How Valuable is My New Home Structural Warranty?
HOME of Texas has been in warranty business for over 40 years and, together with its national affiliate Residential Warranty Company, LLC, this warranty group has issued over 3.7 million home warranties. Most importantly for you, HOME has managed thousands of disputes between builders and homeowners over the years.
Warranties issued by HOME of Texas are insured by a Texas-based Property & Casualty Company.
Your warranty lasts for the duration of the specified term. Sell your home during that warranty term and the balance of the term of coverage transfers automatically to the next buyer. That transferable warranty may increase the value of your home to prospective buyers, making it an excellent marketing tool.
Warranties from HOME of Texas are written and insured commitment that if your home develops a warranted defect, either the builder or HOME of Texas will correct the issue. Your HOME warranty is independently written and administered from your Builder. Even if your Builder goes out of business, your warranty remains in place for the length of the warranty term. Structural failures are costly, averaging over $35,000 to repair. When a HOME of Texas warranty is in place on your home, you have the assurance that warranted structural components will be repaired without creating serious financial hardship for you.
Expert Second Opinion
Even with a spelled-out warranty in place, people don’t always see eye-to-eye. The warranty document can be a valuable ‘measuring stick’ for evaluating the issues if a dispute arises between you and your Builder regarding whether or not something should be considered a defect. HOME’s warranty standards are based on accepted building industry practices. If you believe you have an issue with your home or your Builder, the process to get HOME involved to mediate the dispute and/or determine coverage is spelled out in the warranty book you receive when you confirm coverage.