Home Warranty
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A home warranty is a service contract that covers repair or replacement of major systems and appliances for a set period, separate from homeowners insurance.
What Home Warranty means
Unlike insurance, which covers damage from events, a warranty covers normal breakdowns of items like HVAC, plumbing, and appliances. Sellers sometimes offer one to reassure buyers of older homes. Coverage and exclusions vary by plan.
Florida example
A buyer of an older Lakeland home accepted a seller-paid home warranty, which covered the air conditioner when it failed three months after closing.
What it is
A home warranty is a service plan that covers repairs to major systems and appliances. It is different from homeowners insurance.
It can save money on breakdowns after you move in.
Why it helps
A home warranty gives peace of mind on aging systems. Sellers sometimes include one in the deal.
We help you factor it into your purchase. Reach out and we will guide your first-year budget.