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What is a home warranty?

A home warranty is a residential service contract giving the homeowner repair and replacement coverage for major operating systems and appliances in a home. These repairs must be due to wear and tear, and not negligence or damage.

How can you benefit from a home warranty?

Repairs to homes are inevitable. And while homeowners cross their fingers in hopes that these repairs are relatively inexpensive, what if an entire system needs replaced, and you are left staring at a bill with a few too many zeros? A home warranty can offer you some level of protection.

Your home warranty plan also provides you with a selected network of professionals from which to choose. Many homeowners prefer having a list to choose from instead of taking a guess at which repair company will be reliable.

According to the Service Contract Industry Council (SCIC), a home warranty, also called a home service contract, offers many benefits to buyers and sellers, including:

* Repair or replacement coverage of most major appliances and home systems including heating, plumbing, and electrical;
* Toll-free access to technical support and prequalified repair professionals;
* Comfort for new owners and protection for sellers while their property is on the market;
* Optional coverage for structural components such as roofs; recreational equipment such as swimming pools; etc.
* Ability to transfer the contract from homeowner to buyer.

What are the average costs of a home warranty?


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