Things To Know About The Home Builders Warranty
Buying a new home can be both exciting and nerve racking. So many decisions can make or break a deal. If you are planning on purchasing a new construction home, you should definitely require a builders home warranty. Not all builders warranties are created equal and not everything is covered. Before you decide, here are some tips to follow.
What’s covered in the warranty? As mentioned earlier, not every warranty is alike but there are standards that most warranties fit into. Workmanship and materials used in the building of a new home are covered. Typically this covers an umbrella of things such as exterior siding, roofing shingles, windows, HVAC system, insulation, septic, plumbing, electric and waterproofing. Structural issues such as roof or foundation (things that can impact the structural integrity of the home) are also covered.
What’s not covered in the warranty? Let’s start with the obvious, general wear and tear. Fading paint or small hairline cracks are examples of general wear and tear. Defects that are a result of something the home owner has done is also not covered. An example would be a sewer back up from a child flushing a stuffed animal down the toilet. Household appliances are not covered. Even if the builder puts the appliances in the home, they are not covered under a builders warranty. If a manufacturer warranty came with the appliance, the builder will pass this along to the new home owner. Lack of maintenance is also not a fault that is covered. These include pest control, HVAC maintenance etc. Last that are not covered would be natural disasters. An example would be Acts of God such as a hurricane, flood or earthquake.
Most home builders take claims seriously and will work with you, while others will fight you in the situation. Always dot your i’s and cross your t’s when dealing with a claim. Stay on top of deadlines. Some warranty issues that are covered have an expiration date. Some structural components will have a 10 year coverage while other materials will only be covered for 1 year. Know who you are dealing with when presenting a claim. In some instances you many be dealing directly with the builder or a third-party insurance provider. Familiarize yourself with the process for submitting a claim. The specific warranty should list the process of how to submit the claim.
Do your due diligence. Have your home inspected prior to closing, a professional can spot things that may be or become a concern.
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