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Question of the Day...How do my clients get a two year warranty at closing?  XML
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Joined: 06/17/2014 09:32 PM EDT
Messages: 5182
Location: Carmel, IN

Background: A home warranty from a real estate transaction is generally a one year policy (12 months), covering HVAC, Electrical, Plumbing, and Appliance systems. Recently we've had an uptick in Real Estate Professionals asking what the cost is to go from a One Year Policy to a Two year (24 month) policy.

Why are agents looking for 24 months of home warranty coverage for their clients?

The most prevalent and obvious answer is that longer coverage is better. Within a real estate transaction though, there are a couple things that come up that lead an agent to asking us for this specifically - the most common would be "money left on the table". If during the course of negotiations there is a seller concession that is in a "use it or lose it" status, extending the warranty is an easy way to ensure that benefit goes to your buyer when it otherwise may have simply been forfeited.

The second most common reason this extension is sought is liability protection. As some states move to a 2 year limitation on agent liability, agents are looking for creative ways to protect all (especially their clients by the way).

Are all policies extendable to Two Years?

No, but Residential Warranty Services, Inc. policies are.

What does it cost to extend a policy to Two Years?

Check out our Pricing for the Simple Policy at http://www.RealWarranty.net . Whatever the annual price is, subtract a $20 discount and you have your second year price. All you have to do is call our office or talk to your sales rep and add the second year.

I've heard of policies being extended to 24 months for only $200, how do I make that happen for my client?

This is absolutely true and it is easy to get. First, make sure your inspector offers our Five Year Roof Leak Protection Plan. This will automatically extend the Warranty Period to 18 months on any Simple Policy from Residential Warranty Services. For any home that was inspected by one of these qualifying inspectors, you can simply order the two year extension on our website or respond to the email you will get afterwards. Customers have 60 days from closing to extend on their own if they so choose.

Get your questions answered by our CEO by emailing NThornberry@rwswarranty.com !
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P. Nathan Thornberry
The #1 Vendor in Real Estate & Home Inspection

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