Want to purchase a Home Warranty?
- Pravitha, Chennai
Want to Purchase a Home Warranty? Here is All You Need to Know
Do you know all about home warranty? If not, then read this article, which talks in detail about the pros and cons of home warranty.
When you purchase a home, you would like to secure it by buying insurance schemes. Sometimes, developers will offer you a home warranty even before you have sealed the deal. According to commonfloor, some builders provide warranty for flats in prime cities of India. But, before you can take a decision, you should be analyzing the benefits of buying a home warranty. Although it may seem like a good form of protection from unexpected home maintenance costs, you should scrutinize every facet before you purchase a home warranty.
What Is Home Warranty?
A home warranty covers specific components of your house like air conditioning, plumbing, furnace, and electrical system. You must bear in mind that a home warranty is completely different from a home insurance. A home insurance will cover major damages to your property like fire breakout, water damages that could ruin the entire structure of the house, and property crimes.
A home warranty is usually a deal between you and the home warranty company. When you are applying for a home warranty, you can also ask them to cover certain additional aspects or appliances of your house. This may come at an additional cost.
The home warranty company usually has a tie-up with a service provider. If something that has been covered by your home warranty breaks down, you have to call up the warranty issuing company. They will analyze if the repair can be covered under the warranty plan. If yes, then they will assign the repair work to their service provider. You only have to pay the amount required to purchase you home warranty.
How Much Does a Home Warranty Cost?
The cost of a home warranty will depend on different property types such as apartments, penthouses, condos, villas, and duplex. Usually, a property’s age will not affect the cost of a home warranty. However, if your property is new, the cost of coverage may increase. If your property has a separate guesthouse, it will not be covered by a home warranty. You can include it in the warranty by paying an additional charge. But, remember to include your garage within the home warranty.
You should also remember that you might have to pay service charges whenever you call up your warranting issuing company for any kind of repair work. The company will ask the service provider to send personnel to deal with the problem. If there is more than one problem, you might have to pay separate service charges for each of them.
Additionally, the home warranty company will not provide repair work for an appliance, which has not been maintained properly. If the company denies the claim, you will have to bear the service and repair charges for that particular appliance.
What Are the Benefits of Buying Home Warranty?
Buying a home warranty comes with its advantages. If you don’t want to worry about expensive repair work, a home warranty will give you peace of mind. Also, when you buy a home warranty, you don’t have to go looking for service providers or contractors to get the repair work done. You can just call up the home warranty company and tell them about the issue. If you have expensive appliances in your house, it is advisable that you cover them with a home warranty.
If you are a new homebuyer, a home warranty will provide you with the assurance that you don’t have to spend extra on repair costs. And, if you are a home seller, you can offer a home warranty to the buyer to ensure that they don’t complain about defects in the house after the deal is closed. However, as a seller, you should always disclose about any damages in the house before you sell the house.
Whenever you apply for a home warranty, remember to check the clauses in the contract carefully before signing along the dotted line.
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