Real Estate Term
Home Warranty
A service contract that covers the repair or replacement of major home systems and appliances.
What is Home Warranty?
A home warranty is a service contract that helps pay to repair or replace major home systems and appliances that fail from normal use, such as furnaces, water heaters, and built-in appliances. It differs from home insurance, which covers damage from events like fire or theft. Buyers use a warranty to limit surprise repair costs in the first year, and sellers sometimes offer one to reassure purchasers.
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