Who Is It For?
A home warranty is for the home sellers and home buyers as well as agents. If you are either selling or buying a home, a home warranty will help you in protecting your budget. Both the buyers and the sellers benefit from the warranty as it will be seen later.
How Home Warranty Works
A home warranty, as stated earlier, is a personalized contract, and it can go for at least one year. When buying a home warranty, you will get coverage of all the components and parts of your house appliances ranging from electrical, heating, plumbing, and air conditioning systems. However, the plan is not restricted to the mentioned appliances only. You can add other equipment that you feel needs to be included in the policy.
Types of Home Warranty Coverage
1. One Appliance Cover
This type of warranty cover involves only one particular home appliance, such as a refrigerator alone. It is the cheapest cover.
2. Multiple Appliance Cover
This cover warranties various appliances, such as washing machines, dishwashers, and refrigerators. It is relatively expensive than the one appliance cover.
3. Major System Cover
This type of cover involves major systems and appliances, such as electrical and HVAC. This cover is costlier than the mentioned two.
Benefits of a Home Warranty
• It reduces post-sale liabilities to the buyers
• It increases the confidence of the home buyer
• Help homeowners to save money that could be spent on repairing damaged appliances
• Protects covered home appliances and systems.
• Improves marketability for home sellers
• Saves time during the sale as there is no postponement of transaction because of item breakdown