New home constructions come with state of the art appliances, upgrade HVAC systems and are frequently built with energy efficient materials. People purchase new homes for a plethora of reasons, but one major motivator is a home warranty. New homes that come with a warranty cost homeowners fewer out of pocket expenses. While older homes also qualify for home warranties, there are a number of restrictions and pre-existing conditions that are taken into consideration when plan costs and coverage rates are calculated. Homeowners that choose to have their houses custom built can also find independent warranty companies and purchase a plan directly. Home warranties provide comprehensive protection, and buyers can choose to extend their plans when the original coverage runs out.
When you first get a new home warranty, you will need to check the guidelines. Although most repairs will be covered, you cannot assume that servicing and other fees will be included. If your warranty was automatically included with the purchase of your home, there will be no additional fees or premiums for you to pay. Homeowners that purchase their warranties direct are expected to keep up with their payments or else they risk losing coverage.
Once you understand your home warranty’s guidelines, scheduling repairs will be extremely convenient. You will be given a customer service phone number that you can access whenever you want to have your home repaired. Some warranties require homeowners to work with a list of approved vendors, but others allow homeowners to choose the companies that they want to work with freely. Find out what types of coverage restraints you may face, such as 30-day waiting periods and exclusions.
Some consumers confuse homeowners insurance with home warranties. While both of these products do help homeowners to pay for repairs, they are actually quite different. A homeowner’s insurance policyholders is required to submit claims in order to be reimbursed for its expenditures. These claims must be approved before a check is cut by the homeowner’s insurance company. With homeowners insurance, property owners might have to wait months before even being partially compensated. The homeowners insurance claim process can be further complicated by a denial.
With home warranties, very little paperwork is needed to get approved for home repairs. The guidelines detailed in home repair service plans tell homeowners what is covered versus what isn’t. A service technician can be sent to your home the same take that you make a repair request, and rarely are homeowners required to pay any money. If any of the guidelines included in your home warranty or unclear, you should immediate seek clarification.
If you are about to purchase a new home, find out if it comes with a warranty included. While new homes are considered easier to maintain, there are a lot of things that can go wrong soon after moving in. Buying a warranty for your new home will allow you to free up more money and alleviate stress. It will also help to streamline the home repair scheduling process, so you won’t have to keep close tabs on your contractors or feel obligated to check behind their work. A home warranty won’t replace homeowners insurance, but it can work as a great second line of defense.