February 10 (2-10) Is National Home Warranty Day
2-10 Home Buyers Warranty (2-10 HBW) is proud to participate in the fourth annual National Home Warranty Day. Taking place every year on February 10, this nationwide event is designed to raise awareness about the importance of home warranties among builders, real estate agents and homeowners.
Most homeowners are unaware of how new construction structural warranties and systems and appliances home warranties can protect them against the unexpected. While they may know that these plans exist, many aren’t familiar with the scope of their coverage and the extensive value they provide. Since it is National Home Warranty Day, let’s review the benefits and importance of each to achieve comprehensive coverage for one of life’s biggest investments.
Why Structural Warranties are Important
A new construction structural warranty is an extremely valuable tool for protecting newly constructed homes against major structural defects. On average, it costs between $42,500 and $113,000 to repair the damage caused by a major structural defect, which is why home buyers appreciate the peace of mind that comes with knowing their builder has covered their home with a 3rd party insurance-backed structural warranty.
Often viewed as a mark of quality, structural warranties help instill buyer confidence by showing the commitment a builder has to providing the best possible homeownership experience for their customers. While 80% of structural defects are caused by factors outside of the builder’s control, the right structural warranty can help make sure homeowners are made whole should the unexpected occur.
Coverage for Systems and Appliances
Similar to structural warranties, a Home Warranty Service Agreement helps agents protect their homeowners by reducing the overall cost of homeownership and protecting them against unexpected systems and appliances breakdowns. Knowing that 7 out of 10 homes experience a major system or appliance failure each year, savvy agents understand the value of adding a home warranty to their real estate transactions. A home warranty includes coverage for a variety of systems, including:
- Air conditioners
- Water heaters
- Electrical wiring
A comprehensive home warranty also covers expenses related to the repair and replacement of major appliances, including:
- Washer and dryers
- Built-in microwaves
- Trash compactors
Depending on their requirements, homeowners can also obtain added protection for:
- Pre-season HVAC tune-ups
- Additional refrigerators
- Extended pipe leaks
- Stand-alone freezers
- Septic systems
- Wine coolers
- Roof leaks
- Well pumps
- Pool and/or spa equipment
- Water softeners
If an appliance or system breaks down, a homeowner can make a service request, and the home warranty company will dispatch a skilled service contractor to diagnose the failure and repair or replace as necessary.
Depending on the company, homeowners may also receive benefits beyond systems and appliances coverage. With 2-10 HBW, a homeowner has the choice to forgo a service request and select the Appliance Replacement Offer, providing the homeowner with a check for $100 that can be put toward a new appliance from any retailer. What’s more, homeowners with 2-10 HBW also benefit from exclusive access to the GE® and Whirlpool® Home Appliance Discounts program, which allows customers to get large and small appliances for up to 65% off retail prices.
For most Americans, a new home will be the largest investment they make. With so much at stake, it makes sense to get optimal protection against unexpected repair and replacement costs.
2-10 HBW partners with thousands of the nation’s finest real estate professionals, home builders and service contractors to cover over 5.8 million homes with their complete line of warranties, service contracts and risk management products. Contact us to learn more.