How Home Warranty Protection Plans Work
Benefits of Home Warranty Coverage
To the Seller:
To the Buyer:
- Home may sell faster and at a higher price.
- Optional coverage during the listing period.
- Protection from after-sale legal disputes.
- Increases marketability of home.
- Warranty coverage on major systems and built-in
- Protects your cash flow.
- Puts a complete network of qualified service technicians at your fingertips.
- Low deductible
General description of how home warranty protection plans work:
You pay an annual premium for coverage.
When a repair is needed you call the plan's service provider 24 hours a day, 7 days a week.
An authorized service contractor comes to your home.
You pay a small service fee - typically in the range of $35 to $50 - and the contractor makes the repairs or recommends the appliance be replaced.
What does a home warranty protection plan cover?
Each company's plan has different lists of what is covered. Check your specific policy for a full description.
Most plans offer repair or replacement coverage for a home's:
The following major appliances may also be included:
Home warranty protection plans may offer different levels of coverage. For example, by paying a higher annual premium, you may also cover things like
air conditioning, clothes washer and dryer and even
swimming pool equipment.
If you are buying a home, you need to know exactly what you are getting. A
home inspection, performed by a professional home inspector, will reveal any hidden problems with the home so that they may be addressed BEFORE the sale is closed. You should require an inspection at the time you make a formal offer. Make sure the contract has an inspection contingency. Then, hire your own inspector and pay close attention to the inspection report. If you are not
comfortable with what he finds, you should cancel the sale.
Home Improvement Ideas, Decorating Ideas, and Gardening Ideas.
Why purchase a
A home warranty offers benefits for both buyers and sellers. It helps protect everyone in a real estate transaction from unforeseen repair/replacement costs and problems on covered items.*
This section covers the home maintenance of every home component from appliances to wrought iron.
Roof Inspections Would you go out in the rain with a defective umbrella? - then why ignore the condition of your roof ? So many people do though until its too late & water damage has occurred. Most people when questioned about this attitude actually knew that their roof was in poor order but decided to ignore the fact - out of site out of mind seems to be a common theme.
Termite Inspections Homeowners are usually reluctant to admit to potential buyers that their homes have been damaged by termites. For some people, the mere mention of the words "termite damage" conjures up images of tiny insects with very big teeth dining on weight-bearing wood beams until a home collapses in a heap of sawdust. Thankfully, this is not usually the case.
Title & Escrow Title insurance is more than a product, it is a process. When a homebuyer and a home seller come to terms, the process opens with the preparation of a contract and closes with the issuance of a title policy. Title insurance is one of the key elements in this process. Escrow Closing practices vary from locality to locality, and even within the same county or city. Closing may be conducted by lenders, title insurance companies, escrow companies, real estate brokers or attorneys for the buyer or seller.