The gold standard—what are you offering your home buyers?

Industry's leading 3rd party home warranty company

The gold standard—what are you offering your home buyers?

When purchasing a structural warranty, it’s important to know your chosen warranty provider and understand the warranty agreement’s protection you’re offering your home buyer. A proper understanding saves you time and simplifies the process when a buyer comes to you with a question, and ultimately helps protect your reputation and the trust you’ve established if there’s a claim. Here’s a breakdown of what you need to know.

Get to know your warranty.

Structural warranties follow a 1, 2, 10-year model and include:

• One-year surety coverage–protection against defects in materials and workmanship beginning on closing day.

• Two-year surety coverage–protection against defects in electrical, plumbing and mechanical distribution systems beginning on closing day.

• Ten-year structural warranty–comprehensive coverage for protection against major structural defects beginning on closing day.

Beyond the basics.

Use the following checklist when considering a warranty partner and warranty solution:

  • Homeowner education–language within the warranty contract that accurately and clearly defines what is and is not covered under the warranty.
  • A platform for quick dispute resolution–arbitration provision and an experienced warranty administration team skilled in quick and efficient conciliation of disputes and resolution of homeowner complaints.
  • Residential Construction Performance Guidelines–as defined by the National Association of Home Builders.
  • Flexibility and stability–make sure your warranty insurer is financially strong and the warranty is transferable throughout the ten year term.
  • Builder advice–for warranty service and risk management –this could come in the form of seminars and educational materials.
  • A solid reputation and experience with your business–look for Better Business Bureau ratings of “A,” and favorable recommendations from industry associations.
  • Comprehensive coverage–includes coverage for soil movement and qualified structural defects starting day one.
  • Adding value–does the warranty provider offer materials to help you market to home buyers.
  • Warranty contract language–does the warranty contract accurately and clearly define what is and is not covered.

Here’s another article you might be interested in…


No comments yet... Be the first to leave a reply!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: