warranty
How Do I Benefit From Home Warranty Plan?
What is a home warranty plan?
Where to start from is to know what a home warranty plan is; this will help you to determine the necessity of it. A home warranty plan is a service contract made by the warranty company or an insurance company to fix any home appliance default irrespective of the age of the appliances. This contract offers protection through repairs or replacement of the appliance.
Benefits of home warranty policy:
Adequate coverage:
Most times covers essential appliances in a home, leaving the less important ones. This coverage actually prevents any home owner to fall short during emergency default of those appliances. You are basically secure that the company will definitely cater for the repairs and sometimes the replacement of the appliance irrespective of the age of the appliance.
Availability of technical aid:
If any of your appliances is having problem, you don’t have to have your mind bog about who to call, the company has many technical providers that can handle and repair your appliances without you losing your sleep.
It improves the sale value of the house: if you are desirous to sell your home, having a home warranty will do a lot to boost the value of your home. Buyer tends to respond better to this better than if the home is not on warranties.
Your home appliances are protected:
Having the assurance that when you run into trouble with your home appliances in an odd period of the month, you don’t have to seek an emergency loan is a solace to all homeowners having this policy. The company will assist in the repair and probably the replacement of such appliances.
Who pays for the plan?
This varies from locality to another. Any party can pay, that is, either the buyer or the seller or even both. However it would be advantageous for the seller to pay for the plan to prevent the buyer’s constant call to the seller to fix one thing or the other. For then, the company will take full responsibility of repairing any appliances required by the buyer after the closing. Both parties can cut a percentage of the cost of a home warranty.
Who pays for the plan?
This varies from locality to another. Any party can pay, that is, either the buyer or the seller or even both. However it would be advantageous for the seller to pay for the plan to prevent the buyer’s constant call for the seller to fix one thing or the other. For then, the company will take full responsibility of any repairs required by the buyer after the closing. Both parties can cut a percentage of the cost of a home warranty.
The cost of the plan:
Home warranty plan could cost less than $500 per year but they have to be paid in advance and they are renewable after a year. Some warranty companies inspect the property ahead of time to determine what exactly to charge for the coverage.…
Tarion New Home Warranty – Do I Need an Inspection?
Every new home in Ontario is protected by a mandatory Warranty that is provided by the Builder and guaranteed by the Tarion Home Warranty Programme. The Warranty covers deposit insurance, protection against defects in work and materials, unauthorized substitutions, delayed closings or delayed occupancy. The most common claims relate to defects in work and materials, which require homeowners to submit a list of deficiencies at 30 day and one-year deadlines.
While Builders provide a pre-delivery inspection (PDI) for buyers just before closing, these are more related to cosmetic issues such as whether the chosen flooring, cabinets, countertops, etc. are installed. Although the PDI serves a purpose it really does not cover all the systems of the house.
While a typical PDI is basically a walk through inspection and generally takes about one hour, an independent thorough inspection should take about three hours and should include such items as foundation, roofing, grading, structure, insulation, plumbing, heating and ventilation.
While most people think that buying a new house will mean everything will be perfect, it’s not uncommon to find missing insulation in the attic, poor ventilation systems or even structural issues. An example of this may be something as simple as a bathroom fan venting into the attic. This can cause serious damage when moist air meets the cold attic. If caught quickly little damage will result but a year down the road, mould, mildew and even rot may be visible on the attic sheathing and rafters.
Although buyers may believe that the Builder and the City Inspectors will have thoroughly inspected everything, this is rarely the case. The problem generally stems from the fact that there are many tradesmen following each other during construction, each with a very tight schedule. On a large site with multiple trades and many house designs in different stages of construction it’s not unusual for some things to get moved or damaged or just plain forgotten.
The average home owner can not be expected to be familiar with the complex systems of a home.
A professional Home Inspection by a Registered Home Inspector (RHI) is your best defence when it comes to protecting your investment and receiving the full benefit of the New Home Warranty program.
When choosing an inspector, those with RHI designation have extensive training and are required to conform to a strict Code of Ethics and the Standards of Practice as set out by the Ontario Association of Home Inspectors.…
Home Warranty Programs – Home Appliance Insurance That Meets Your Needs
When looking for a good home warranty program, which benefits and details are important to you? One of the first things that many people think about is how much the premium will be. Although this is very important, you should be careful to make sure that you are considering all of your options. I have held home appliance insurance for many years now and hopefully I will be able to give you a few pointers on choosing the best one for you.
The first thing that you should consider is how much coverage you need. The basic question that you need to ask yourself is how much risk you are willing to take. If you have a brand new home, you are probably willing to take a lot more risk than someone living in a 25 year old house with an aging heat pump or furnace. The level risk that you feel comfortable with is the basis for deciding on any insurance policy.
For example, if you feel comfortable with fixing small things around the house like leaky faucets or even a broken garbage disposal, then you would probably feel okay with having a policy that does not include small appliances and the like. But many homeowners want the peace of mind knowing that they don’t have to worry about how and when their appliances will get repaired if they have a breakdown.
Another thing to consider is the cost of a repair of a particular appliance. Many of the insurance policies will cover small things like microwaves. If you have a small stand alone microwave, then the replacement cost will be very minimal these days. But on the other hand if you have a built in microwave that functions as a ventilation hood and lighting for your cook top, then the replacement costs could be substantial.
Believe it or not, there are so many appliances and systems in your home that you can repair or replace yourself with very little know how. If I have a problem with something, I always Google it to see if I can fix it myself. Many of the mega home improvement warehouses are also a wealth of knowledge for the do it yourself repair person.
Here is the main reason why people feel that they need to buy a home warranty; the fear of having to replace or repair their HVAC system. Replacement of your heat pump or air conditioner could cost several thousand dollars. The risk of having this type of failure is more than people want to deal with. That is where these types of home warranty programs offer peace of mind and will serve you well.…