Did you just recently purchase a Landmark Home Warranty? If you did not purchase your Landmark Home Warranty through a real estate transaction, you have a 30 day before you can open a claim on a failed system or appliance. Why does Landmark Home Warranty have this wait period? Let’s take a look.
Why is There a Wait Period?
Home warranties work the same way as an insurance policy If you have a car accident you cannot purchase car insurance after the fact and expect them to cover the damages of the accident. That is why Landmark Home Warranty requires a 30-day wait period to ensure that the failure of the appliance or system is truly due to normal wear and tear.
Home warranty companies opt to have a waiting period, for non-real-estate transactions, to ensure the systems and appliances have truly stopped working from old age, or normal wear and tear.
When you purchase a home warranty the money you pay as your monthly or yearly premium essentially goes into savings account to help you save up to pay for large repairs or replacements. The benefit of purchasing a home warranty is that unlike a normal savings account, you end up saving money because Landmark gets all appliances and labor at a discounted rate.
What if I Have a Home Inspection?
Having a home inspection is a good idea. Home inspections give you a general idea of what was in good working condition when you bought your home. What is determined to be in good working order has the potential to be covered in a home warranty contract depending on what plan you choose. Landmark can only repair and replace a system or appliance covered by your home warranty contract.
If you open a claim on a failed system or appliance after the 30-day wait period has ended, a contractor will come and diagnose the issue. If the contractor thinks that problem was caused by a pre-existing condition, having a home inspection that will show that they system or appliance was in working condition will be helpful to get any repairs or replacements approved by the home warranty company!
What Happens After the Wait Period is Over?
After the 30 days, you will be able to open a claim. However, you are still responsible for all the maintenance on your appliances and systems.
You can find some of Landmark’s suggested monthly maintenance for your home here, in our monthly maintenance blog. Home maintenance is so important to keeping your systems and appliances running, for ever $1 spent on maintenance will save you $100 in repairs!
Does the 30-Day Wait Period Apply to Everyone?
Nope. If you purchase home warranty through a real estate transaction, your coverage starts on the day of closing. You only have this 30-day wait period if you did not buy your home warranty in a real estate transaction.