home Protection, to clarify a couple of details out for our readers. Continue reading to learn more:
Hello! Please briefly introduce yourself to our readers.
Aaron Regev: Hello! My name is Aaron Regev, I’m the sales manager at Total Home Protection — we offer coverage plans for the home appliances and systems of both home buyers and home sellers.
The general idea is that, if our client suffers from damages incurred by natural wear and tear to their covered home appliances or systems, they can contact us (at any time) so that we can connect them to an experienced technician from our network that works in their area who will be able to repair or replace the covered object.
Thank you! Now, shifting back to the home warranty industry. What is it like to work in that environment?
Aaron Regev: The home warranty industry is large in the United States (it went just over $2.6 billion in 2021) and there were lots that I needed to learn about it.
My boss (Total Home Protection’s founder and CEO), David Seruya, would be the one to talk to if you’re looking for the details. He’s been an inspiration for me for as long as I’ve been working for him — and his knowledge of the industry is one of the attributes that I admire most about him. I have, of course, done my best to emulate him over the years. I spent my first few years working at THP learning everything I could about both the front-end and the back end of the industry. And, to this day, I do my best to continue learning so that I can keep up with the times and keep myself an indispensable part of the team.
For our readers who may not be familiar with the offerings of home warranty companies, can you expand on the subject for further clarification?
Aaron Regev: To keep things simple, think of a home warranty plan as an annual contract that covers the repair and replacement cost of your home appliances or systems — again, given the fact that they’ve break down because of natural wear and tear.
We offer this service to provide home buyers and home sellers peace of mind from unexpected issues with their homes’ — which is especially relevant in older homes, where more frequent repair or replacement may be required, resulting in sudden out-of-pocket expenses that could range from hundreds or thousands of dollars.
What’s the difference between home warranty and home insurance?
Aaron Regev: It’s very common that the two get mixed together. But they are ultimately not the same thing. Home insurance covers damages that are caused by natural disasters, weather, theft, fires, floods, etc. The protections in question are also generally applied to the home’s structure and personal property.
On the other hand, home warranties cover regular wear and tear damage specifically on home appliances and systems like your air conditioner, your electrical system, your plumbing systems, your washer, your dryer, your kitchen appliances, and potentially other big items like pools, roofs, HVAC systems, etc.
What’s the average cost of Home Warranty Coverage?
Aaron Regev: It differs based on what service provider or plan you’ve chosen. But the average, starter coverage plan starts at $300 annually and can go up to $500 annually. Home warranty companies also tend to offer ‘additional coverage’ options (for bigger items) that can increase the annual cost from anywhere between $100 to $500 (depending on the appliances or systems that you choose as add-ons.)
Where is the value in obtaining Home Warranty Coverage from a company like Total Home Protection?
Aaron Regev: To set the scene, say that your refrigerator breaks down unexpectedly. Without home warranty coverage, you’ll have to pay, out-of-pocket, somewhere between a low average cost of $200 or a high average cost of $1000.
The stress of dealing with these kinds of unexpected costs are a burden to everyone, most especially those who may have to deal with multiple per year because their residence is an older home (and thus, have older appliances that may be bordering or well past their life expectancy.) That’s not even considering the potential replacement cost (which can be thousands of dollars in value).
Now, with home warranty coverage, you can rest easy knowing that you’ve protected your covered appliances and systems by paying either a monthly or yearly fee — with the only out-of-pocket expense being the service fee that you pay the technician for their visit (which is no more than $100 on average.)
Has anything changed in Total Home Protection as a result of the COVID-19 Pandemic? (Have the changes been positive or negative?)
Aaron Regev: As a result of COVID-19, Total Home Protection has seen a rather dramatic increase in customer volume. This, of course, has been primarily positive. And, with homeowners spending so much more time in their homes, the need for protection and coverage has only continued to increase, even as we go from one phase to another.
Now, in terms of our services, the increase in volume and the lockdowns have created some conflict. We do our best to support the reduction of the spread of COVID-19 and are very careful to instruct our contractors to work in a manner that addresses that fact. We also recommend that our clients refer to the Centers for Disease Control and Prevention’s (CDC) published article on how to personally prepare for a service visit that would protect both them and our technicians.
All in all? We’ve made changes where changes were due. As is our duty to ensure that we continue to provide the best possible care and experience for our customers.