HOME WARRANTY

Some sellers provide a Home Protection Plan for the buyer that covers certain items for a one-year period.  A home warranty policy protects you from the expense of major repair or replacement caused by unexpected mechanical failure of a major system or appliance. For a moderate premium (usually in the $400 range for a basic policy) payable at closing, you can acquire a policy which protects you for one full year after closing from major repair or replacement bills such as:

• Heating and air conditioning systems
• Interior plumbing
• Built-in appliances
• Electric pool equipment
• Water heater, etc…

Most policies have a $50 to $100 deductible, and you usually must call through their people for repairs. The age of the home should be a consideration as to purchase a warranty or not - a 15 year old home with original equipment versus a two year old home. Several companies offer these policies.

If a Home Protection Plan is not provided on the home you contract for, you can acquire the coverage yourself.  The price of programs will vary in price and coverage and among carriers.