Home Warranty, Do You Need One?
A home warranty is a service contract that protects home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear.
Home warranty coverage is for systems and appliances in good working order at the start of the contract. Home buyers can purchase their own home warranty at closing or ask the Seller to provide a home warranty during contract negotiations. Often home sellers offer home warranties with their real estate listings.
The standard home warranty is a one-year service contract that protects a resale home buyer against the cost of unexpected repairs or replacements of major systems and appliances that break down due to normal usage. Coverage is also available to home sellers during the listing and escrow period to help them keep unforeseen breakdowns from potentially tying up the close of escrow.
Home Warranty – What’s Covered
Home warranty companies have a network of licensed, insured, professional service contractors waiting to serve you. The contractors they use have been carefully screened to meet stringent service standards; who are constantly rated by their clients and home owners.
Home warranty covers items that are not covered under your homeowner’s insurance policy, filling a critical gap in the protection of your home. For example, if your dishwasher leaks and water damages the floor, your homeowner’s insurance policy may cover the damage to the floor, but not repair or replacement of the dishwasher itself. With some home warranty companies, your dishwasher is covered!
Check to see if the home warranty policy offers following items as covered. Also find out if the policy covers the full replacement cost of an item.
- Electrical systems
- Water heater
- Heating ducts
- Water pump
- Garbage disposal
- Swimming pool (may be optional)
Other options are available as well. Make the best decision based on your needs and type of real estate you are purchasing.
More Home Buying Tips
If you planning to buy real estate in the Lake Norman area, make sure you understand what steps are involved in real estate contract negotiation. Learn what a Home Inspection should cover and what a Home Warranty covers. Find out what the goal of a final walk-through should be and what Buyer closing costs are and about the HUD-1.
Buyer Tip Videos
Visit my YouTube Channel’s “Home Buying Tips” playlists. There are many helpful home buying videos to watch.
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Robin is a licensed as NC real estate agent. Robin works in the Lake Norman real estate market towns of Cornelius, Huntersville, Mooresville, Denver NC, Davidson and Charlotte NC. She will educate you and ensure you are taking advantage of the best market opportunities. Robin will also help you set realistic expectations. Furthermore, she will walk with you through the entire process. Home buyers can trust Robin to help them find a property of their dreams. Home sellers will receive unparalleled exposure to their listings. She will assist her clients in negotiating the best possible price. She will also do her part in keeping your transaction running smoothly! Ask her any general question about real estate in NC and around Lake Norman.
Thank You for Visiting Home Warranty
Lake Norman home buying offers something for every lifestyle. Matching homes with lifestyles is the basis for Robin’s real estate business. Most of all, contact Robin if you have any general questions.