Homeowners warranty programs are designed to offer peace of mind for the duration of your policy. They provide a way for you to be sure that you will not be stuck with faulty property once the ink has dried on your mortgage.
Homeowners warranty programs are designed to offer peace of mind for the duration of your policy. Depending upon who you choose to have you policy with, you will be covered 365 days of the year. The process begins with an inspection. The third party inspector will be able to inform you and your homeowners warranty program provider with details of the condition of the dwelling you have purchased. He or she will be able to inform you if there is previous damage to consider or the presence of destructive termites.
The second part of the inspection within the plumbing system will reveal whether there are any problems located in or around the dwelling. However, at that point you will be able to determine whether to repair, replace or leave it off of your policy. The existence of known pre-existing damage cannot be covered by any policy because the terms clearly state that they will repair or replaced that which has malfunctioned due to normal “wear and tear.”
Homeowners warranty programs differ from homeowners insurance in three valuable ways. First, the presence of your warranty is to provide you with added protection for in home disturbances and distractions such as a broken refrigerator. Second, you can only add appliances, plumbing and electrical functions to your policy, you cannot cover the structure itself. Third, insurance policies come in three different categories: basic, extended and complete.
All of the insurance policies, unlike a warranty, prepare you for the “if” of physical damage to the walls, roofing, foundation, garage and shed due to natural or man-made disasters. Meanwhile, your warranty covers the functions of your daily life so you can keep on going.