Home Warranty's - Home Protection Plans
Peace of mind after your purchase
Warranty's can also be called Home Protection Plans.
In very general terms they usually provide protection against
unforeseen repairs for you, 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.
found the property you want to call "home",
of the issues you need to consider is the purchase of a Home
Protection Plan or Home Warranty Plan if one is not provided by the seller.
The cost of the Home Warranty/Home Protection Plan varies from
company to company, and can sometimes be negotiated between the
seller and buyer. Each company usually has a few different plans to choose from as well.
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.
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. Some companies allow the buyer to renew their policy after the year is over too. Something to check into.
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.
The large print giveth but the fine print taketh away.
Check out these resources to you'll be prepared to make an informed decision when we meet.
We look forward to being your trusted real estate partner.
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