Question:

Do we need a home warranty Plan

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my husband and i will be closing on a house next week...we are first time home buyers..would it be in our best interest to purchase a home warranty plan? I think it's the right thing to do but my husband has a nonchalant attitude about it because we have insurance...but i'm thinking insurance doesn't cover maintenance things...or am i mistaken? What is the best way to shop for one in my area?

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  1. A home warranty plan is an excellent investment if you are buying a home, whether it is brand new, or older, but especially if it is older.  A homeowners insurance policy and a home warranty plan are two totally different types of insurance.  A home warranty plan covers specific problems that might occur with plumbing, heating, and electrical systems in the home, such as a hot water heater, garbage disposal, electrical wiring, and specified plumbing problems that may occur within the time frame of the policy. Once you close escrow on your home, you are responsible for the maintenance and repairs can be expensive.  

    Your realtor should be able to provide you with the names of home warranty companies in your area, or ask your escrow officer.


  2. You are correct. You insurance company isn't going to pay to have repairs completed on your home - nor do you want them to. Can you imagine the premiums?

    Some home warranty companies will do an inspection of the property prior to you purchasing a home warranty.

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