Whether you are buying a brand new home or a pre-owned older home, one of the things that every home buyer has to think about is: what if something goes wrong?
Obviously, there are a lot of moving parts in your house, from the furnace to the roof to the plumbing to the kitchen appliances and having to make large expenditures to replace an item in your house can be very stressful and quite taxing on your wallet as well.
Expenses can pile up quickly, which is why many homeowners go with a 2-10 Home Buyer’s Warranty.
So, how does a home warranty work?
Basically, a home warranty is a contract that you can purchase that provides coverage for the major systems and major appliances in your home. Depending upon the warranty, different items may or may not be covered and you will want to make sure to do some research to find out which one may be right for you.
Standard warranty agreements will cover things like: heating, air conditioning, plumbing, and electrical systems. Appliances covered will usually be items such as refrigerator, stoves and ovens, hot water heater, dishwasher, and possibly even things like your garage door opener. If any of these items fail during the period of your warranty, the warranty company will pay to have them repaired or replaced.
A home warranty is different from your homeowner’s insurance and is usually purchased before the completion of the sale of the home. Home warranties cover items that fail due to normal, every day, wear and tear. Your insurance covers accidents, such as hail damage or flooding.
You should also be aware that home warranties can be purchased for various periods of time, as little as 2 years, and as many as 10 years. The length that you purchase will depend a lot upon the home that you are buyer and your specific needs.
