A private insurance program that protects purchasers of newly constructed homes, offering coverage against structural and mechanical faults provided the builder participates in the program.
The Homeowners' Warranty Program (HOW) is a type of warranty designed to offer protection to buyers of newly built homes and provide coverage against deficiencies in construction quality, craftsmanship, and significant defects. This warranty aims to protect homeowners from unforeseen repair costs and ensure that builders adhere to high standards of construction.
A Residential Service Contract, also known as a home warranty, is an insurance contract generally lasting for one year, covering the plumbing, mechanical, and electrical systems of a home. This contract can be purchased by either the buyer or the seller and provides peace of mind to homeowners against unexpected repair costs.
