Home Inspections or Home Warranty?
By Wallace Conway
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 President of Florida HomePro Inspections,
and is featured regularly on HGTV's "House Detective". As a
speaker, writer, instructor, and host of The Happy Home Inspector radio
show every Saturday at 5 PM on WOKV 690, Wally blends the right amount
of up-to-date information with just the right amount of humor, insight,
motivation, and real-world application. Visit http://www.wallyconway.com
for more information!