You might not like to think about it (and frankly, who does?), but when it comes to owning a home, stuff can and will break. Water pipes burst. Roofs cave in. The list goes on.
While you never know precisely when a big appliance or HVAC (heating, ventilation, and air conditioning) system is going to conk out, most products do have expected lifespans. For instance, a hot water heater or a dishwasher lasts about a decade, while an HVAC unit lasts an average of two decades.
So, it’s smart to have a plan for how you’ll manage financially when something big—the furnace, the roof, the plumbing—needs emergency repair. And yes, it is not if, but when.Read more