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A home warranty is a protection plan for residential properties that covers repair and maintenance of items that a normal homeowners insurance doesn't cover.
Anyone buying a home wants to know that they won't get stuck with costly repairs right after the closing. Consequently, it's essential for realtors, home sellers, builders, and others involved in the sale of real estate to realize the incentive value of completing the deal with a quality service program for their buyers.
If being included in a new construction contract, a builders warranty dramatically reduces the homeowner’s stress during the building process and the closing. An experienced contractor knows that a structural warranty coupled with the builders guarantee for the roof and windows will almost eliminate any future liability for the project. And for those building their dream house themselves, there are owner-builder warranty plans too.
As a seller, you can include a home warranty in your sales price to attract a buyer. As a buyer, you can purchase a home warranty any time during or after the closing process.
RealEstateBees.com can help you with a comparison of the top-rated home warranty companies in your area. We have recommended only the most reputable and reliable companies in our top 10 lists for various US locations, based on an extensive research and completed with customers’ reviews.
Frequently Asked Questions
What are home warranty companies?
A company that provides home maintenance (repair) coverage is called an extended home warranty company, or simply a home warranty provider. They cover the mechanical components of your home against breakdowns from normal wear and tear.
But house warranty providers do not pay for losses that are covered under the typical homeowners insurance policy. As an example, a lightning strike that destroys an outdoor HVAC unit is covered by home insurance—and is not covered by an extended home warranty.
Whereas, an outdoor HVAC unit that fails because of a mechanical component is typically covered by a home protection plan—and not by homeowners insurance.