HMS Home Insurance
HMS Home Warranty is a division of Cross Country Home Services, a company that markets home service contracts in a variety of formats. Their HMS division is, to some extent, focused on the real estate market. HMS home warranties are marketed to real estate professionals as an ancillary product to a property on the market, designed as an enhancement to increase the asking price. The HMS home warranty line is also a product actively marketed to mortgage brokers, also as an ancillary attraction for their loans.
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HMS makes this case to real estate brokers:
- Eight out of ten buyers would prefer to buy a home with a warranty
- Homes with a home warranty sell up to 50% faster than homes without one
- Home warranties increase the selling price of a home an average of three percent
- A warranty will reduce the chance of delayed closing due to a malfunctioning system in the home
- The realtor is protected because there is less likelihood of a request for reimbursement due to a breakdown in the newly purchased home
These same sales points are relevant to the home’s seller, who would be responsible r foappending a home warranty to the value of his property. For the home buyer, the benefit is the security that comes with a warranty on components and systems that are not known to them.
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One interesting deviation in the HMS warranty program is that coverage for HVAC systems is available to the home seller for an additional premium, but is included in the home buyer’s warranty as a standard feature. The seller can purchase a home warranty after the property is listed, and the cost of the contract will be deducted from the proceeds of the sale after closure. Basic coverage starts at about $370 per year, with a number of options for additional protection not included in the standard contract. Prices vary from state to state.
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