Do I Need a Home Warranty?

November 25, 2013

Warranty for Chicago real estateHave you been offered the opportunity to purchase a home warranty on Chicago real estate and considered whether or not it was worth it?

The real estate pros at the Equifax Finance blog describe home warranties – what they cover and what they don’t and who could benefit from them – in the recent article, “

Is a Home Warranty a Good Idea?

What a Home Warranty Covers: A home warranty is a service contract between a homeowner and the home warranty company. It is not homeowners insurance and cannot be used as a replacement for homeowners insurance. Home warranties will offer discounted repair and replacement of faulty mechanical or electrical components or appliances in a home, such as the furnace, air conditioning, refrigerator, washer or dryer. The home warranty company sends a repair person to your home to repair the appliance or system; if repair is not possible, the home warranty company will provide a replacement. Homeowners must pay for the warranty itself as well as meet a deductible.

Who Needs a Home Warranty: A home warranty may bring peace of mind for a first-time buyer of an older home with aging appliances and systems who is concerned about needing to replace those appliances or systems. If you are a seller, offering a home warranty to buyers could give your property a competitive advantage. In that case, the warranty coverage transfers to the next homeowner.

Home Warranty Downsides: It’s important to understand what a home warranty doesn’t cover. As with any product or service, you should know the fine print and know what claims qualify, understand the claims and repair/replacement process, be on the lookout for additional fees and exclusions, etc.

Get more information on home warranties in the full article on the Equifax Finance blog, where you can also find information, articles and advice on insurance and real estate and other personal finance topics, like retirement, savings,

credit scores, identity theft and more.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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