A home warranty protects you from repair and replacement costs on a new home's major systems and appliances.
Benefits of a Home Warranty
Home warranties repair or replace for a limited period of time the mechanical systems and major built-in appliances that may break down due to normal wear and tear. Most plans are renewable annually.
They typically cover:
- Heating
- Plumbing
- Electrical
- Air conditioning
Advantages for Buyers
Buyers are protected from unforeseen repair and replacement costs. The term is usually for one year after the purchase of a home. During this time, a typical customer uses a warranty plan an average of 2.3 times.
Advantages for Sellers
With a warranty plan, the seller and his or her agent carry a reduced liability for any unforeseen problems that may occur both while a home is for sale and after it is sold. By including a home warranty plan, the seller can strengthen the home's asking price and reduce marketing time.
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