Welcome to the World of Home Warranties!
Home warranties are contracts between a homeowner and an insurance company that protect against certain types of damages or repairs. In this article, we'll explore the two main types: Seller's Warranty and Buyer's Warranty.
Seller's Warranty
A seller's warranty is a promise made by the seller to cover any damages or repairs that occur to their property within a certain timeframe after the sale. This type of warranty typically covers issues such as structural damage, foundation problems, and defects in materials.
- Timing:** Typically applied for a specified period, usually 1-3 years from the date of delivery or purchase.
- Covers:** Structural damage, foundation problems, defects in materials, etc.
- Purpose:** Protects against costly repairs and ensures the homeowner's property is safe and habitable.
Buyer's Warranty
A buyer's warranty, on the other hand, is a promise made by the buyer to cover any damages or repairs that occur to their property after it has been purchased. This type of warranty typically covers issues such as installation problems, defects in materials, and premature wear and tear.
- Timing:** Typically applied for a specified period, usually 1-5 years from the date of purchase.
- Covers:** Installation problems, defects in materials, premature wear and tear, etc.
- Purpose:** Protects against costly repairs and ensures the homeowner's property is safe and habitable after it has been purchased.