Buying Or Selling? Here Are The Benefits Of Home Warranty Insurance
Whether you're buying a home or selling a home
, you can greatly benefit from home warranty protection. If you aren't already aware, a home warranty is a type of insurance available to both home buyers and sellers, and covers the different types of household items and appliances, and pay for the repair of the covered items if they breakdown. Some types of home warranties might even cover replacement costs.About Home Warranty Plans:
Typically, only built-in appliances are covered under home warranty plans. Some of the routinely covered appliances include:
-microwave ovens
-cooking range
-home heating systems
-water heaters
-dishwashers
-garbage disposal units
-plumbing units
-ceiling fans
-telephones
-electrical wiring
With many home warranty companies, if you increase your premium a bit more, you can add coverage for items like air conditioners, washing machines, dryers, pools, etc.
Benefits of Home Warranty Plans
For home sellers the benefits include:
-Home warranty plans attract buyers to the home. Thanks to a home warranty plan, prospective buyers don't have to worry about spending even more money if an appliance breaks down which makes your sale stand out more and entices them to make a purchase.
-Without a home warranty, you may have angry buyers knocking on your door when an appliance breaks in their newly purchased home.
-If the appliances in your home are old, having home warranty coverage could ease the qualms the prospective buyer and give them the confidence they need to move forward with the sale.
For home buyers the benefits include:
-After closing on a home, chances are you're going to be low on cash. In such a situation, you're not going to have much wiggle room in your budget for unforeseen appliance breakdowns. A home warranty plan can be very useful in this situation as it cuts costs when you need it most.
-As a buyer, you gain an added sense of peace of mind knowing that your seller isn't trying to pawn off a place with bad appliances that are going to break down on your second day in your new home.
-In many instances, the seller of the home will buy the home warranty, but if they don't you can ask them to purchase one. Most sellers will agree to purchasing a home warranty in a bid to sell the home, therefore alleviating you of the cost of buying a home warranty.
All in all, with the rising costs of home appliance repairs and services, it could be extremely advantageous to purchase a home warranty plan. Whether you're on the sales end, or the buying end, home warranty plans are really the most practical and cost efficient way to handle the constant repairs, upkeep and maintenance of a home.
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