 Insurance
Why do I need even More Insurance? What is it It will protect you from all the lesser costs of home ownership by covering repair costs not covered by home insurance. These are year to year contracts that will cover your major appliances such as washers, dryers, ovens, and refrigerators. They also cover duct work, plumbing, the electrical system, heating, and air-conditioning.
Its the combination of homeowners and home warranty insurance that Completes the package. For example, if your toilet overflows and causes major floor damage and your drywall has acted like a wick and is soaked. You would have your home owners pay for the major damage to the walls and floors and your home warranty would cover the toilet. The cost of the policy is generally around $250 a year plus a small house visit when you need a repair.
Why Buy Even MORE Insurance. 1. It is inexpensive: A basic policy costs approximately $250.2. Completes the coverage: Homeowners doesnt cover repair costs to the systems covered by home warranty insurance 3. Attractive to buyers: If you have just bought then the large down payment, closing costs and new furnishings have probably emptied your bank account. No need to live in fear of expensive repair bills. 4. Older homes: Even more necessary since they are tired and more likely to surprise you with unexpected repairs just when you cracked piggy bank to make the down. Also, these policys dont require a home inspection to qualify. 5. For Buyers: It provides protection during and after a home purchase. When a covered system or appliance breaks down due to normal wear and tear there's no need to get back in touch with the real estate agent or track down the previous owner. Of course read your contract, it may be only partially true. 6. For Sellers: offer a years contract as a perk to attract buyers who may be a little concerned at the age of some of your appliances. its certainly cheaper than buying new appliances you wont even enjoy. 7. For Real estate Agents: Suggest to buyers and sellers that a home warranty policy is wise and offer some info on how they protect to limit your own liability for any breakdowns after the sale.
Home Warranty Exclusions Read your contracts before signing on. They are not all the same. The following is really a general commentary since you can also buy extended warranty plans. Having said that....
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