The Importance of Purchasing A Home Warranty

Whether you’re buying or selling a home in Hampton Roads this year, our agents at Verity Group cannot recommend enough the importance of buying a home warranty. One of our team members at Verity Group sat down with our preferred home warranty vendor, Trish Edwards with Cinch Home Services, for a Q&A chat about the importance of buying a home warranty. Read our highlights from the conversation below to learn more about why this could be the best money you spend during your transaction. 

Q: How is a home warranty different than home insurance? 

A: A home warranty covers the cost of repair or replacement coverage for mechanical failures of your home’s major systems and appliances including plumbing, electrical, HVAC systems and more. A home warranty can offer peace of mind when something breaks or stops working.

Q: As a seller, why do I need a home warranty?

A: A GREAT question, and one that is often overlooked by sellers and listing agents! Trish weighs in and states, “What happens if you go under contract, pack all of your things and vacate - but during the buyer’s final walk through, it’s found that the HVAC system doesn’t work and needs replacing? It’s still your home until the buyer signs the papers, and therefore would be your responsibility to fix! That could take a huge hit from your proceeds, or even having to come out of pocket to fix it prior to the new buyers taking possession.” A seller’s home warranty protects your budget from unexpected repairs or replacement expenses while your home is on the market. In most cases, a seller’s home warranty can be paid for out of your closing proceeds, which is usually a small price to pay when compared to having to replace a major system or appliance in your home. Talk to your Verity Group agent about adding a seller’s home warranty plan during your listing appointment! 

Q: What are some of the biggest benefits of getting a buyer’s home warranty?

A: There are many buyer home warranty benefits, but perhaps the biggest is having peace of mind in not having to worry about unexpected repair costs in your new home. Cinch Home Services offer options that include no limit on HVAC systems, no appliance dollar amounts, and even emergency lodging reimbursement up to $200 should you become displaced. 

Q: I bought a home with polybutylene pipes. Will my home be covered?

A: Another great question! Cinch Home Services is the only home warranty company that covers them! 

Q: I bought a home warranty, but feel like I wasted my money since I didn’t make a claim in my first year. Is there anything that can be done? 

A: If you don’t make a claim within your first year, Cinch Home Services offers a $100 rebate back! We highly encourage homeowners to renew their warranty though, you never know when a costly repair will pop up. In most cases, even claiming just one repair a year usually covers the cost of a home warranty. 

Q: The house I am buying is brand new construction. Do I still need a home warranty? 

A: Simply put - YES! The Cinch Home Services New Construction Home Warranty covers two years after the one year builder’s warranty. If you’re buying new construction, talk to your Verity Group real estate agent about purchasing this extra coverage.

Q: I closed on my home 3 months ago, can I still purchase a home warranty? 

A: Yes! If you didn’t purchase a home warranty at closing, or forgot to renew it after the first year, you can still purchase a home warranty and reap the benefits. Claims can be made after a 30-day waiting period. 

The real estate agents at Verity Group are always working hard for our buyer and seller clients, and are determined to make your experience hassle and stress free. That’s why we ONLY work with the best vendors in the real estate industry. We are proud to partner with Trish Edwards at Cinch Home Services. If you have any questions about purchasing a home warranty, give your Verity Group agent a call today!