Whereas home insurance covers your home in case of an accident, a home warranty is a service contract that covers the repair or replacement of many of the most frequently occurring breakdowns of home systems and appliances.
Your home is most likely the leading investment you will make. Unexpected repair and/or replacement costs can be a strain to your budget. It also creates stress trying to locate a qualified professional to solve the problem. A home warranty cannot prevent systems or appliances from breaking down, but it can help make covered repairs or replacements a little easier and less costly.
Home warranties average $350–$500 for basic coverage.
Purchasing a home warranty for the homebuyer or transferring an existing home warranty is certainly not a requirement for your home sale, but it does offer valuable protection of your finances and offer incentive to the buyer. Particularly for older homes, not only does it provide an extra incentive for buyers who are concerned about potential costly repairs, but it is available for you in case a major appliance needs to be fixed while your home is on the market.
Your Beverly-Hanks & Associates, REALTOR® can provide you with brochures on two reputable home warranty companies.
Our firm is paid administrative fees by home warranty companies for originating warranty sales. We contribute 100% of those fees to the Neal Hanks, Sr. Memorial Fund.