TotalProtect
Home Warranty shares average cost of annual repairs and replacements;
warns most homeowners aren't prepared.
Fort
Lauderdale, FL (March 11, 2014) -- If a major home appliance or
system unexpectedly breaks in 2014, do most homeowners know how much
it would cost to repair or replace, and do they have the funds set
aside? According to experts at TotalProtect,
a home warranty company that aims to make home ownership easier, the
answer is a resounding no and it could spell trouble for many in the
coming year.
"Our
research shows more than 60 percent of homeowners feel that an
expense of more than $2,000 would be devastating to their household
finances, yet the annual cost of repairs is often much more,"
said Steve Burnett, general manager and senior vice president of
TotalProtect. "In addition to the financials, there is a great
deal of stress that comes with finding the right service provider and
trusting them to perform the job effectively and honestly."
According
to data from the Bureau of Economic Analysis and a Bloomberg report,
the average age of consumer durable goods is the highest since 1962.
This means homeowners are keeping their appliances longer than ever
before - an average of 5.3 years - increasing the chance they could
break from routine wear and tear.
"The
best way to ensure financial stability is proper planning, said
Emilio Escandon, CPA, principal-in-charge of the Northeast Region Tax
Practice of national accounting firm MBAF. "Setting aside a
designated amount each month so you are covered in the event of a
major crisis is preferable as opposed to hoping for the best and then
having to incur an unplanned expense. It's a healthy budgeting habit
and provides peace of mind simultaneously."
"A
home warranty is a great option for those who want to budget
throughout the year and avoid a large, unplanned expense," added
Burnett. "The truth is, things break. Homeowners should ask
themselves, 'can I withstand these costs?' If the answer is no, now's
the time to put a new plan in place."
About
TotalProtect Home Warranty:
TotalProtect
Home Warranty provides a full selection of reliable home management
plans. Consumers can purchase home warranty services directly from
the company at http://www.totalprotect.com.
In business since 1978 and headquartered in Fort Lauderdale, Fla.,
TotalProtect is a division of Cross
Country Home Services.
Media
Contact:
Sloane
Fistel
Cross
Country Home Services
1625
NW 136th Ave.,
Sunrise,
FL 33323
305-967-6676
