Maryland Home Warranties
Home warranties are important considerations for all prospective home buyers. In some cases, the seller may pay for a policy. A home warranty will help pay for any major problems after the sale is finished. For example, if a hot water heater breaks down, many new homeowners may not have the cash in hand to fix it. However, a home warranty will provide enough financial coverage to make the repair or replacement affordable. When researching home warranties, it is important to also research the companies providing them. Be sure to select one that is licensed by the state of Maryland. To research licensing information, contact the Department of Insurance. Choose a company with a good history. In addition to researching a company's reputation, be sure to find out what their fees are. Policies that are more expensive usually have smaller service fees. Most homeowners choose to pay the extra amount upfront to enjoy the lower long-term costs. If the policy must be used, this decision is very beneficial. Carefully analyze a policy before deciding to buy it. The verbiage should clearly indicate coverage for the specific desired items. Some policies have more inclusions than others. For example, while one policy may include refrigerator repairs, another company may offer this item in a supplemental policy. Keep in mind that supplemental policies come with an extra cost. It is also important to be aware of any caps the policy may have. These determine maximum amounts of coverage for specific incidents. Although they are sometimes overlooked in the purchasing process, home warranties have been around for many years. Home warranties are still successful in attracting buyers and protecting sellers from any unexpected issues occurring after closing. These peace-of-mind products are also helpful in attracting buyers who are uneasy about any home inspection issues.