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A lesson about home warranties

Published by axiommortgage on Oct/15/2019

Categories: Press Release

If you purchased a new build less than 10 years ago—or if you’re thinking about potentially going that route in the not-too-distant future—here’s a lesson for you to keep in your back pocket. Apparently, a Redditor by the user name of u/fisticuffs32 had this story to tell about his/her builder’s home warranty:

I bought a townhome in 2009 that I now use as a rental property. Last summer when I was visiting the home I noticed the floor in the kitchen had sunk a couple inches. I’d heard previously from my neighbors that they’d had the same problem.

 When I bought the home, the builder had given a 2/10 warranty which covered the any defects in the foundation for 10 years. I decided to pay the $200 to submit a claim and have them inspect, fully expecting they’d find some reason to deny my claim, but they didn’t.

 Today I have a check in hand for $38,000 and a bid from a contractor to make the repairs. If I hadn’t thought to check my warranty or if I’d waited even 6 months my warranty would have expired and I would be paying that out of my own pocket.

Don’t forget to check to see if your repairs are warrantied.

 

The comments section is also full of other users’ stories of home warranties that were honoured—even beyond the warranty period. In one case, the builder honoured it in a complete act of goodwill. In another? The issue was, in fact, a building code violation—so the builder was more than happy to rectify it, no questions asked.

The moral of the story? Hold onto your builder’s home warranty—and make sure to consult it before you spend money on a major household fix.

 

Author: Axiom Mortgage

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