A warranty helps protect your home purchase. However, no two warranties are exactly the same. If you are dealing with a significant home problem, it may or may not be covered based on your warranty coverage.Â
At TimberCraft Homes, we proudly offer a 2-10 Home Buyers Warranty (2-10 HBW) with our new construction homes. Our team is happy to walk you through each stage of our home buying process and make sure you understand what our warranty includes. That way, you’ll be able to make an informed home purchase.Â
Now, let’s answer some of the biggest questions about home warranties, how they work, and their benefits.Â
What Is a Home Warranty?
A warranty is a service contract that may cover your home’s electrical, plumbing, and HVAC systems.Â
If any of these systems are defective, your warranty may allow you to repair or replace them for free.Â
What Types of Warranties for Homes Are Available?
There are three main types of home warranty plans:
- One-Year: Covers defects involving workmanship and materials.Â
- Two-Year: Covers defects involving behind-the-wall systems, including supply and waste piping, ductwork, and electrical wiring.
- 10-Year: Covers qualified structural problems, including defects involving a home’s roof framing, load-bearing walls, beams, columns, foundation, and floor framing.Â
What Does a Home Warranty Cover Exactly?
A complete warranty may cover servicing, repair, and replacement of your home’s systems.
Systems that may be covered under your home warranty include:
- Ductwork
- Electrical
- Heating
- Plumbing
Some home warranties also have optional coverages for a septic tank, sump pump, or well pump.Â
How Does a Home Warranty Work?
Generally, a warranty takes effect within 30 days of your first home payment. A home builder covers the warranty for the first year. The builder has the option to review the warranty with 2-10 after the year.Â
Once your warranty is in effect, you’re protected if a covered system stops working.Â
At this point, you can submit a service request through your warranty provider. Next, the provider will send a professional to your home to take a look at the defective system. If the problem is related to wear and tear, the professional may repair or replace the malfunctioning system at no charge.Â
What Are the Benefits of a Home Warranty?
Key reasons why buyers often purchase homes with warranties include:
- Peace of Mind: If you buy a home that has faulty systems, you’ll be able to repair or replace them.Â
- Time Savings: Your warranty provider works with trusted professionals, so you won’t have to spend time trying to find someone to fulfill your service request.Â
- Cost Savings: Getting a warranty may be more cost-effective than paying hundreds or thousands of dollars to repair or replace a defective home system.Â
Is a Home Warranty the Same Thing as Homeowners Insurance?
A home warranty is not a replacement for homeowners insurance.Â
Ultimately, homeowners insurance is crucial — here are some of the reasons why:
- Total Loss Coverage: If your home is destroyed, your insurance may provide you with funds you can use to rebuild your residence.Â
- Liability Coverage: If someone gets hurt on your property, your insurance protects you against liability.Â
- Mortgage: You might not be able to get a mortgage unless you purchase home insurance.
When you close on your home, you receive a warranty, which may cover service, repair, and replacement costs for your home systems.Â
Meanwhile, you are required to purchase home insurance, which covers damage or loss caused by fire, wind, hail, vandalism, theft, and other perils.Â
How Much Does a Home Warranty Cost?
According to research, a home warranty costs around $600 yearly.Â
The average low-end warranty costs roughly $275 per year, while you may have to pay up to $1,425 annually for a comprehensive one.Â
What Is a 2-10 Home Buyers Warranty?
If you buy a home from TimberCraft, we back it with a 2-10 HBW.
Our 2-10 HBW offers coverage across three areas:
- Workmanship: Covers the fit, finish, and materials used in the construction of your home.
- Distribution Systems: Covers your home’s electrical, plumbing, and mechanical systems, including wiring, piping, and ductwork.
- Structural: Covers designated load-bearing elements of your home, including structural defects caused by certain types of soil movement.
Since 1980, warranties from 2-10 HBW have protected over 5.8 million new and pre-owned homes, reducing the financial risks of thousands of home builders and millions of homeowners nationwide.Â
Purchase a New Construction Home with a Warranty
As a leading Oklahoma City home builder, TimberCraft Homes offers personalized homes to match your budget and personal style.Â
We also provide new construction homes backed by our 2-10 HBW.Â
Contact TimberCraft Homes for a new construction home with an included warranty.