Yes, Virgina, you can buy a home warranty after closing, and even on a home that's several (or many) years old!Home, houses, aren't like Santa Claus! They are brick and mortar and full of systems and appliances that wear out over time. They are full of mechanical products that break and need to be repaired.
The good news is that home warranties are real too. And, if you select a financially stable, insurance backed home warranty provider, with solid experience managing a service network to deliver great service experiences, then home warranties can be like Christmas, at least to your bank account, when inevitably, some of the systems and appliances in your home break down.
Let's consider the differences between a 'new home warranty' and an 'existing home warranty'.
New home warranties cover the home systems and appliances in a newly built home. What's critical to understand in this scenarios is that builder covers some home systems, like windows and doors, while they also may have contracted with a structural warranty provider to cover things like the foundation and the frame. A home warranty doesn't cover these 'home systems'. It covers systems and appliances like:
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New home warranties can be sold by your builder or by the realtor (though some states limit who can sell), for a period of 60 days after closing. Some providers even allow a new home warranty to be offered in lieu of an '11 month walk through' up to 365 days from the closing date.
Home warranties bought on new homes are cheaper than those on existing homes. The underwriter factors in a lower rate of failure because products in a new home are, well, new, so they fail less frequently for the first few years of use.
To ensure your new home is covered, foundation to roof, a home warranty is a great addition to your insurance portfolio.
Existing home warranties are similar to new home warranties, with three notable exceptions.
Home warranties are all about protecting your family from the inconvenience and costs of product repairs. A well designed home warranty program covers the major systems and appliances in your home, and also offers other coverages like utility or pool and spa contracts.
The best home warranty plans are administered by companies skilled at contracting with and managing a 3rd party network of repair companies and a focus on delivering great service experiences for their homeowners.