BrokerIPTV: Today, we are talking with Katheryn D'Amico from Colorado Home Warranty and Katheryn, thanks for being with us.
Katheryn D'Amico: Thank you for having me.
Interviewer: Nice to have you. In a previous segment, we were talking about warranties and a lot of large national companies that don't even specialize in the warranty business kind of jumping in and seeing if they can get some business off of this and a lot of times these companies have a lot of fine print that make you not qualify anymore and so forth; what are some of those fine print things that we ought to be careful and watch about when we are talking about warranties?
Katheryn D'Amico: Well, you do want to definitely read the fine print and there are some companies that have pages and pages of it and Colorado Home Warranty does not have pages and pages of fine print. It's all spelled out, black and white, real simple, what's covered, what's not covered on our website as well as our brochure.
Interviewer: And it's simple; it's either you maintained the product or you did not maintain the product and that's one of the exclusions correct?
Katheryn D'Amico: Yes, you do need to maintain your appliances and what not; the furnace, you need to change the filter on the furnace or the air-conditioner, things like that where you do just manufacturer's recommended maintenance.
Interviewer: But this can save you some serious money if you maintain your products and if you purchase a warranty and of course the consumer says, "Well, I got to pay for the warranty" but it's not as expensive as people think, right?
Katheryn D'Amico: It's not, not at all. It's only $275 to cover you, you can cover a seller during the listing period as well as it being handed over to the buyer after the purchase, which is huge; for the seller, he has peace of mind knowing that if something breaks, you know it's not [Inaudible] out. So, right before you are going to sell your home, you don't want to be putting money out you know for something major that goes wrong. A lot of houses are staying on the market a lot longer nowadays too and you know your systems are getting worn and you know it could happen so.
Interviewer: Is that 275 for a year?
Katheryn D'Amico: That's for a whole year coverage, yes.
Interviewer: Whole year coverage and what does that cover in my house, everything?
Katheryn D'Amico: It covers pretty much everything. It's got plumbing...
Interviewer: Electric [Voice Cross Over].
Katheryn D'Amico: Electrical systems, yeah.
Interviewer: Heating [Voice Cross Over] appliances.
Katheryn D'Amico: Heating. Right. Air-conditioning is an option you can do, it's not a standard coverage, but you can add that. You know if you have stoppages, you know your furnace goes out, your water heater goes out, those are the major things, but there is lots covered.
Interviewer: And if something breaks down you make a decision if it needs to be repaired or replaced, is that right?
Katheryn D'Amico: That is correct; with all home warranty companies, it's up to the home warranty company to decide whether it should be repaired or replaced.
Interviewer: And if we replace it, we are getting like to like, is that right?
Katheryn D'Amico: No. You know if someone owns a Bosch refrigerator...
Interviewer: Right.
Katheryn D'Amico: We are not going to give them six grand to go buy another Bosch.
Interviewer: Okay.
Katheryn D'Amico: Okay, but we are not going to do at builder's standard[Phonetic] either. We are going to give you know something kind of in the middle [music] so but if someone has something that's 25 years old, you know we will give them a builder's standard[Phonetic] or they have the option of us doing the cash out, which is we give them the cash what it costs get a builder's standard[Phonetic] and then they can upgrade.
Interviewer: Okay. Let's talk about benefits real quick. Benefits of the realtor to have a home warranty policy in place on the house they are listing?
Katheryn D'Amico: That's huge; especially in a buyer's market like it is today, you need to differentiate yourself, you need to make your listing stand out, and one way you can do that is with... by offering a home warranty. We have signs that attach to your listing sign, so even if someone is just driving by, they can say, "Hey, you know they have a home warranty on that house." That makes a buyer feel extremely comfortable you know that even if something wasn't... you know something was to go out after they purchased the property, they are covered.
Interviewer: And a benefit to the buyer is they feel some confidence in buying that house if something goes wrong in the next year, they could have it repaired.
Katheryn D'Amico: Exactly.
Interviewer: The benefit to the seller is he is adding on another perk that he can market.
Katheryn D'Amico: Exactly.
Interviewer: To a potential buyer.
Katheryn D'Amico: Yeah.
Interviewer: Okay. Thank you so much for being here; really appreciate it.
Katheryn D'Amico: Thank you for having me.
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