A broken furnace or refrigerator can hit hard when there's no money set aside for it. One common rule of thumb is to budget roughly 1% of your home's value each year for maintenance and repairs.

Some homeowners pair a repair fund with a home warranty, which can cover covered repairs to appliances and home systems for a service fee. Plans vary widely in what they cover, their limits and exclusions, so read the contract details before choosing one.

Either way, regular maintenance — changing HVAC filters, flushing the water heater, cleaning dryer vents — helps prevent many expensive breakdowns.