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Extended Warranties Gain Momentum as Home Prices Increase

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Provide comprehensive protection. Many providers repair and replace covered systems and appliances regardless of age, make or model.

Offer stress-free repairs. Home warranties refer homeowners to pre-screened contractors, sparing homeowners from having to find a competent contractor when they have a problem.

Protect a homeowner’s emergency fund. Warranties can act as a buffer for those who have established an emergency fund or those who want to do so.

For home sellers, purchasing a warranty offers these additional benefits:

Sets the home apart from others. Studies show that the vast majority of buyers prefer to buy a home that is covered by a warranty.

Attract first-time buyers. Some first-time buyers can be intimidated by the costly nature of fixing or replacing systems and appliances. Having a warranty can help put their minds at ease.

Avoid closing delays. A home warranty can minimize the chance that an appliance or system failure could postpone closing.

Eliminate post-sale worries. If a breakdown happens after closing, the buyer can consult the warranty provider for repairs.

Increase profit. Homes with warranties return a sales price that is 3 percent higher, on average.

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