February 14, 2007

Home Warranties: Do You Really Need One?

Home Warranties:��Do You Really Need One?

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A home warranty is not much different from a warranty you might have on your car, your computer or your home entertainment center.� A warranty on your home usually covers all of your home�s major mechanical systems, including hot tubs, pools, wells, septic tanks and all of your appliances.� Some policies even cover the roof of your home and almost anything else you�d like to include, as long as it�s specified in the policy.�

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Home warranties are obtainable for most any dwelling, including mobile homes, condominiums, town houses and manufactured homes.� They can be purchased by either the buyer or the seller; some sellers will include a home warranty policy to make purchasing their home more attractive.� Including a home warranty with the sale is an excellent idea, especially if the home is older and the systems and appliances are aging.� Since the policy can be purchased at closing, the seller doesn�t have to come up with the premium out of pocket.� Further, the cost of the policy can be split between the buyer and the seller, depending on the terms of the sale.

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Home warranty policies are generally effective for one year and are renewable.� However, you can expect to pay a little more for coverage each year, as the items covered continue to age.� This is reasonable. Policy costs vary according to the list of things covered, but an average cost would be between $350 and $500 per year.� Obviously, when obtaining a policy it is important to be specific about coverage.� You can expect to pay a small co-payment when the repair person responds to make a repair.� This is an industry standard.� Your payment will range from $35 to $55 per visit.

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According to a Gallup poll, 79% of buyers and sellers surveyed rated home warranties as one of the most important aspects of buying a home.� These policies are not like hazard insurance, which covers losses due to fires, storms and accidents; home warranties cover normal wear and tear breakdowns.� A new home and its major systems are usually warranted by the builder for at least one year; thereafter, your home warranty policy coverage will take effect.� Be sure to understand the limitations and intent of your home warranty.� As an example, should your microwave oven catch fire and damage your kitchen cabinets, your home warranty would cover the cost of the microwave; your home owners insurance would pay to fix the cabinets.

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Before buying your home warranty policy, you should shop around and find the best and most cost-effective provider.� Get recommendations from your mortgage company, your builder, your friends, and from the Better Business Bureau.� Obviously, some companies are better and more reliable than others.� Ask specific questions:� Do they subcontract their work?� What is their normal response time?� If your freezer stops running you need someone to respond quickly.�

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When trying to decide whether or not you need a home warranty, the rule of thumb is: the older your home, the more you will benefit from a home warranty policy.� Most systems and appliances covered under a home warranty can be expected to last at least 5 years.� Therefore, during the early years of your new home, the home warranty policy may not be necessary.� As the components of your home age, the need for a home warranty policy becomes more critical.� It is obviously more attractive to pay $400 or $500 in policy premiums than shell out several thousand dollars for a new furnace or even several hundred for a new refrigerator.� The policy will easily pay for itself if a major home system has to be repaired or even one major appliance has to be replaced.

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If you�re the owner of rental property, you should definitely consider a home warranty policy.� Unlike the appliances and systems in your own home, you have little, if any, control over the frequency and manner in which these things are used by your tenants.� Odds are that you will have to replace or repair items and systems more frequently in your rental property than in your own home.� As a landlord, your home warranty policy may very well save you money, but just as importantly, it can buy you peace of mind.

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Do you have any experience, pro or con, regarding home warranties or home warranty companies?� We'd love to hear your comments either way.�

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