San Diego, CA (PRWEB) May 23, 2014
A recently featured guide from Loan Love discusses the importance of home warranty protection and provides new home buyers with a list of things that are covered (or not covered) in a typical home buyer protection plan. This new article continues to further the borrower advice website’s goal of helping people get the most out of their home ownership experience. The website says, “LoanLove.com is NOT another boring, stuffy, "fall asleep in your chair" site about loans. As a trusted destination for current news and expert loan advice, we empower homeowners with first-class knowledge, valuable resources, and connections to top-rated industry professionals.” This new guide continues to offer in-depth information in an easy-to-understand format that both experienced home owners and first time home buyers can benefit from.
The article starts by explaining that usually the last thing that someone buying a home is thinking about is the possibility of a major repair bill right after purchasing their house. However, as with any large purchase, it is very important to insure against anything breaking down in order to protect that investment. A home warranty plan helps to do this so that home buyers can feel secure in their first year of homeownership. The Loan Love guide says,
“A home warranty is essentially a one-year residential services contract that covers repair or replacement of the components of your home’s most important operating systems and appliances if they fail due to normal wear and tear. There are benefits to both buyer and seller. The seller has the assurance of knowing he or she is not going to be getting phone calls from angry buyers who have had to sink money into repairs and replacements of major systems in the home just sold. As a buyer, your benefits are obvious: you can move in with peace of mind, knowing the cost of any possible major repairs with most of your home’s systems are covered.”
The article then gives a list of items that are usually covered in home buyer’s protection plan, including things such as water heaters, garbage disposal, inside plumbing stoppages and other major appliances or systems. Different plans work in different ways, but generally, if any of the items listed on the warranty break down due to normal wear and tear, the plan will cover the expense of repairing it or replacing it. Loan Love says, “Just as with any repair call, the service provider comes out and takes care of the problem. But unlike a typical repair call, the costs are covered by your home buyer protection plan. Appliances that cannot be repaired, are usually eligible for replacement, which is also generally covered with your home buyer protection plan. You only cost for covered repairs or replacements will be a small service fee. Because plans can vary, it’s a good idea to ask your real estate agent to help you review what is covered and what is not covered under your plan. You may want to purchase more extensive coverage, if it is offered.”
Loan Love goes on to list some items that are not usually covered by a home warranty, as well as explain some exceptions to offering coverage, then ends by saying, “In some areas, it is commonplace for the seller to purchase the home buyer protection plan for the buyer. In others, the buyer is left on his or her own to find coverage. Your real estate agent and lender can serve as excellent resources for helping you find a protection plan that fits your needs. The plans are typically economical to purchase, with price varying according to the cost of living and other financial parameters in your area.”
For more information on this topic, click here to read the full article at LoanLove.com.