Six Questions Home Buyers Will Have for Agents about Protecting Systems & Appliances
Home buyers want to know exactly what they’re getting when buying a house, and this applies to any warranties that they purchase to protect the home’s systems and appliances. To help home buyers prepare with their purchase, let’s look at some of the most frequently asked questions about Home Warranty Service Agreements, commonly referred to as a home warranty, and clear up some of the misconceptions around this valuable warranty for your systems and appliances.
6. So what is a Home Warranty Service Agreement?
A 2-10 HBW Home Warranty Service Agreement helps homeowners reduce the overall cost of owning a home by protecting them against unexpected system and appliance breakdowns.
5. What items or systems does this kind of Home Warranty Service Agreement cover?
A Home Warranty Service Agreement covers major systems and appliances that malfunction or break from normal wear and tear. These expensive-to-repair items such as air conditioning and heating units, electrical wiring, refrigerators, ovens and dishwashers will age over time due to normal wear and tear, and repairs are inevitable. A Service Agreement offers protection from these repairs.
4. How does the service work?
When a covered item breaks down from normal wear and tear, homeowners simply log their service request online in a few easy steps, or they can call our toll-free number 24 hours a day, 7 days a week. Their request will be dispatched to an approved and insured contractor in the area. The contractor will contact the homeowners to set up an appointment, or they may call them directly to expedite the process. When the contractor comes to the home, the homeowners will pay a low service fee, (similar to the concept of a deductible), which varies by state. The contractor makes the covered repairs and bills 2-10 Home Buyers Warranty for all of the work.
3. How does a Home Warranty Service Agreement differ from homeowners insurance?
Homeowners insurance is required for a mortgage and covers loss from incidents like fire, storms and vandalism. A Home Warranty Service Agreement covers major systems and appliances within a home from breakdowns caused by normal wear and tear. The two are complementary as coverage does not overlap.
2. Are Home Warranty Service Agreements for systems and appliances transferable between owners?
Yes, home warranties are transferable at the time a home changes hands by notifying 2-10 Home Buyers Warranty. In fact, having or including a Home Warranty Service Agreement is likely to increase the final sales price of a home. After the remaining term of the warranty, the new owners will simply have to renew their home warranty coverage on an annual basis.
1. For a homeowner, when does coverage begin?
The Home Warranty Service Agreement becomes effective for all the covered systems and appliances in a homeowner’s home at the date and time of closing after a real estate transaction. If a homeowner purchases a Home Warranty Service Agreement outside of a real estate transaction, there generally is a 30 day waiting period for coverage to begin.
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.