Things You Need to Know About Home Warranties
One can only imagine what would happen in a case where the HVAC failed in the middle of winter and at a time he or she has got no money to repair it. In the same line, one can imagine how it would feel with the roof blown by the wind immediately after one has committed all his or her salary to a mortgage. Even before discussing much about a home warranty, one would need to have a general overview of what it is and what it entails. It is essential for one to begin by noting that a home warranty is a type of cover that tends to cater for cost of repairs and installations of any broken appliance in the house for 12 months after its renewal. A home warranty tends to last exactly 12 years even if one had to transfer ownership of the house in question.
One may think that a homeowner insurance is more or less like a home warranty. However, one would need to note that a home warranty tends to cover even the normal break down of appliances and components that the homeowner insurance plan does not cover. As a result, one would need to note that the home warranty tends to be more of a complement to a standard insurance as opposed to a substitute.
Most of the items in a home tend to be covered by a home warranty.
One would also need to note that there is a need for a home warranty even when one has a manufacturer warranty. One would need to note that a home warranty, unlike a manufacturer’s warranty, tends to cover both the cost and the repair or the installation.
Inspection is not a necessity on matters to do with the home warranty. One may only need to make sure that all the covered items are properly installed, maintained and are in good working condition by the time one is applying for a home warranty. One may need to also note that the home warranty contract tends to be effective for 12 months after one purchases a home warranty.
It may be wise to also note what happens in a case where one sells the house in question. In an instant where one sells the home in question, the home warranty benefits tend to be transferred to the new owner. In a case where you are only three months into the home warranty contract and sell your home, you would have the buyer enjoy nine months of the home warranty. One may need to know that it is possible for one to add the remaining difference at closing to provide a full 12 months of coverage.