{"id":96,"date":"2021-02-17T12:11:51","date_gmt":"2021-02-17T17:11:51","guid":{"rendered":"http:\/\/www.yourhome1source.com\/blog\/?p=96"},"modified":"2021-03-16T14:27:01","modified_gmt":"2021-03-16T18:27:01","slug":"home-warranties","status":"publish","type":"post","link":"https:\/\/www.yourhome1source.com\/blog\/home-warranties\/","title":{"rendered":"Home Warranties"},"content":{"rendered":"<p>A home warranty or service contract may offer protection for your appliances &amp; systems when they fail.<\/p>\n<p>You just moved into an older home and had a thorough inspection. Appliances and mechanical systems were tested. But nothing lasts forever. The air conditioning unit might be on its last leg. The dryer could conk out, too.<\/p>\n<p>When something breaks down, the last thing you want is more expense and headache, or the task of trying to find a competent workman in the middle of the night. To protect yourself, you might want to invest in a safety net known as a home warranty or home service contract.\u00a0Before you do, consider the following:<\/p>\n<ul>\n<li>Which warranty provider should you select?<\/li>\n<li>What will the warranty cost, cover, and for how long?<\/li>\n<li>Is a service contract worth the expense, do you need the coverage for your home?<\/li>\n<\/ul>\n<p>Unfortunately, there&#8217;s no boiler-plate warranty and single &#8220;yes&#8221; or &#8220;no&#8221; answer, but there is information you should have in hand to make an informed decision. First, understand that this kind of contract isn&#8217;t the same as homeowners\u2019 insurance, or similar insurance policies. It&#8217;s a service contract that a buyer may purchase, or may sometimes be provided by the seller when you buy a home. Typically, a home warranty costs about $550. It covers the appliances and major systems in the home for a set period of time. This type of contract is different from the warranty a builder provides for a new house or which manufacturers offer for appliances in a new home.<\/p>\n<p>The service contract may help cover many costs, but not all. Typically, a warranty doesn&#8217;t cover the cost of the service call, which can run anywhere from $65 to $75. It also may not cover certain items or parts that are excluded, or if damage or wear and tear were due to improper installation. Everything depends on the contract&#8217;s terms, which is why it&#8217;s so critical to read the fine print carefully rather than stash the document in a drawer.<\/p>\n<p>Company policies also vary greatly, so it&#8217;s wise to contact a few. You can find a reputable home warranty\/service provider by searching on the <a href=\"http:\/\/homeservicecontract.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">National Home Service Contract Association&#8217;s web site<\/a>, the organization based in Lenexa, Kansas, which represents about 15 providers \u2013 and 95 percent of such companies nationwide.<\/p>\n<p>The contents of the contract will explain what&#8217;s covered \u2013 which may include kitchen appliances, plumbing, HVAC system, garbage disposal, electrical panel, ductwork, and faucets, but not a swimming pool pump or icemaker. The contract also doesn&#8217;t automatically cover all systems and appliances equally, says Art Chartrand, executive director of NHSCA. Instead, many provide up to a certain limit per item or cover builder grade choices. A &quot;super plan&quot; might cover higher-end appliances \u2013 perhaps, that Sub-Zero or Thermador, but would cost more, Chartrand says.<\/p>\n<p>How long the contract is in effect is another key piece of information. The usual time frame is a year, and that&#8217;s particularly important when appliances are older.<\/p>\n<p>There&#8217;s still another point worth noting: who the service provider will be. Most companies have a roster of independent service providers they contract with rather than let a homeowner pick, but this, too, should be specified in the contract.<\/p>\n<p>With all this information in hand, a buyer can make their own informed decision. John R. Lyons, a real estate broker with Baird &amp; Warner in Chicago says he still considers home warranties as highly useful. &quot;During the inspection period, the buyer may say, &#8216;We want this old air conditioner system replaced,&#8217; even though it works fine now, to gain peace of mind. And the seller might decide to buy the warranty to insure coverage for that item and others for a year as a way to move the negotiations along,&quot; Lyons says. &quot;It&#8217;s a lot less costly for the seller than having to replace all the major systems and appliances when they&#8217;re older,&quot; he says.<\/p>\n<p>And if you buy one as the new homeowner or receive one from the seller, remember to file away the document safely, so you can find it in a flash in an emergency, or print, scan, and store it on your computer.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A home warranty or service contract may offer protection for your appliances &amp; systems when they fail. You just moved into an older home and had a thorough inspection. Appliances and mechanical systems were tested. But nothing lasts forever. The air conditioning unit might be on its last leg. The dryer could conk out, too. 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