Home Warranty: Protection And Assurance In North Carolina - The World Financial Review
The home warranty in North Carolina provides financial protection to homeowners against unexpected repairs and maintenance costs. This article aims to educate you on what is covered, who it applies to, and how to purchase a comprehensive home warranty.
A home warranty is a contract between a homeowner and an insurance company that covers the repair or replacement of certain essential systems and appliances in their home, including plumbing, electrical, and HVAC. In North Carolina, the state legislature requires all homeowners to carry a minimum level of home warranty coverage.
Types Of Home Warranty Plans Available In North Carolina
- Platinum plans: These plans typically cover major systems such as plumbing, electrical, and HVAC. They usually require a 20% annual premium payment and can be customized to fit individual needs.
- Bronze plans: These plans offer repair coverage for essential systems but may not include major system repairs like appliances or roof leaks. Bronze plans often have higher premiums than platinum plans.
Who Can Purchase A Home Warranty In North Carolina
- Homeowners with a home valued over $50,000 can purchase a comprehensive home warranty that covers major systems and appliances.
- Those who have recently purchased or are upgrading their property can also consider purchasing a home warranty to protect against unexpected expenses.
How To Purchase A Home Warranty In North Carolina
- Research different companies offering home warranties in North Carolina and compare their coverage, pricing, and customer reviews.
- Purchase a comprehensive home warranty that meets or exceeds the state's minimum requirements.
- Read and understand the contract carefully before signing.