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by Wally Conway,
Host
of the Home and Garden Show on WOKV
Homebuyers are a curious lot. They routinely ask thought-provoking
questions. A common question is, "If I get a home inspection,
should I still get a home warranty?" Then there's always
this question, "If I get a home warranty, do I still need a
home inspection?"
The choice between having a home inspection and purchasing a home
warranty is a question that I frankly do not understand. Each is
intended to serve a separate purpose and ideally work together to
protect and reduce the risk of homeownership.
Maybe an analogy will make the matter clear. An individual has
just had a complete and through physical exam. The results of the
exam and all associated lab tests are that the individual appears
to free of all disease or illness. They are presently the picture
of health!
 Would
it be prudent or responsible for the doctor then to recommend to
the patient, due to their fine physical condition, that it is a
waste of money to continue to pay for health insurance? Of course
not!
None among us would consider the doctor even sane, let alone responsible
to make such a recommendation. But, is that not the same situation
to someone feeling that they need not purchase a home warranty because
they just had a home inspection?
And let's view this same scenario from the opposite direction.
Would we expect that our life insurance carrier would recommend
to us that we forego the expense of regular physical exams, because,
after all, we now have life insurance! Insanity!
The life insurance companies, in fact, feel so strongly that a
physical exam is such an important part of risk reduction that a
physical exam is often required to secure a life insurance policy,
or at least has an effect on the insurance rate.
If insurance companies want to have you "inspected" prior
to assuming the risk of your passing, it certainly makes sense for
the homebuyer to have the home inspected prior to purchase. Doesn't
it, therefore, make similar sense to warrant unforeseen failure
with the home warranty?
When buyers fully understand risk and the cost-effectiveness of
risk reduction tools, they almost always want all of the risk reduction
tools available. It is in everyone's best interest to reduce risk
by every cost effective means possible. Buyers love to be educated
about understanding and reducing risk, and everyone loves a happy
homebuyer!
Copyright © Florida HomePro, Inc. and Wallace
J. Conway. All rights in all media reserved.
About the Author: Wally Conway is your weekly Host of the Home
and Garden Show on WOKV, and author of the book "Secrets of the Happy
Home Inspector", available at GoHomePro.com.
Wally's expertise and experience has been sought after by HGTV's "House
Detective", DIY Network's "Finders Fixers", the National Association
of REALTORS®, newspapers, and corporations. As a speaker, writer, and instructor,
Wally blends the right amount of up-to-date information with just the right
amount of humor, insight, motivation, and real-world application. Visit WallyConway.com
for more information!
Reproduction of this article: Permission is granted to use this article
in any media provided that the article is reproduced in its entirety as shown
above, with the authors resource box/bio included including links to http://www.gohomepro.com
and http://www.wallyconway.com
as the original publisher.
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