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 A home warranty is a service contract for an existing home that covers a home’s major operating systems and appliances for one year, typically after the close of escrow. The contract provides for the repair or replacement of covered home systems and major built-in appliances; the homeowner pays only a small service charge for each trade call. Basic and optional coverages may vary from company to company. Contact an HWAC member for details. Typically covered systems and appliances generally include a home’s
Over the last l0 years or so, there has been a significant rise in home warranty usage. In fact, today nearly 9 out of every l0 existing home sales includes a home warranty. This compares to under 25 percent of sales some l0 years ago. Moreover, members of HWAC provide service to homeowners on an average of l.7 to 2 claims per contract per year. This represents an annual savings to California homeowners of over $100 million. |
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