According to Home Security of America, Most homes experience at least two mechanical failures each year. Without HSA Home Warranty protection, typical repair/replacement costs* would be:
System / Repair / Replacement
Heating system / $95-$600 / $1,325-$3,700
Central air / $200-$1,100 / $1,475-$4,200
Water heater / $85-$210 / $420-$705
Plumbing / $100-$1,200 / $480-$2,225
Refrigerator / $80-$515 / $525-$2,100
Oven/Range / $80-$310 / $415-$1,600
*Based on HSA's estimates of retail cost for repairs and replacements of items listed above. Costs may vary in your geographic area.
These costs continue to go up every year, so it's crucial that homeowners are protected from the financial burden incurred should a covered item need repair or replacement.
Lets go over some Home Warranty basics:
Q: What is a home warranty?
A: A home warranty provides coverage for homeowners when their home's mechanical systems or appliances break down due to normal wear and tear. The plan covers the cost of repairing the system or appliance, less the applicable deductible.
Q: What is covered under my home warranty?
A: The HSA home warranty coverage varies from state to state, but generally includes the property's plumbing, electrical, central air conditioning and central heating systems, water well system and structural coverage. Many appliances are covered under the standard coverage; some may be available at an additional charge.
Q:How much is a home warranty?
A: Though prices vary, A warranty on a single family residence is around $360 (depending on choice of deductible amount).
Q: What are the benefits of including a home warranty on the house that I'm selling?
A: The benefits are many, including coverage during your listing period. You also benefit from the likelihood that your home will sell more quickly and at a higher selling price. Homes with warranty coverage attract more buyers than similar homes without a warranty. Plus, you're protecting yourself from the potential of post-sale property conditions that can lead to additional expenses after closing when you offer a home warranty.
Q: How do I get a home warranty on the house I'm buying?
A:If the seller does not offer you a home warranty, write it into the Offer to Purchase as a condition of the sale and ask the seller to pay for it at closing, or purchase the coverage yourself.
Q: How long does the HSA warranty coverage last?
A: Seller's coverage is in effect during the listing, up to 12 months. Buyer's coverage is effective on the date of closing for up to 12 months. The warranty is renewable on an annual basis.
Do you have more questions? Give me a call at 865-6520 and I will give you all the details!
1 comment:
I would never encourage purchase of an HSA warranty as there are numerous complaints against the company (including a personal experience - feel free to e-mail me at MG_Hampton @ YAHOO. com if you have a question about it - no spammers, PLEASE, this is a temporary e-mail only!).
I suggest doing your research (BBB and online) and select a company that does honest business (and does not insure the home unseen and uninspected) and is not so avid at avoiding claims reports and payment. As a buyer you are better off purchasing your own insurance ("insurance to sweeten the pot" is usually cheap and causes nothing but grief when needed)! As a seller, be gracious and provide honest to goodness coverage from a reputable firm!
To make a long story short: BUYER BEWARE!
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