What Is A Home Warranty
Plan?
A home warranty plan, also
known as a home protection plan, is a service contract that offers homeowners a
way to safeguard themselves against possible breakage or a malfunction within
the home. It's impossible to predict the
future, which is why so many buyers look for that little extra peace of mind to
comfort them when life unexpectedly throws them an unforeseen problem.
Who Needs A Home Warranty Plan?
Basically, anyone who
purchases a home and is concerned with the cost of repairs should consider a home
warranty plan. This is especially true
of first-time home buyers who may not be familiar with home maintenance.
Factoring In The Cost
When factoring in the
potential cost of repairing a major appliance or other home component, a home
warranty plan may not be a bad investment.
The actual cost of warranty coverage will depend on the plan chosen and
the items protected. As is the case with
everything in life, it's best to shop around and compare prices.
Who Pays For A Home
Warranty Plan?
As a buyer, you can order
a home warranty plan in conjunction with the purchase of your home. However, some sellers or builders may include
this type of offering as an incentive to attract potential buyers. In this case, the plan is yours at no
additional cost. Some Premier Beach Realty Agents may also
offer a home warranty plan as a gift to customers who buy a home through their
agency.
What's Covered & What's Not?
Just like a car warranty,
no two policies are the same. Coverage
varies by location and issuer, and your Premier Beach Realty Agent can help you to choose a
warranty plan that best suits your needs.
Most basic plans cover a home's heating and cooling system, electrical
system, plumbing, water heater and major appliances, including a dishwasher,
range/oven/cooktop, garbage disposal, etc.
Coverage does not apply to items that are misused or damaged, either
intentionally or through negligence.
Instead, most home warranty plans are designed to protect the homeowner
from defects that result during the course of normal wear and tear.
When considering the
purchase of a home warranty plan, review the complete contract and familiarize
yourself with exactly what's covered under your policy. If you want an upgraded policy, don't
hesitate to ask your Premier Beach Realty Agent if one is available. Most companies do not require a home
inspection and will notify homeowners when their coverage is about to
expire. The good news is that most
policies are renewable.
What To Do If A Problem Arises?
If you are unable to
satisfactorily resolve an issue with your home warranty plan, either due to
denial of a claim or undesirable service, talk to the Premier Beach Realty Agent who sold you the
home. If he/she refers a lot of business
to this particular company, it may be possible for him/her to speak with them
about reaching an amicable resolution.
The purchase of a home is
a big step and it's likely to be the largest purchase you will ever make, so be
sure to consider all of the options available to help protect yourself from
costly repairs. Ask your Premier Beach Realty Agent for
more information relating to available home warranty plans.
