KW gets a new home warranty program

KW gets a new home warranty program

It’s called Residential Warranty Services, Inc.

Keller Williams Realty, Southern Tier & Finger Lakes, my brokerage, recently announced it was ditching its previous home warranty program for a new one called Residential Warranty Services. The previous one had minor complaints that when repairs were needed, the company limited claimants to specific contractors… and that caused delays and frustrations because of availability.

KW Leadership did some research and found this new program, which I discuss in this video. The biggest perk with RWS is that it allows claimants to hire their own local contractors for repairs.

I’ll be offering this new RWS plan to all clients who are either buying or selling a home… in fact, my brokerage requires it be offered. My clients are free to accept it or decline it, of course.

Home sellers can offer it as a gift, perk or incentive to their buyers for extra piece of mind and assurance. Home buyers can buy it to make sure that major expenses for unexpected repairs don’t blind-sight them financially in their first year in their new home. It gives piece of mind, like good any insurance program does.

It runs about $500 for a basic plan on a small house, with upgrades that can increase the price to around $1,000. These are annual fees. The cost for the basic plan depends on the square footage of the house.

The basic warranty covers HVAC, plumbing, most appliances and electrical systems on the house.

It’s important to understand that this isn’t a full replacement warranty. It’s a repair warranty. In other words, if your hot water heater starts leaking, you call the 24/7 claim hotline. Then you call a repair service. There’s a deductible, then the warranty would pay for cost of repairs, if possible. You can choose to get a new hot water heater (I would!) and apply the warranty covers towards the cost of the new one.

Another option is to pay down your deductible for an additional fee. Another perk is your coverage can be extended from 12 months to 18 if you work with an affiliated home inspector. I know who that is. Contact me for details.

If you have any questions, I encourage you to call their toll-free 24/7 line: 1-800-544-8156. Or call 844-682-8345 during business hours.

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