Maryland Home Warranty

Taking the step in purchasing a Maryland home is a major investment. Whether selling or buying a home, itÂ’s nearly impossible to predict when problems may arise.


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Maryland Home Warranties

Buying a Maryland house is a major venture. Whether purchasing or selling a home, it is just about impossible to predict when problems may occur. Repair expenses that are not planned can likely create a significant strain on a family budget. In addition to homeowner's insurance, which provides good financial protection against disasters, home warranties are generally more specific.

Most often, Maryland home warranties cover main systems in the home like heating and cooling systems, plumbing, electrical, and major appliances. Some home warranties may additionally cover roofs, individual septic systems and wells as well. These contracts normally cover these systems no matter what the make and model or age. Home warranties cover the repair or replacement for a year after closing, and existing Maryland home's systems that quit working unexpectedly because of normal wear and tear. The following suggestions are given to help you in selecting the home warranty service that fits your needs.

Determine the length of the term for home warranty coverage plans available in Maryland.

Most Maryland home warranty policies are good for one year and allow for renewal upon expiration of the contract. The renewal fees are generally more expensive than the initial warranty fees. Ask each company about their current rates for renewal fees and compare and contrast these rates and services with other competing warranty organizations.

What is a Co-payment?

A co-payment is the money that the covered homeowner will pay if repair service is needed for a system. Warranty co-payments are somewhat like health insurance co-payments with the exception that warranty co-payment fees are varied.

Does the warranty provider cover service contractors who are near your Maryland area.

It is important to note that when problems do arise from an item covered under your home warranty policy, that a local service representative will be available to make the repairs. Ask the warranty company representative about the types of service contracts they offer which are specific to your geographical area.

How a home warranty benefits sellers

Some may pose the question about whether it is cost-effective to purchase a home warranty if the home is going to be sold in the near future. It is definitely not a waste of money. Having a home warranty will actually make your home even more attractive to prospective buyers, especially when the appliances and systems in your Maryland home are aged. Making a home warranty available as part of the home selling package provides some advantages for buyers. The price of a home warranty is small and can be paid from the proceeds of the sale at closing. Also, a home warranty will generally protect the Maryland seller against costly repairs when the home is on the market.

How a home warranty benefits buyers

The initial cash layout needed for closing is rather significant and the idea of unexpected costs for repairs shortly after may be a huge burden. Very often, a home warranty can be an excellent negotiating tool between buyers and sellers. Warranties provide protection for buyers from the expense of major repairs.

How to determine whether a home warranty is right for your situation?

In a home where the systems and appliances are newer, a warranty may not be important, other than for added security. For homes 5 years and older however, a home warranty should most definitely be considered. The older the home, the more apt it is that unforeseen repair and/or replacement costs should provide enought incentive for purchasing a good home warranty. The cost of a home warranty and the deductibles is lower than the cost for large system replacements in the home without a doubt.

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