Some homeowners are surprised to learn that there are different categories of home warranties. Depending on the situation, one can purchase a buyer’s home warranty, seller’s home warranty, or even a real estate home warranty. All are designed to save you money and help you more easily manage expected and unexpected home maintenance and repairs.
In this article, we’ll look at the cost-saving advantages of home warranty plans for sellers. First, let’s briefly review what home warranties cover and how much they cost.
Simply put, a seller’s home warranty is a service agreement that is specifically designed for homeowners in the process of selling their home. After homeowners purchase an agreement, the warranty provider will handle any necessary repairs to appliances and systems covered by the plan. Some policies even include home maintenance services, such as gutter cleaning and pest control. All the homeowners need to do is submit a claim. The warranty provider will handle all the rest, including arranging for a licensed technician to make the service call.
Plan coverage varies from plan to plan, and coverage is dependent on price and what the homeowners are able to negotiate with their warranty provider. Generally speaking, however, seller’s home warranty coverage will include major home appliances, such as washing machines and refrigerators, and major home systems, such as plumbing and electrical. Homeowners can update their policies to include additional items. Provided an item isn’t already faulty or deemed to have a preexisting condition, virtually anything in an around the home can be covered by a seller’s home warranty.
The cost of a home warranty for home sellers varies, but the average plan is somewhere in the $300–$600 range per year. Plans with a greater degree of coverage can exceed that range.
On top of the annual premium, warranty providers also charge a service fee. This is a small amount—usually around $75–$150—that the homeowner pays only when submitting a claim.
A home warranty may be another cost to factor into the monthly or yearly budget, but the right plan can pay for itself in short order.
It’s hard to put a price tag on the convenience and peace of mind that a warranty provides. There are ways, however, in which warranties directly improve your finances. Here are the big three.
Because warranties can be transferred when homes change hands, some people may have active warranties without realizing it. You may find yourself asking, “How do I know if I have a home warranty?” You can reach out to your realtor, contractor, or previous homeowners to confirm.
If you’re confident you don’t already have a home warranty, reach out to us at (833)-544-8273 to find the right policy for you. No matter what category of plan you’re on the hunt for—seller’s home warranty, buyer’s home warranty, or real estate agent’s home warranty—Liberty Home Guard can help.
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