For many people, a new home is the most costly purchase they ever make. It’s no wonder, then, that buyers of recently constructed houses are interested in warranties, which promise to repair or replace certain aspects of the home, if essential, within a particular time. According to the Federal Trade Commission, the nation’s consumer protection agency, if you’re considering a home warranty it’s important to understand what it covers, how to make a claim, and the process for dealing with conflicts that may develop in between you and the home builder or warranties company.
Numerous house warranties are backed by the contractor; others are purchased by the contractor from an independent business that assumes duty for certain claims. Some property owner purchase extra protection by themselves from third-party warranties companies to supplement the protection their home builder offers. These add-on service agreements are frequently called guarantees. The Federal Housing Authority (FHA) and the Department of Veterans’ Affairs (VA) require contractors to acquire a third-party guarantee as a method to protect buyers of recently constructed houses with FHA or VA loans.
Warranties for recently constructed houses typically use minimal coverage on workmanship and materials associating with different parts of the house, such as windows, heating, ventilation and a/c (HVAC), pipes, and electrical systems for particular periods. Warranties likewise usually specify how repair work will be made.
The period of protection differs depending upon the element of the house. Protection is attended to workmanship and products on many elements during the first year. For instance, most guarantees on new building and construction cover siding and stucco, doors and trim, and drywall and paint during the first year. Coverage for HVAC, plumbing, and electrical systems is typically two years. Some contractors supply protection for approximately 10 years for “major structural flaws,” in some cases specified as problems that make a home hazardous and put the owner in danger. For example, a roof that might collapse is a “major structural problem.”
The majority of warranties for freshly developed homes, nevertheless, do not cover expenses an owner might incur as a consequence of a major building and construction flaw or warranty repair, like the expense of having to move out of one’s house while repair work are being made. Nor do they usually cover: family home appliances, little fractures in brick, tile, cement or drywall or any elements covered under a manufacturer’s warranty
Making a Warranty Claim
What should you do if you have a flaw in your house that may be covered by your warranties? First, read the service warranty or service agreement carefully to make sure that your issue is covered. Pay particular attention to the duration of specific types of coverage. Next, submit your claim according to the instructions in your guarantee, and put your ask for repair in writing, even if the business supplies a hotline for urgent demands. Ask for a return invoice, and keep a record of your correspondence and discussions with the business. Possibilities are your claim will be managed agreeably and to your complete satisfaction, however if a disagreement arises, it’s good to have a record of your dealings with the builder and the guarantee company.