Home Warranties – Are They Worth the Money?
By admin at 15 November, 2009, 6:57 pm
Home Warranties! What do they cover…and what don’t they cover for your new Nashville home?
In preparing your purchase contract, I always ask the seller to provide a home warranty for you. And most of the time they agree. But exactly what is a home warranty and what does it cover?
Basically, it is an insurance policyowner. I have seen home warranty companies put in a whole new HVAC process without query…but, I have also seen them deny a small claim that I felt should have been covered.
If the representative determines that you have a valid claim, the repairs will be made…minus your deductible! This amount varies according to the policyowner. Deductibles are usually in the $50-$75 range.
The procedure is this: In the event of a problem with any covered item, you will call the toll free number that you were given at closing. This will file your claim. The warranty company will then send out their selected representative (repairman). And, like health insurance…sometimes the issue is considered to be a preexisting condition, which will most likely not be covered. Seldom attempt to repair anything yourself! This will void your claim. If they decide that you (or someone) has tampered with or tried to fix the problem, they will usually deny the coverage.
This is the available coverage for Nashville real estate. Other areas of the country may have different coverages available…with different prices.
Most warranties cover these basic items:
* Electrical Process
* Plumbing Process
* Heating/Air Condition Process
* Telephone Wiring
* Whirlpool Bath Motor and Pump
* Dishwasher
* Kitchen Refrigerator
* Water Heater
* Ceiling Fans
* Toilet Tanks and Bowls
* Attic and Exhaust Fans
* Ductwork
* Oven/Range/Cooktop
* Circulating Pumps
* Instant Hot Water Dispenser
* Sump Pumps
First Class Upgrades are usually available:
* Faucets
* Shower Heads
* Heating Registers and Grills
* Window A/C Units
* Smoke Detectors
* Garage Door Openers
* Refrigerator Ice Maker
* Disposal of Freon
* Pools and Spa Equipment
* Washer and Dryer
* Well Pump
* Septic Tank Pumping
* Some Roof Leak Coverage
Coverage for Buyers begins at closing and continues for one year. The warranty company will, in lots of cases, give you the option of continuing the coverage for additional years. This option usually comes by mail before your first year is over.
Sellers can also take advantage of some coverage while the house is on the market. This applies if they sign up for the warranty when the property is listed. Be sure to ask your listing agent about this.
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