Glossary

The formal request or submission to enroll in a home warranty plan.

One of the main reasons homeowners purchase home warranties is to protect against the cost of appliance malfunctions. Appliances are used daily and are prone to wear and tear, which can lead to unexpected malfunctions. A home warranty can provide peace of

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.

A catastrophe claim is a lifeline for homeowners—a claim filed in the aftermath of significant, often unforeseen events that cause substantial damage to a property's covered systems or appliances.

Consequential damage, also known as indirect or special damage, refers to the additional losses that occur as a result of a primary event. In the context of home warranties, this primary event is typically the failure of a covered appliance or system.

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.

A dwelling policy stands as a specialized insurance offering, meticulously crafted to shield the physical structure of your home.

The date from which the coverage provided by the home warranty plan becomes active.

Equipment Breakdown Coverage is a type of insurance policy that provides protection for homeowners against the specific costs.

The current cost of replacing an item with one of similar age and functionality, accounting for depreciation.

Financial protection refers to the safeguarding of a homeowner's financial resources against unexpected and potentially costly repairs.

Grace Periods in contracts offer crucial flexibility and protection, allowing reasonable delays in meeting obligations.

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.

Home Dwelling Insurance, often called homeowner's insurance, is a type of property insurance covering a private residence.

A home warranty is a service contract that covers repairing or replacing important home system components and appliances that break down over time. This article will delve into the intricacies of home warranty customization, providing a comprehensive unde

Home warranty claims process: Filing, reviewing, approval/denial, and resolution for covered appliance or system breakdowns.

Home Inspection Contingency is a clause in a real estate contract that allows the buyer to thoroughly inspect the property before finalizing the purchase. This clause is designed to protect the buyer from unforeseen issues that may not be immediately appa

Insurance to Value, in the context of homeownership, is a critical concept that determines the amount of coverage a homeowner's insurance policy provides.

An Original Manufacturer's Warranty is a contractual agreement between the manufacturer of a product and the consumer

The state in which systems and appliances are functioning as intended without defects or malfunctions.

Pre-existing conditions, often excluded from home warranty coverage, require homeowner awareness and impact claim approval and costs.

When a property changes hands, the existing home warranty can often be transferred to the new owner. However, this process usually involves a transfer fee. This fee is typically required by the warranty company to change the details of the policy holder.

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.

Recoverable depreciation is a term commonly used in the insurance industry, specifically in the context of homeowners' insurance.

An agreement outlining the terms under which repairs and replacements will be provided for covered items.

State-licensed technicians, trained and examined for competency, offer quality, regulated services, and ensure effectiveness.

A home warranty is a service contract that covers the repair or replacement of important home system components and appliances that typically break down over time.

A warranty that can be transferred to a new homeowner when the property is sold, offering continued protection.

A Trade Service Call Fee, also known as a service call fee or trade call fee, is a fixed charge that homeowners pay when they request a service visit from a technician or contractor covered under their home warranty policy.

Termites, while small in size, can cause significant structural damage to homes if left unchecked. Therefore, termite inspections are an essential part of home maintenance. This article will delve into the intricacies of termite inspections, the role they

A legal document that confirms ownership and provides assurances regarding the property's title.

At its essence, a Workmanship Guarantee, often synonymous with a Workmanship Warranty, represents a commitment from service providers, contractors, or home warranty companies regarding the quality and durability of the work undertaken on a specific projec