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Home Buyer's Warranty

I am getting a $500 credit from the seller to buy a home warranty.  Any advice on which company I should look at?

The house was just renovated by a flipper.
  • June 25 2013 - Washington
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Answers (3)

Though they are usually priced pretty similar, they are not all the same. Go on their websites, read through the policies and see which ones you would feel comfortable with. There can be a lot of variation, not only in what is covered but how much money they will pay per item and over the course of the policy.

I frequently have clients that get home warranties, either for themselves or on behalf of the buyer. I would never discourage it. However I will tell them that I rarely have anyone actually use them. I could be wrong, but my experience has been that they are more of a marketing and selling tool than a useful insurance product.

If the policy costs $399 and there is a $75 deductible when you need it then it may not make much sense when the stove goes out and there is a $500 policy limit on the new stove.
  • June 25 2013
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do the warranty on the new appliances transfer with the sale of the home?
  • June 25 2013
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The three companies that I usually send my clients to are First American, American Home Shield, and Fidelity National Title. You can compare all their coverage on their web sites.

Another company to take a look at is BPG - Buyers Protection Group. I have not had a client use them yet, but they offer some interesting features. They claim that they have double the E&O insurance and double coverage in certain situations. It should all be easily confirmed. But what I also like about them is that if they come out to your home and can't fix the problem, then you can request that your service call fee be refunded. To my knowledge, none of the other companies do this. Your service call fee, usually about $65-75 visit is paid up front and you typically can't get it back.

Keep in mind that with any of these companies, if you have new appliances, the home warranty companies usually defer to your manufacturer's warranty.

Good Luck!
  • June 25 2013
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