Home Warranty 101
When buying a home, it’s imperative that you protect not only your home but the appliances inside. A Home Warranty is a contract that protects systems and appliances in your home through repairs and replacements.
Standard home warranty plans may cover systems within your home such as plumbing, electric, heating and air conditioning. Other appliances may be added to the contract that is dependent on each individual contract.
If a system or appliance breaks or malfunctions within your home, after you contact your home warranty company, they will send out a contractor to replace or repair your appliances. One of the benefits of having a Home Warranty plan is that once you pay your deductible, the company covers the difference in cost. Another benefit of a Home Warranty is that the company schedules and contracts their own maintenance while paying lower rates for repairs. If the damage is too high, replacements may also be made.
Tips
It is important to know what appliances are covered under your contract as all appliances aren’t immediately included in standard home warranty contracts.
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Home Warranty is not the same thing as Home Insurance and does not cover the same type of damages.
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Home Warranty is a great benefit sellers may add to incentivize buyers to close a deal.
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Seller’s Home Warranty contracts also exist to provide a peace of mind for the seller and buyer in case a system malfunctions shortly after a transaction.
Regardless of whether a Home Warranty contract is right for you and your home, always be sure to thoroughly read and understand what systems and appliances are covered under your contract. It’s also important to understand how long your contract lasts if you’re buying a new home with older appliances.
Want to learn more and see if you could benefit from a home warranty? A WK agent would be happy to help!