Home
Warranty's are also called Home Protection Plans sometimes.
In very general terms they usually provide protection against
unforeseen repairs for the seller while their property is listed
for sale and for the buyer, usually up to a year after closing the
sale, depending on the company and particular plans coverage that
is chosen. Be sure to read the fine print for inclusions and
exclusions in the policies.
You've
found the property you want to call "home",
or
you're thinking about selling.
One
of the issues you need to consider is the purchase of a Home
Protection Plan or Home Warranty Plan.
The cost of the Home Warranty/Home Protection Plan varies from
company to company, and can sometimes be negotiated between the
seller and buyer.
A home protection plan offers some benefits to both the seller and
the buyer. The specific coverage for both buyers and sellers
may vary from company to company, as well as any deductible for
service calls/repairs. Some policies will provide coverage
for all the major components to a property -- like central
heating, cooling, plumbing, electrical, etc., and even certain
appliances with some policies. For some policies appliances
are an additional cost for coverage.
For
a seller:
Many
home protection plans offer you some coverage (on covered systems
and/or appliances) should something unforeseen happen while your
property is "listed" on the market for sale. The
coverage varies from company to company be sure to check their
policy about what would be included, excluded, limitations,
liabilities, procedures, and responsibilities.
When the property sale closes, the policy then covers the new
buyer, usually for about a year after the closing, should
something happen for any covered systems and/or appliances,
subject of course to the policies terms.
This is a great thing to offer. A little peace of mind for
both you and your prospective buyers should there be a problem
after closing with anything that is covered under the policy.
For
the buyer:
It's
comforting to know that should something happen for items that are
covered under the home protection policy, usually for up to one
year after closing, that you'll have someone helping get the
problem fixed, and many times by only paying a moderate service
call fee up front. Just remember, if something does happen,
you'll have to follow the companies instructions very carefully in
order for them to help you. Otherwise, you may be totally on
your own should repairs/replacement be needed.
If a home protection plan is not offered by the seller, you can
negotiate with the seller sometimes to include a Home
Warranty/Protection Plan at the time you make an offer, or pay for
one yourself to begin coverage at the time of closing (when the
property becomes yours).
We all know various systems and appliances have a general
"life expectancy". However, no one knows from day
to day when something will develop a problem or stop functioning
all together. I had a dishwasher which ran perfectly.
The next day it wouldn't make a sound. My repairman said it
wasn't worth fixing, so I replaced it. But it just goes to
prove that no one knows how long something will last or even that
there may be a problem "in the works". It may be
working just fine then all of a sudden, without warning, it stops.
Again,
be sure to check the policies inclusions, exclusions, limitations,
conditions, liabilities, procedures and responsibilities, etc.
Below
are some home warranty companies. Being mentioned on this
site in no way constitutes a recommendation or endorsement of
their services, products, business practices, etc. Use
your own discretion when selecting a home warranty company of
your choosing. Compare each companies inclusions,
exclusions, limitations, track record, etc. before making your
final decision.
2-10 Home
Warranty
Helping
You Make Wise, Informed
Decisions So You Can
Reach Your Destination
How may we help you?
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60523
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