A Guide to Home Warranties
Do you know that 7 out of 10 homeowners agree that a proper home warranty plan provides protection from the ‘after-the-sale’ problems? So what is a home warranty and how much do you actually know about it? To help you understand the basics of home warranty, here is a quick guide for you.
What is Home Warranty?
What else could be more convenient than coming back to a comfortable house after a tiring day? But if your house comprises of a malfunctioning air conditioner or leaky faucets, it is hard to feel relaxed even being home. The purchase of a house is a big investment and its maintenance is an ongoing task.
The plumbing issues may burn a hole in your pocket and appliances breakdown take away the peace of mind but a home warranty plan is the tool that can help you avoid all this hassle.
It is a service contract that promises to fix the damaged system and appliances. But you must meet all the terms and conditions of your deal. Don’t confuse your insurance policy with home warranty plan as it covers replacement and repairs of faulty systems and appliances. It is also different from the general manufacturer’s warranty.
Why Should You Get A Home Warranty Plan?
If your systems and warranty are no longer covered by the manufacturer’s warranty then go for home warranty plan. Also if you want added peace of mind then a home warranty plan is your best choice. A home warranty can easily save you huge money in the long run. It covers all the maintenance that a home insurance plan fails to cover.
What Items are covered in a Home Warranty Plan?
The coverage of a home warranty plan depends on the purchase value. The higher the purchase value, the higher the coverage will be. Home warranty coverage group home appliances in various categories. Some of the areas covered in the first and second tier plan include;
HVAC Systems – This includes the air conditioner, furnace, duct work and heat pump.
Major Appliances – these include various appliances like refrigerator, oven, microwave, dishwater, garbage disposal, clothes dryer, washing machine and ceiling fans.
Electrical Systems – it covers wiring, electrical panels, doorbells and garage door openers.
Plumbing – it includes drains and pipes, swimming pools, faucets and hot tubs.
So regardless if you are a seller, a home buyer, a homeowner or a real estate professional, a home warranty is beneficial for all.
How to Select the Best Home Warranty Plan?
There are many companies who offer home warranty plans. No matter who actually pays for that policy, being a buyer you must always review the coverage of different companies and choose the one that fits your home needs. Carefully review the exclusions and limitations.
Some of the possible exclusions in your home warranty may include lack of appliance maintenance, pre-existing problems, structural problems, and other appliances.
Just like any other coverage plan, a home warranty plan is also bound by several clauses, thus, go through it carefully and keep yourself aware about the hidden clauses to make the most of your plan.
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