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Did you know that new homes often come with a home warranty now? In fact, if you are buying a new construction home you should expect at least a one year home warranty from the builder. If that isn't offered, you may want to consider a different location, home or neighborhood. You should seek the following in relation to your Miami home warranty:
Homeowner's insurance can be difficult to obtain in some areas, so you should start working on this right away. Homeowners insurance for a Florida home can be complex. A mortgage lender will require that you have a homeowner's policy before they will commit the money to close the sale. Insurance companies scrutinize both the buyer and the property.
The buyer must have good credit. The insurer would also like the buyer to be someone who does not have a history of submitting a lot of insurance claims. Ideally, the property should have had no insurance claims made against it in the last five years.
If you own a new construction Miami home and you have problems getting repairs even when your home is still under warranty, you still have recourse.
Insurers are particularly sensitive to claims that have been made for water damage, an issue with many Florida homes. Follow one of our useful Miami Real Estate Tips, investigate the insurability of the property during the inspection process.
This way, if you find out that it's going to cost more than you expected to insure the property you can try to negotiate some form of compensation from the seller.
Here is a great piece of information to note. If you have a new construction Miami home and your 1 year home warranty has expired, don't panic when something goes wrong. If your developer has a policy under any of the Home Warranty Insurance programs, you may have more coverage than you think!
For instance the builder usually provides a special express warranty for “workmanship” on the home for one year but their policy will cover home systems like air conditioning, roof systems etc. for up to two years, and they should have bought insurance to cover the overall structure for another eight years. These warranty insurance companies will then cover any problems if the developer fails to live up to their agreement.
These programs also offer arbitration for builders and homeowners who get into disputes. It is a good idea to hook up with a builder or developer that has insurance like this. You know you'll be protected for any new construction Miami home pitfalls
|Sheri Ann Richerson|