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Home warranties provide homeowners some much-needed peace of mind.
Home warranties provide homeowners added peace of mind. Designed to cover what home insurance won’t, home warranties are annual policies that cover the repair or service of common household systems and appliances. They act as an added layer of protection from unexpected problems, and can be purchased at any point.
Many companies don’t differentiate between new and old homes, so a home warranty is a great option for a buyer purchasing an older home. Many buyers opt to purchase a home warranty prior to closing on their new property.
The specifics of your home warranty will be detailed in the actual document. Make sure you understand the coverage and limitations on your warranty. Your Home Warranty should outline all of the facts listed above in detail. Just ask if you have question about anything the warranty does or does not cover. Talk to any one of our Chicago real estate agents about what kind of home warranty is right for you.
Home warranties benefit both buyers and sellers. The ideal time to lock in your warranty is when closing, when providers typically offer the most comprehensive coverage and price points. Don’t worry if you didn’t purchase your home warranty at closing - you can purchase one at any time. Home warranties provide buyers additional reassurance that they’ll be able to move in without surprise repairs. Sellers can also use warranties to cover elements during the listing period - some companies even offer free seller’s coverage in hopes that a buyer will continue the service.
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