A Residential Service Contract better known as a Home Warranty pays repair or replacement costs for the mechanical systems and built-in appliances that break down in a home. The coverage period is normally one year and can be renewed. There are many companies that offer home warranties with a variety of coverages. Usuallly, a basic policy covers the CACH systems, electrical, plumbing and major appliances.
A home warranty typically costs between $500 - $600, depending on the size of the home & the specific types of coverage. In addition to the policy premium, there is normally a deductible of $75 - $100 per claim. BEWARE: Read your policy before purchasing. Reasons a Seller should provide a Home Warranty.
Reasons a Buyer should get a Home Warranty
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