Buying a house and it’s time, to pick which Home warranty company is the best, I get this question all the time from homeowners and Realtors.
Let’s talk about it!
When you think about the question of which Home Warranty company is the best it, really boils down to your own personal situation and what things you value the most in your home warranty protection.
So no matter if you’re moving to a new, home or you just want to protect the one that you’ve been living in for years, purchasing a home warranty can save money and time and provide peace of mind, that is if you purchase the right home warranty.
Which Home Warranty Plan is going to be a great investment of your money?
10 Basic Home Warranty Questions To Ask?
So let’s dive into the first question that I would ask is;
– What is the difference between a Home Warranty and Home Insurance?
A home warranty covers failure due to normal wear and tear on major systems and appliances within the home. So that’s going to be plumbing, electric appliances, cooling, and heating.
You have Homeowners Insurance, which is going to cover damages done to the home from acts of nature.
– How Much Does a Home Warranty Cost?
Home Warranty is different, I would say the average is between probably 300 and 600 and it really just depends on if you’re putting any add-ons on there, and which homeward you’re going with.
So make sure you compare prices as well, as coverage when you’re looking at that. I think that’s great advice for home buyers.
– What Specific Items are Covered in Home Warranty?
So the specific items we mentioned earlier, it’s going to be plumbing, Electric appliance, cooling, and heating. Now each home Warranty is going to have some extra add-ons, so there are things like you can add on a garage, fridge, or deep freeze. You can add on pool coverage, you can add on a septic tank, and a weld pump.
There’s also each Home warranty also has a little thing here and there within their coverage so with <First American Home warranty> I know that they do cover pest control termite treatment.
They also have re-key on all of our plans and we also are doing an HVAC tune-up.
So each plan is different each company is different but that’s what First American Home Warranty, can offer.
– Is Home Inspection Required Before Enrollment?
With First American, it is not required. However, it is a good idea to make sure that you get to make sure that everything in the home is in good working condition at the time of close.
So if there is something that comes up in the beginning say like the first day after you move in and it’s kind of a question of whether was this in good working condition at the time of close we can always pull that inspection report to have a backup to go along with what the homeowner is saying but, for the most part, First American home warranty is going to trust their clients and do what’s right by you.
– If something breaks or Needs Repair how do they make a claim?
So there are a few different ways you can make a claim you can go online to WWW.FNHW.COM you can register as the homeowner and then you can put your claim in there and then kind of monitor from the portal.
So you place a claim and they have 24 to 48 hours to get a tech assigned and scheduled to come out to your house, then they’re going to come out to your house and they’re going to diagnose the problem, from where it comes back to first America while they look at that diagnosis and what we can cover according to their contract.
If there are any non-covered costs, they’re going to go back to the homeowner, let them know what they are and once they agree to the non-covered costs, they’re going to go ahead and get that moving forward and fixed for the homeowner…
– How Quickly Can Repairs be Done in Home Warranty?
Depends on the season and the type of failure.
So a lot of things are on backorder, I know that also in AC season, it is it does take a little bit longer to get things moving just because the AC techs are all just so flooded with claims.
So it just depends on the season and it depends on the failure.
– Should they have any Disputes Regarding a Claim how do they resolve this?
So the best thing to do is to know your Home Warranty REP. Cuz when something happens and you’re questioning it, you’re not happy with the outcome, call your REP. So make sure that you know their number.
How Long Does the Warranty Last on a House?
The warranty on a house can vary depending on the type of warranty and the specific terms and conditions. Below are a few common types of warranties that may be associated with a house:
1. Builder’s Warranty: A builder’s warranty, also known as a new home warranty or a structural warranty, is typically provided by the builder or developer of a newly constructed home. It covers defects in workmanship and materials, as well as structural issues, for a specified period of time. The duration of a builder’s warranty can vary but is commonly one to ten years, with different coverage periods for different components of the house.
2. Manufacturer’s Warranty: Appliances, systems, and components within the house, such as HVAC systems, water heaters, or also kitchen appliances, may come with their own manufacturer’s warranty. These warranties can vary in duration, typically ranging from one to several years, depending on the product and manufacturer.
3. Extended Home Warranty: Some homeowners choose to purchase extended home warranty plans from third-party companies to provide additional coverage beyond the builder’s warranty. These warranties typically cover the repair or replacement of major systems and appliances within the house, like plumbing, electrical, HVAC, and kitchen appliances. The duration of an extended home warranty can vary, but it is typically renewable on an annual basis.
It’s important to review the terms and conditions of each warranty carefully to understand what is covered, any limitations or exclusions, and the duration of coverage. Keep in mind that warranty coverage may also be subject to certain conditions, such as regular maintenance or proper use of the covered items.
Additionally, it’s worth noting that warranty coverage is different from homeowners insurance, which protects against losses or damages due to perils like fire, theft, or natural disasters. Homeowners insurance is typically purchased separately and has its own policy term and coverage limits.
– What are the Responsibilities of the Homeowner?
Basically, just maintain your equipment make sure it’s in good working condition take care of your things also know what your home warranty is, what it covers, and what it doesn’t cover.
To understand that, a home warranty is to save your money but not to cover things at a hundred percent.
So it’s very similar to <medical insurance> you know there’s going to be out-of-pocket costs, the idea again of a home warranty is to save money, it’s not really to be super timely, it’s just to help you guys keep money in your pocket when things fail. So really knowing that home warranty inside and out and your REP again.
– When does Home Warranty Coverage Actually Begin?
At the time of close! so u as soon as you close that coverage begins and then you have First American has about 30 day grace period for payment, so even if that check hasn’t come back to them from Title, you can place a claim the day after you close, the day you close, if something happens. The grace period it’s still active and it’s still working the claims will go through.
– What if they Sell their Home while still under warranty?
Still under home warranty yes you can transfer it, but the best thing to do is to put a call through, cuz in this situation, they can look at things like; what it’s going to cost a PRO rate to continue a full-year out, so say you’re already in 6months and you want to add six more months to make it a full year, you’re giving to the buyer, they’ll want to look at how many claims have been placed, so with that, they can look at the caps and how much has been used and what that cost is going to look like, because oftentimes if you’re already in kind of a renewal cost, it could be cheaper to just cancel that policy and start a new one and get that real estate product for the buyer. So it just all depends.
So if you ask all of these questions you’ll find, the best home warranty company for you in your home not only will you save time and money and have peace of mind but you’ll also be prepared and understand your coverage and what to expect from your new home warranty company.