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The different types of home warranty coverage

The different types of home warranty coverage

There are different types of home warranty coverage provided by the providers. The most important thing to do is to ensure that when choosing a provider, you choose the one that will meet your needs. Find out what is covered and what is not covered by the policy to prevent later disappointments. Assess the warranty in comparison to your home and see if it will be beneficial to have it or not. The warranty coverage includes those provided to homes that have been newly constructed, those that are pre-existing and to the home sellers.

Warranty to the new homes

In many states, it is a requirement for contractors and builders to provide warranty for new homes. This is in order to assure the owner that in case there are repairs or defects, for a period of up to ten years after the construction, then it will cover the replacements and repairs. The condition is that the repairs and defects should not have occurred due to the fault or negligence of the owner. The home warranty covers the materials used and the construction workmanship. It also covers the performance of systems such as the electrical, HAVC and plumbing and the structures overall integrity. The specific requirements that should be met are monitored by the state concerned.

Warranty for buyers of preexisting homes

If you are buying a preexisting home, you can choose to buy the coverage of a home warranty. The home protection plan covers replacement or repair costs that may be incurred on the appliances and systems. Some of the appliances covered are dishwashers, refrigerators and ovens and the mechanical systems covered are electrical, plumbing and heating systems. The warranty covers the items for one year after the purchase date, with the cost of the repair and replacement being settled by the provider with the owner only paying a small service fee.

Warranty by home sellers

Most sellers include a warranty on the home they are selling. The seller can pay for the coverage or can request the buyer to pay part of it. Having a home protection plan has its benefits to the seller because most buyers prefer buying a home with a warranty. This can help the seller to sell it fast especially if the market is tough. Due to the protection plan, the seller can also get a high price while also enjoying relief from obligation in case repairs and replacement of appliances and systems are required after the sale. The warranty can be bought directly from the provider, or through the real estate agent.

When buying a home warranty, you should choose the one that suits your needs and from a company with a good reputation. This will help to prevent disappointments later on. The companies provide different coverage and you should analyze what a particular company cover before signing up with them. There is the basic plan and if you would like to have more items covered, you can opt for extra coverage by paying extra. Trade call fees also differ for each provider.

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