One of the challenges from the pandemic that the US economy can’t seem to shake is supply-chain shortages. From shortages of lumber and appliances to shipping interruptions, many sectors of the US economy simply haven’t been able to keep up with consumer demand as the pandemic starts to wane (knock on wood). How does this affect your Buyers, and what is 2-10 Home Buyers Warranty (2-10 HBW) doing to help? Let’s find out.
How economy-wide supply-chain shortages affect your Buyers
The most obvious way that these shortages are likely affecting your Buyers is if they submit a claim for a system or appliance breakdown. According to a recent study from the National Association of Home Builders, 95% of home builders have faced appliance shortages in 2021.
Why does that matter? Because it has a ripple effect that affects your Buyers and companies like us, since home builders often have direct networks to get those appliances. In other words, if home builders are struggling to find appliances, the situation isn’t good. And the shortages are making things more expensive, which is likely the last thing your Buyers need right now (more on this in a minute).
Fortunately, there is good news. According to the White House, “These shortages and supply-chain disruptions are significant and widespread—but are likely to be transitory.” So, while these shortages are a problem now, they aren’t likely permanent.
Even better, 2-10 HBW isn’t ever going to use this supply-chain shortage as an excuse. Though it is a challenge, we are working hard to help you and your Buyers overcome this economy-wide problem and address breakdowns successfully.
What 2-10 HBW is doing to help address these issues
If there were a way for 2-10 HBW to fix this economy-wide problem alone, we’d do it in a heartbeat. Although that’s impossible, we are taking measures to try to minimize the effects this shortage has on your clients when they need us most. Here are some of the options we’re offering to help address these shortages in light of breakdowns.
Reducing hold times and simplifying submitting claims
Back in June, 2-10 HBW implemented an Action Center in your clients’ online account. Our goal was to help reduce hold times, make submitting claims easier, and allow your clients to self-serve.
Like other companies—both in the Home Warranty Service Agreement industry and the economy at large—delays have been an issue. The Action Center positions your clients to do more to self-serve, ideally cutting down on the time you spend answering questions about breakdowns.
For instance, from their account, your Buyers can now do the following:
- Contact their contractor directly for status updates
- Request sooner service
- Submit documentation
- Escalate claims when necessary
For more information about how helping your clients access their account can help them, read our dedicated post.
Providing solutions when waiting isn’t an option
Tom Petty said it best: The waiting’s the hardest part. Sometimes, waiting simply isn’t an option. In these cases, 2-10 HBW gives your Buyers options to address uncontrollable shortages.
Appliance Discount Program: Appliance shortages lead to price spikes. When an important appliance—like the fridge or oven—breaks down, your Buyers need a quick solution. When they can’t wait for a contractor to address their issue, the Appliance Discount Program can help them.
This program is an exclusive perk that your Buyers have access to as a Home Warranty Service Agreement holder with 2-10 HBW. With it, they can save on GE and Whirlpool brand appliances. So, if they can’t wait for a repair, this can give your clients an option to replace it at a potentially steep discount. To access this perk, advise your clients to sign in to their account.
Priority Out of Network: 2-10 HBW gives your Buyers the option to search for an out-of-network contractor when they can’t wait for an in-network contractor to become available. With this option, 2-10 HBW will pay for repairs/replacements at a rate equal to what we’d pay an in-network contractor. While this may increase your Buyers’ out-of-pocket costs, it addresses the waiting issue.
Additionally, when your Buyers use this option, we will still reserve an in-network contractor for them. So, if they have trouble finding an out-of-network contractor or don’t want to pay extra to use one, they still have an option (although they may need to wait).
Payment in Lieu: If your Buyers would rather take cash and find a replacement item themselves, this is a good option. Advise them to review their agreement through their account for details.
2-10 is working hard to serve you the right way
Economy-wide supply shortages are tough, but they aren’t permanent. As we all weather this storm, 2-10 HBW will continue to work hard to help you do what’s best for your clients and reputation.
2-10 HBW offers comprehensive systems and appliances home warranties to help protect your clients from unexpected repair and replacement costs. Contact us to learn more.