Why a home warranty is more valuable than ever
It’s hard to understate the value of a home warranty for Buyers and Sellers. Sellers leverage home warranties more than any other incentive, even cash considerations, to get under contract faster and for more money. Buyers find value in a home warranty because it saves them time and money, along with the peace of mind it provides. And now, a home warranty is providing even more value to homeowners, given the current circumstances. Let’s look at why a home warranty is more valuable to your clients than ever.
Increased use has led to more breakdowns
Since the COVID-19 outbreak, a record number of people have been working from home. According to the Atlanta Fed/Chicago Booth/Stanford Survey of Business Uncertainty and a Willis Towers Watson white paper, as many at 85% of people who can work from home are working from home since the start of the pandemic. That’s a huge increase over the 5% of people working from home pre-pandemic. And it doesn’t even consider how much more time people are spending at home in general!
With so many people at home, systems and appliances use has risen dramatically.
- 23% more refrigerator use^^
- 22% more overall electricity use^
- 21% more overall water use†
- 21% more sink use
- 20% more toilet use
- 16% more shower use
With more use comes more breakdowns, which can be costly and burdensome. But homeowners who have a home warranty from 2-10 Home Buyers Warranty (2-10 HBW) have solutions to those breakdowns.
Predictability during an unpredictable time
Many homeowners have had to make unexpected changes to their lifestyles. More people are cooking at home rather than eating out, using their electricity more while they work from home, and potentially caring for more people under their roof. Combined with increased systems and appliances use, homeowners are in a position where unpredictability reigns.
At 2-10 HBW, we’ve seen the results of the unpredictability that homeowners face in the form of systems and appliances breakdowns. Look at some of the big increases in claims homeowners have placed with us from June through August of 2020, compared to the same time last year.
- 39% more overall claims placed
- 31% increase in overall contractor dispatches
- 24% more calls received
Put simply, breakdowns don’t occur on a schedule. But with a home warranty from 2-10 HBW, homeowners can get their life back on track. Time and again, 2-10 HBW has helped homeowners find quality Service Contractors, schedule service appointments, and keep their homes humming. Even though there’s a nationwide shortage of replacement parts, 2-10 HBW and our contractor network continues to provide reliable service for homeowners.
Reliable, timely solutions for time-consuming problems
One of the biggest challenges homeowners have faced in addressing breakdowns is finding someone who can help. Service Contractors have been in high demand. Fortunately, 2-10 HBW’s contractor network has allowed homeowners to find and schedule appointments with approved, local contractors. That means less time spent worrying about quality and wondering when they can expect a solution to their problem.
To continue providing timely, reliable solutions, 2-10 HBW has grown our contractor network by 14%. We’ve also hired 49% more support staff to keep up with demand. And homeowners have noticed.
Despite the challenges that COVID-19, increased work from home, and more breakdowns have caused, homeowners with a home warranty from 2-10 HBW are still smiling. They’ve given us a 4.3/5 Overall Service Rating on Avid Ratings, which shows their satisfaction with their home warranty from 2-10 HBW.
A home warranty from 2-10 HBW has always been valuable to agents, Buyers, and Sellers. With systems and appliances use higher than ever before, a home warranty brings even more value to the table, and homeowners agree. Help your clients avoid the cost and frustration of unexpected breakdowns by enrolling all of your clients’ homes with 2-10 HBW.
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.
^ Sense Labs, Inc. study
^^ Pecan Street Energy R&D Org: Reports on Residential Electricity Demand
† Reported by smart water-monitoring company Phyn, Feb.–Apr. 2020