Home Warranty Buyer’s Guide
A home warranty is a service contract that protects homeowners against the cost of unforeseen covered repairs or replacement of their well maintained major systems and appliances that stop working due to normal wear and tear. While coverage varies from company to company, in general the idea is same: to help save some money and provide speedy repairs.
Whether you are a first time buyer, seller or existing homeowner, a home warranty is an inexpensive way to preserve peace of mind and to guard covered items for your most precious asset!
When shopping for a home warranty you must evaluate different policies and build up a good understanding of what is covered and what it takes to get a repair made. Remember, not all home warranty companies and home warranties are alike. Why look through the yellow pages searching for a reputable service technician? At homewarrantyreviews.com, we try hard to find the most honest, reputable vendors to service your claim.
Home Warranty: Benefits for Sellers and Buyers
According to a poll, maximum percentage of buyers and sellers rate home warranties as one of the most essential features when buying or selling a home, aside from location, design, and financing options.
For the buyer, home warranty service has noticeable profits in saving money. Particularly when you are a new home buyer, you generally won’t have a lot of extra cash after such an expensive purchase. The final thing you want to do is to spend what you have left on most important appliance repairs. Having a warranty will take care of such repairs and have you paying less in the future.
Of course, there’s also a lot of advantage if you are the seller purchasing the home warranty plan. First, you are going to draw a group of buyers to your property. They will be more concerned in a home where they won’t have to bother about moving in and having old appliances break down that they can’t manage to pay for.
Whether you are buyer or seller, there are a lot of benefits to opt a home warranty plan. It’ll save you riches on one hand and aid you sell on the other.
Important Things to Remember
Home sellers and home buyers equally need to learn and comprehend the mechanics of home warranty so as to get the maximum out of it for their benefit.
- Analyze the Customer Service: Before committing to any policy, explore the home warranty company and carefully go through the policy. Your first call to the company will talk volumes about its customer service. If the customer service and the sales people are unwilling to give you the information or do not return to you in a timely manner, this must be your first red flag. If they are approaching about coverage limitations and open to your questions, that might be indication of reliability and honesty.
- Coverage Limitations: Plumbing, heating and appliances are usually covered for an annual fee ranging from $250 to $600, as of 2011. A policy may shell out for itself after just one repair provided the repair is incorporated under the policy’s terms. Certain items, like roofs and swimming pools, are typically not covered if not they are added to the policy for an added cost. Policies are destined to cover normal deterioration and not unusual conditions like weather-related damage. If you are worried about a precise type of maintenance issue, it is good to inquire it at first rather than finding out later that it is not covered. Assess the fine print carefully for any exclusions and loopholes. Pre-existing conditions are generally not covered and deciding what succeeds as pre-existing may be complex.
- Contractors: Policy holders do not have the freedom to call the contractor as per their choice but somewhat use the local repair companies contracted with the policy issuer. Request for a record of service providers before buying a warranty and call a few of them to observe how easy it is to fix an appointment. Some dissatisfied warranty holders have criticized that it is almost impossible to schedule a visit, so do some extensive research before you finalize.
- Cost Assessments: Contrast the yearly policy fees, but watch out whether the cheapest policy also has the most exclusion. Also compare the deductibles as they can differ from policy to policy and can be as little as $25 or as much as $100 or more per visit.
- Regulation and Oversight: Some states such as Texas and California, control home warranty companies. Verify with your state’s Attorney general’s office, better business bureau, insurance regulator to know whether the warranty company you are bearing in mind has any complaint records. In case the industry is not regulated by your state, request a real estate agent for a suggestion. Go through consumer review sites to see if the firm you are allowing for has had a large number of complaints.
Home warranty protection is a vital tool you can always access particularly during the hassles inside the house. It is crucial to make sure that your home appliances and systems are functioning properly so as to easily do your daily activities in the house without delay and worries. With the correct warranty company to offer you with your distinct needs, you are sure that you are confined from the maintenance worries and financial losses due to your appliance malfunctions and home repair.
Existing homeowners, buyers and sellers alike all over know that repairing a household can be a huge expense. With home warranty, you can rest trouble-free knowing that you and your family are in safe hands.
Home warranties are obtainable for acquisition by all consumers. You do not need to be in a real estate transaction to purchase a home warranty. Current homeowners and even renters are eligible to purchase a home warranty.