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Is A Home Warranty For YOU?

A lot of my clients ask me, "What exactly is a home warranty?"

 A home warranty is a service contract, thru a provider, that covers the repair and/or replacement costs of home systems and appliances. Each one is individualized to a homeowner's needs/wants. There are standard coverages and then optional additions that are available.  A home warranty can cover everything from attic fans, garage door openers, ductwork, electrical, plumbing, furnaces, major appliances to septic systems and pool/spa equipment. 

A Sellers may include a home warranty to a Buyer, a REALTOR®  may purchase one for their client and/or a home owner may purchase their own.  There are a number of reputable companies that offer warranties. 

A home warranty works like this:  let's say your dishwasher won't drain, or won't turn on, or .....  You call the 800 number provided by the HW company.  They will send a licensed repair person out.  You will pay the service call fee ($60-$75) and the repair person will either fix the item or tell you it needs to be replaced.  If it needs replacing, they will give you the choice of either bringing a brand new like quality (same features) or you may take a cash-out and purchase your own.   It's important to note those words, "like quality" because if your broken item is 10-years-old and at the time it was new, it had all the bells and whistles and was most efficient available, chances are the current "like quality" one will have the features of the 10-year-old one, but not necessarily the current bells, whistles or efficiency. 

I have a client who purchased a house in 1990 that came with a home warranty and they choose to renew it yearly for the entire 15 years they owned the home.  They told me that every year the warranty paid for itself as something inevitably would break and that it was covered.  They simply paid the service fee (generally $60-75 per visit) and things were completely handled.

My own home came with a home warranty and that first year of ownership, both the dishwasher and the furnace needed to be replaced.  The home warranty folks gave me the choice of them replacing each item with a new "like" one (same features) or my taking a pre-determined contractors cash amount and I could purchase what I wanted.  In both cases, I took the cash as I wanted the most energy efficient items I could purchase. 

I make sure every home a client of mine buys or sells has a home warranty.  In my opinion and in the opinion of my clients, they are very worth having!

For more information on home warranties or buying/selling a property, contact me...I'd love to talk to you!

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