1st Choice Homes Realty serving buyers and sellers since 1985.
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Home Warranty's  - Home Protection Plans


Sellers coverage while your property is on the market with some policies

Home Warranty's can also be called Home Protection Plans.

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.  They all vary.
                
This is one of the issues you need to consider is the purchase of a Home Protection Plan or Home Warranty Plan. Will you provide one for the buyer of your property?  Payment is made at the time of closing.  Buyers love home protection plans because it gives them a sense of security against unforeseen problems usually up to a year after closing for covered systems and appliances.  Some policies allow the buyer to renew after the year is up if they want to keep the plan in effect.

If you choose not to provide one to your buyer, they may ask for one in their offer.  If you do not want to pay for the whole thing, perhaps the cost can be split between you and your buyer. 

A home protection plan offers some benefits to both the seller and the buyer.  The specific coverage for both buye
rs and sellers may vary from company to company, as well as any deductible for service calls/repairs.  Home Warranty companies usually have a few plans to choose from as well as other competing companies will have their plan options.  

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.


Benefits 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.

Home protection plans are valuable and help both sellers while listed for sale and buyers after the purchase.
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.



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