Studies show that homes listed with a warranty covering major appliances, plumbing, electrical and other mechanical systems have a better chance of selling than those without. It is a “must-have”, given that the practice is mutually beneficial.
“The primary benefit of a home warranty is peace of mind for both parties,” said Robin Peterson, president of Coldwell Banker Burnet. “Our home warranty at Coldwell Banker protects the seller while the home is listed, and provides protection for the buyer after the transaction is complete.”
Here are a few tips to help you find the best home warranty:
• Check out pre-sale coverage. Make sure that the home warranty service covers the home while it is listed. For a few hundred dollars, you can avoid paying out-of-pocket for any mechanical failures you experience while the home is on the market.
• Know the deductible. As with any insurance policy, be aware of the deductible policyholders are required to pay for repair requests. The dollar figure may vary depending on the size of the claim.
• Read the fine print. Some home warranties restrict the number of calls policyholders can make in a particular time period, and/or permit the insurance provider to cancel the warranty if there are too many claims. It is also important to inquire about who will do the repair work – are policyholders required to stay within a network, or can they select their own contractor?
Information courtesy of Coldwell Banker Burnet