Are Home Warranties Beneficial?

Are home warranties beneficialHome warranties are also called a home protection plan or a home owners warranty. A home warranty can be purchased by the seller of the home, the buyer purchasing the home or even one of the real estate companies involved in the real estate transaction. A home warranty is used to cover things that are not covered by the home insurance company.

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What is the cost of Home Warranties?

Home owners trying to sell their house will often add a home warranty to help them stand out and attract buyers. If a seller is not offering a home warranty and you are a buyer looking to purchase, you might consider asking the seller to provide a home warranty. Doing this could keep you from buying the home warranty, and could save you the up front expense.

When sellers are offering a home warranty with their property, they have a tendency to sell faster. The average cost for home warranties for one year can be between $300-$500. There is a deductible that the policy owner does have to pay for each service call. This deductible is normally less then $100.

What is included with my home warranty?

Knowing what is included in your home warranty can help keep you from paying that pesky deductible for a service call on something that is not covered. Things that are typically covered in home warranties include: major appliances, water heater, furnace, heating ducts, central air conditioning, plumbing and electrical. Although these things are typically covered, there can be exclusions with the home warranty policy that is purchased.

Things that are typically excluded in home warranties are: lighting systems, pools or spa, solar heating, septic systems and fireplaces. If there is any questions about what is included and excluded in your home warranty policy contact your real estate agent or the home warranty company for further details.

Related –> Things to keep in mind when buying a new house.

What are the positives and negatives of a home warranty?

When home warranties are included, statistics show the home will sell quicker. So putting a home warranty on a house that is being sold can help. Some people believe that a home warranty is not worth the nominal costs despite the huge advantages.

If you are not sure if a home warranty is the right fit for you, ask your real estate agent for their advice.

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