Can You Get a Home Warranty After Closing?

What is a Home Warranty?

A home warranty is a service agreement that provides coverage for major home systems and appliances in case they break down or need repair. It is not the same as homeowner’s insurance, which covers damages caused by natural disasters, fire, theft, and other unforeseen events. A home warranty is a contract between the homeowner and the warranty company that outlines the terms and conditions of the coverage.

Home warranties typically cover the following:

• Heating and cooling systems
• Plumbing and electrical systems
• Major appliances such as refrigerators, ovens, and dishwashers
• Garage door openers

Can You Get a Home Warranty After Closing?

Yes, you can get a home warranty after closing. In fact, many homeowners choose to get a home warranty after they have purchased their home, especially if it is an older home or if they are concerned about the condition of the major systems and appliances in the home.

However, there are a few things to keep in mind:

• Some warranty companies may require an inspection of the home before they will provide coverage.
• The cost of the home warranty may be higher if you wait until after closing to purchase it.
• Some warranty companies may have a waiting period before coverage begins.

Why Get a Home Warranty?

There are several reasons why you might want to get a home warranty:

• Peace of mind – Knowing that your major home systems and appliances are covered in case of a breakdown can give you peace of mind.
• Budget protection – Home repairs can be expensive, and a home warranty can help protect your budget by covering the cost of repairs or replacements.
• Convenience – If something breaks down, you can simply call the warranty company instead of having to search for a repair person or company.
• Added value – A home warranty can be a selling point if you decide to sell your home in the future.

How Much Does a Home Warranty Cost?

The cost of a home warranty can vary depending on several factors:

• The level of coverage you choose
• The age and condition of your home and its systems and appliances
• The warranty company you choose

On average, a basic home warranty can cost between $350 and $600 per year, while a comprehensive plan can cost up to $1,000 per year. Some warranty companies also charge a service fee or deductible for each repair or replacement.

What Should You Look for in a Home Warranty?

When choosing a home warranty, there are several things to consider:

• Coverage – Make sure the warranty covers the major systems and appliances in your home.
• Cost – Compare the cost of different warranties and make sure you are getting a good value for your money.
• Reviews – Read reviews of the warranty company to see what other homeowners have experienced.
• Service – Look for a warranty company that has a 24/7 customer service hotline and a network of qualified contractors.
• Exclusions – Make sure you understand what is not covered by the warranty.

Conclusion

Getting a home warranty after closing is a smart choice for many homeowners. It can provide peace of mind, budget protection, and added value to your home. However, it is important to choose the right warranty company and understand the terms and conditions of the coverage.

FAQs

Can you get a home warranty on an older home?

Yes, you can get a home warranty on an older home. In fact, it may be more important to get a home warranty on an older home as the major systems and appliances may be more likely to break down.

What is the difference between a home warranty and homeowner’s insurance?

A home warranty covers the repair or replacement of major home systems and appliances in case of a breakdown or failure. Homeowner’s insurance covers damages caused by natural disasters, fire, theft, and other unforeseen events.

How long does a home warranty last?

A home warranty typically lasts for one year and can be renewed annually.

Is a home warranty worth it?

That depends on your individual circumstances. If you have an older home or are concerned about the condition of your major systems and appliances, a home warranty can provide peace of mind and budget protection. However, if your home is newer and your systems and appliances are still under warranty, a home warranty may not be necessary.