Talk to our Liberty Home Guard Agents 24/7.(866) 225-7958
Embark on your homeownership journey with confidence, thanks to Liberty Home Guard's user-friendly glossary.
We understand that the abundance of industry terminology can be overwhelming, but worry not! We have put together a comprehensive compilation of commonly used words and phrases related to homeownership, home warranties, real estate, and more.
This easy-to-understand glossary will empower you to navigate through the complexities of the homeowner's world. Say goodbye to confusion and hello to a better understanding of home warranties.
Let Liberty Home Guard be your trusted source of knowledge as we simplify the language and help you protect and maintain your beloved home.
Code Violation Corrections encompass identifying and rectifying deviations from local building codes in structures or installations undergoing repair or replacement.
Commercial-grade equipment represents the epitome of durability and performance in the world of appliances and machinery.
A cancellation policy is a set of terms and conditions that dictate the circumstances under which a contract or agreement can be terminated.
A Claim Denial refers to a situation in which a requested repair or replacement is not approved or covered under the terms and conditions of a contract
Coverage Limits, as the name suggests, define the maximum amount a home warranty provider will pay for a repair or replacement.
Depreciation is the gradual decrease in the value of an asset over time. In the context of homeownership, it refers to the reduction in value of various components of a home, including its systems and appliances.
Appliances and systems designed for typical household use rather than heavy commercial usage.
Duplicate coverage in the context of a home warranty refers to a situation where the same item or aspect of your home is covered by more than one insurance policy or warranty.
The date from which the coverage provided by the home warranty plan becomes active.
The current cost of replacing an item with one of similar age and functionality, accounting for depreciation.
A comprehensive evaluation of a property's condition, identifying potential issues and needed repairs.
The period during which the terms and coverage of the home warranty plan are in effect.
The specified time frame after purchasing a home warranty during which certain coverage may not be active.
Coverage protecting against unexpected events such as accidents, natural disasters, and theft.
Understanding the intricate components of Home Warranty Emergency Service is pivotal for homeowners seeking to fortify their homes against unexpected crises.
In essence, the claim limit is the upper threshold that a home warranty company commits to covering for eligible repairs or replacements within a specified timeframe.
A cornerstone of real estate transactions, the home sale contingency is a contractual provision designed to safeguard the interests of both buyers and sellers.
The Housing Expense Ratio (HER) assumes a pivotal role in the toolkit of lenders and financial experts as they evaluate the affordability of a home.
Enacted by Congress in 1998, the Homeowners Protection Act, also known as the Private Mortgage Insurance (PMI) Cancellation Act, is a crucial piece of legislation designed to act as a formidable safeguard for homeowners.
Home equity loans offer financial empowerment for homeowners, allowing strategic use of property value for various financial goals and benefits.
A Homeowners Warranty, also known as a Home Warranty or Home Service Contract, is a contractual agreement designed to cover the repair or replacement costs of major home systems and appliances
Purchasing a home is a momentous step, and safeguarding this significant investment is a top priority for homeowners.
A home warranty claim is a formal request made by a homeowner to their home warranty company for the repair or replacement of a covered system or appliance.
The state in which systems and appliances are functioning as intended without defects or malfunctions.
A renewal notice is a communication from your home warranty provider reminding you to extend your coverage before it expires
Repair and Replacement Coverage in home warranties covers item repairs or replacements due to normal wear, with terms and limits.
At its core, repair timeframes denote the duration required to complete a repair or maintenance task once identified and initiated.
One of the ever-present hurdles is the unexpected need for repairs, ranging from malfunctioning HVAC systems to leaky roofs.
A Replacement Agreement is a legal contract that outlines the terms and conditions for replacing an item or property.
Replacement cost (RC) is a term used in the insurance industry to refer to the amount of money that would be required to replace an insured item with a new one of similar kind and quality, without any deduction for depreciation.
An agreement outlining the terms under which repairs and replacements will be provided for covered items.
A warranty that can be transferred to a new homeowner when the property is sold, offering continued protection.
A legal document that confirms ownership and provides assurances regarding the property's title.