Offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowners insurance; ,overage extends over a specific time period and does not cover the homes structure.
If there is anything questionable about a home you are thinking of buying you may want to get a home inspection and ask the sellers to pay for the home warranty. A Home Inspection is different than an appraisal, it will provide you with a report about all the systems in your home.
There is normally a small deductible associated with a claim. It is usually under $100, even with the small deductible home warranties are still a great way to help protect your home and your wallet against normal wear and tear.
If you are purchasing a home warranty on your own shop around for the one that would fit your needs and your house specifically. If there is a concern over a particular item in the home you are going to buy you might want to add that coverage for that item.
These policies cover a wide range of standard systems:
Heating / Air Conditioning
Kitchen appliances
Electrical systems
Plumbing systems
Door bells
As well as additional systems:
Pool and Spa equipment
Burglar & Fire systems
Ceiling & exhaust fans
Garage door systems
Central vacuum
Often times they are included with the sale of a new home as an incentive. When they expire most can be renewed for under $500.
Some realty companies will offer a free home warranty as an incentive to buy a house. The home warranty will be free to the buyer and will cover the cost of repairs. If you are buying a brand newly constructed house the home should have a home warranty that comes with the house and most everything should be covered for different periods of time. Consult with the builder or the real estate agent to see exactly what is covered and for how long. There should be very minimal to no repair work to do in a newly constructed home.
Check with the warranty company as they will most likely have a checklist of tips that you can follow at the specified times such as when to close registers, how to clean a garbage disposal, what to check for if you are experiencing problems with a water heater or air conditioning unit and countless other handy tips.
If something does go wrong be sure to let your warranty company know right away. Time is of the essence when dealing with any of these companies.
It is customary in many areas of the country for the seller to pay for the first year's coverage of the Home Warranty. It is not a bad idea whenever making an offer on a home to ask for this. If you are working with a good real estate agent they will most likely include the first year Home Warranty coverage automatically in the offer.
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