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A home appliance warranty covers repairs or replacement of major appliances and household items, providing peace of mind and protection for both home buyers and sellers. Buyers pay an annual premium to cover specific items, while sellers can offer coverage to reduce costs and increase buyer confidence. Coverage varies by vendor and may include additional items for an extra cost.
Obtaining a home appliance warranty guarantees the repair or replacement of some major appliances and household items. When buying home warranty, there are distinct benefits for both home buyers and sellers. Each benefit gives people peace of mind, home protection, and assurance that potentially costly repairs can be tackled without a significant amount of overhead.
For home buyers, a home appliance warranty means, first and foremost, that if a covered appliance fails, the cost of repairing – or in some cases, replacing – the item will be paid by the warranty company. home. A homebuyer pays a premium, typically at an annual rate, in order to indemnify the appliances in the new home. There are, however, only specific items traditionally covered by this type of policy. These include larger appliances like dishwashers, garbage disposals, stoves and ovens, microwaves, telephones, and all other important household items that came with the house. Home warranty coverage can also protect your electrical wiring, plumbing, heating systems, and water heaters.
In many cases, a home buyer may not even have to foot the bill for a home appliance warranty. If a home seller is sufficiently motivated and confident in the integrity of the appliances, he may offer to purchase warranty for the buyer. This benefit assures the homebuyer that the appliances that come with the home are working properly.
Home sellers can also benefit from purchasing a home appliance warranty. Offering coverage is a definite plus for interested homebuyers as it will reduce the cost to the buyer and provide fewer questions about the proper functioning of the home. Another benefit for home sellers arises if they choose to purchase coverage during the actual sale of the home. The premium will not be due until the sale closes, and the seller can use any profits made on the home to purchase the collateral.
A home appliance warranty typically varies by vendor. Some plans may only cover the cost of repairs, while others may pay for a new appliance if the cost of repairs is too high. Items like air conditioners, swimming pools and spas, washers and dryers may be covered by some home warranty companies. Others may offer coverage of these items for an additional cost on your annual premium. Small appliances such as toasters, blenders and convection ovens are traditionally not insured by home warranties.
Smart Asset.
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