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A home warranty policy protects you from the expense of major repair
or replacement caused by unexpected mechanical failure of a major system
or appliance. For a moderate premium (usually in the $400 range for a basic
policy) payable at closing, you can acquire a policy which protects your
for one full year after closing from major repair or replacement bills.
Most policies have a $50 to $100 deductible, and you usually must call
through their people for repairs. The age of the home should be a consideration
as to purchase a warranty or not - a 15 year old home with original equipment
versus a two year old home. Several companies offer these policies.
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