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About Home Warranty Plans ~ 101.
About Home Warranty Plans ~ 101.
A Home Warranty Plan is not the same as your Homeowner’s Policy. A Home Warranty Plan is a one year service plan that usually covers your major home system components and appliances that can break down over time.
Often Real Estate Agents use home protection plans as a selling point to buyers giving them more confidence so they can rest easy that the home systems and appliances are covered. First time home owners and rental properties owners are another big user of these policies.
Coverage under these plans includes future normal wear and tear malfunctions during the contract term and not present problems. Usually a set fee is established for homes less than 5,000 square feet with additional costs applied to larger homes. Fees vary from company to company and service to service but a typical yearly fee can range from $400 up to $700 depending on what is covered and deductible. Most companies offer a range of deductible service fees from $65 up to $150.
Pools, wells, septic systems, ice machines are usually an addition cost but reasonable for a year of insurance.
It is important on these home warranty plans that you properly ... more

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