UNITED STATES—In-home appliances can be both a blessing and a curse. You use them every day and can’t get along without them, but it’s beyond frustrating when an appliance sputters, has mechanical issues, or stops working entirely. The inconvenience and cost to get it up and running can be stressful – even a financial burden. Take a refrigerator, for example. There probably isn’t a day where you don’t depend on it to do its job well. You may even take for granted what it provides – until it begins to falter. Fixing or replacing a fridge can be expensive, but the best home appliance insurance can help and now might be the right time to consider purchasing such a plan in order to protect yourself from financial hardship and hassles.

Home Warranty Explanation

Every homeowner is required to have home insurance. This policy pays to repair and replace elements of your home that suffer damage or destruction due to a calamity. A home warranty has some similarities and key differences.

A home warranty is a contract you make with a service provider to fix or replace appliances, systems, or materials in your home that unexpectedly stop working or break down due to wear and tear. A warranty is not required but is something you voluntarily purchase when you feel it is right. For a monthly or annual fee, this yearly coverage ensures that if you need to repair important items or get new ones, you can afford to do so at no additional cost.

The Cost of a Refrigerator

Like any appliance, refrigerators come in all shapes and sizes. There are numerous models and styles to choose from to suit your needs and how much space you may have in your kitchen. Smaller, basic refrigerators with a freezer on top may cost as little as $400. If the freezer is on the bottom, the cost will rise, though models with little cubic feet can still be below $1,000. The costs will go up as the fridge increases in size. You must also factor in other design elements such as side-by-side fridges and models with French doors; these can climb to more than $2,000. Stainless steel finishes will cost a few hundred dollars more, too. Also expect to pay more if you include an ice make and water dispenser. Smart fridges can be more than $4,000.

Repair Costs

Before you decide whether to get a home warranty to cover your fridge, you should understand what it would cost you to take care of the repairs yourself. Again, repair costs will vary considerably, depending on the type of fridge you have and the exact issue. Most services will charge you a fee ranging from $50 to $150 for coming to your home and assessing the issue. You must then factor in hourly rates that technicians will charge which typically hover around $65 an hour.

One of the most common items that needs attention on a fridge is the compressor. This part costs in the neighborhood of $100. Ice makers can cost $200 or $300, while a thermostat may run you up to $100. If multiple elements of your fridge are broken, adding in all these costs, it’s easy to see how fixing the appliance could set you back as much as $500 or much more.

Warranty Costs

Purchasing a home warranty can include coverage of your fridge. If the manufacturer’s warranty has expired, it may be worth it to you to buy a warranty which typically costs around $25 to $50 a month or $300 to $600 a year. If you are interested in pursuing this option, you should shop around and compare prices. Review different plans and find out what previous and current customers have thought about their services.

The Verdict

The question of whether it’s worth it to get a home warranty on a fridge may be different for every homeowner. You should first compare the costs of the plan you find with what repairs and replacements may cost. If you find an affordable plan for a couple of hundred dollars a year, that price might cover what you would pay for minor repairs on the fridge alone, let alone other appliances. If your fridge is new, or if you don’t plan on keeping it long, buying a warranty for it might not be worth the cost or effort. Keep in mind, too, that with a warranty, you don’t have to worry about making any repairs yourself.

You can have peace of mind and assurance when you buy a home warranty. If the prospect of having to fix or replace your fridge makes you nervous,  purchasing this plan makes a lot of sense. Explore the available options and protect this vital appliance today.