Homebuying 101: What Is A Home Warranty?

www.orangecoasthomeloans.com

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For first-time homebuyers—or anyone else who doesn’t want to deal with maintenance issues on their home—a home warranty might be worth considering.

You know how electronics retailers often ask if you want to buy an extended warranty for a computer or other gadget? A home warranty is kind of the same concept.

For a fee of about $200 to $500 a year, a home warranty covers the costs of repairing or replacing a malfunctioning system in the home. The system could be a dishwasher, clothes dryer, oven, water heater, plumbing, heating, A/C, or microwave.

Let’s say your water heater breaks, and you’ve got a home warranty that covers it. Great. You don’t have to call around to get estimates and pay out of pocket to get it fixed. Instead, just call your home warranty provider. The warranty company calls a hot water heater repair company it has an arrangement…

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