|There were nearly 5 million homes sold in the U.S. in 2014, according to the National Association of Realtors. That’s a lot of homebuyers, all getting settled in their new homes, figuring out what they love and what needs to be replaced – and, most importantly, planning out their future expenses and new household budget.
Home warranty plans provide a fantastic strategy to offset the costs of repairs and replacements of major systems and appliances. However, not all homes are eligible for coverage by home warranties:
Which properties are eligible for coverage?
Typically single-family residential homes are eligible for coverage under each type of home warranty. Commercial properties and single-family homes with certain home-based businesses, including day cares, group homes and fraternity houses, are not eligible. One exception is any property housing persons with mental and physical disabilities.
The following are examples of properties that are not eligible for coverage under the HMS Home Warranty plan:
In any owner-occupied multi-family residence, any claims in tenant-occupied units are the responsibility of the owner.
The systems and appliances in the home all have a typical life span which seems to get shorter year after year. Home warranties provide homeowners with the ability to better manage the household budget and prepare for the unexpected expenses when breakdowns occur.
Brought to you by our preferred Partner, HMS Home Warranty. HMS is an industry leader with over 30 years of creating success for clients and providing peace of mind for customers. To learn more click http://www.hmsnational.com.