According to the National Association of Realtors, 88% of buyers conduct a home inspection during the purchasing process. Home inspections play a crucial role in the home-buying process, helping buyers make informed decisions about the property they are purchasing. Buyers who forego inspections can face unforeseen repair costs that can range from a small issue costing hundreds of dollars to fix or a major problem that could cost tens of thousands of dollars to repair, depending on the severity of the problem.
Understanding Elite Inspection Warranty
A standard home inspection is a one-time service aimed at identifying existing defects in a home at the time of purchase according to industry standards or local regulation while the inspection warranty provides limited protection for defects that the inspection might have missed or that manifest shortly after moving in. The limited-term agreement or guarantee of an inspection warranty covers specific issues that may arise after closing is completed serving as additional protection for both the client and the inspector. An inspection warranty kicks in after closing and will reimburse customers for covered repairs that are identified within 90 days of closing or 120 days of inspection. An inspection is the best defense as it addresses issues when they pop up and reduces the potential the issue will escalate into legal action or an E and O claim.
Elite Inspection Warranties elevate the services an inspector provides to home buyers by offering real protection for both the inspector and the clients. With each state having its own home inspector insurance requirements, Elite Inspection Warranties offers free quotes for bundling any customized liability, inspection insurance, and E&O insurance packages. Depending on the plan, the Inspection Warranty will cover appliances, home systems, roof leaks and mold claims. While most inspectors include the warranty on every inspection they do have the flexibility to offer the warranty as part of an upgrade along with other services for an added cost.
With the added protection of repair reimbursement to the buyer for unforeseen repair expenses that arise after the home sale is complete, inspection warranties are a valuable safety net. Homebuyers work directly with an Elite Inspection Warranty team member to handle claims eliminating the need to involve the inspector through time-consuming legal battles.
Real Benefits of Elite Inspection Warranty
An Elite Inspection Warranty can add value to your inspection service by giving homebuyers additional protection for certain eligible repairs after the inspection. The current program offers multiple plan options, allowing inspectors to select a warranty solution that fits their business model and client needs.
Multiple Plan Options
Elite Inspection Warranty currently offers Basic, Pro, and Master plans. Current pricing starts at $12 for the Basic plan, while Pro options are available at $18, $20, or $22, depending on eligibility. The Master plan is currently $32 and is available to qualifying InterNACHI members who are Certified Master Inspectors and insured by EliteMGA. Coverage limits and eligibility vary by plan, so clients should review the applicable warranty terms and conditions.
Defined Coverage Period
The current Elite Inspection Warranty provides coverage for 90 days from closing or 120 days from the date of inspection, whichever occurs first. This gives homeowners a defined period of additional protection after the inspection while keeping the coverage period clearly established.
Coverage For Eligible Repairs
Depending on the plan selected, coverage can include eligible appliances, electrical and plumbing systems, HVAC, mold, roofing, and structural components. Current aggregate limits range from $2,000 for the Basic plan to $10,000 for the Master plan, while individual category limits vary by plan.
For example, the current Pro plans provide a $3,000 aggregate limit, with up to $2,250 available for eligible appliances, electrical/ plumbing, HVAC, mold, and structure, and up to $1,000 for roofing. The Basic plan provides a $2,000 aggregate limit, with $500 limits for eligible appliances, electrical/ plumbing, and HVAC, and up to $2,000 for structure.
Home Warranties vs. Inspection Warranties
Unlike a full 12-month home warranty, an inspection warranty does not have a 30-day waiting period; coverage begins at closing. Depending on the plan, it may include coverage for issues not typically covered by a 12-month warranty, such as roof leaks or mold remediation.
Another important distinction is that an inspection warranty is a repair reimbursement program, meaning it reimburses homeowners for repair expenses. This contrasts with most 12-month home warranties, which often use their own service providers to perform repairs. Inspection warranties and full home warranties operate independently, allowing homeowners to potentially receive coverage for the same repairs from both plans.
How Inspection Warranties Reduce Risk for Inspectors and Agents
Consider this scenario: The home inspector thoroughly examines the water heater during the buyer’s inspection, noting its make, model, and age, and reports the unit to be operating as intended. However, within a month of closing and just 35 days post-inspection, the water heater unexpectedly leaks and needs replacement — a situation nearly impossible for the inspector to have foreseen.
If the inspector provided an inspection warranty, the homeowner could file a claim and be reimbursed for this unanticipated cost per the warranty’s terms and conditions. This benefit also extends to real estate agents who work with inspectors offering inspection warranties, helping them maintain customer satisfaction and reduce post-closing risk.
Real Life Example
A client moved into their new home, expecting every item that passed inspection to function as it should. Just a month later, their 12-year-old water heater started leaking. They were understandably frustrated and worried about the cost of repairs. Luckily, because their home was covered under the Elite Inspection Warranty’s Pro Plan, they were reimbursed $1,800 for repairs to the system. Not only was the client thrilled with the outcome, but the inspector also benefited from offering a service that ultimately saved the homeowner significant stress and financial burden.
Unexpected Issues After Closing – How an Inspection Warranty Helps
Even the most thorough inspection can’t predict every issue that may arise after closing. Common post-closing problems include:
- Appliance Failure: Appliances can malfunction after closing due to age or wear and tear. Elite Inspection Warranty Programs offer no age limit, providing added protection.
- Permitting Issues: Unpermitted work can lead to delays and fines. While a warranty can’t fix permitting issues, it can help offset other covered repairs.
- Title Issues: Title claims or liens can appear unexpectedly. While separate from inspection warranties, both offer layered protection.
- Natural Disasters: While a warranty won’t cover disaster-related damage, it can assist with covered repairs needed afterward.
With Elite Inspection Warranty, homeowners can enjoy:
- Seamless online claim submission
- Expert claim resolution
- Data privacy and protection
Changes to Your Home Inspection Process
Home inspectors are held in high regard for their attention to detail and thorough home inspection reports. A sure way to elevate your service is to offer an inspection warranty to your clients. Elite Inspection Warranties inspection warranty services offer no-hassle opportunities, such as:
- Increased Credibility: With an inspection warranty going hand in hand with your services, you’ll elevate your reputation, gain trust from new clients, and solidify repeat business and referrals from past clients.
- Attracting More Clients: Homebuyers understand the value of additional protection after the inspection. When selecting a home inspector, they will be more inclined to select the company that offers additional protection beyond the inspection and will be willing to pay more for the elevated offering.
- Reduced Liability: When you offer an inspection warranty to your clients, you are also protecting yourself from potential liability claims. Home buyers facing a major bill shortly after closing is disappointing and frustrating to any new homeowner. Having an inspection warranty in place can reduce the likelihood that the issue will escalate into litigation by providing a clear process for addressing problems that arise after the inspection.
Protect Your Services and Reputation Today!
An inspection warranty provides substantial benefits for both homeowners and inspectors. For homeowners, it offers peace of mind and financial protection by covering unexpected repairs for issues that may have been missed during the inspection. For inspectors, offering an inspection warranty enhances their service by adding an extra layer of trust and credibility, helping to build stronger client relationships while protecting them from potential disputes over missed issues. Don’t hesitate to protect your services and reputation. Contact Elite Inspection Warranties for your free quote today!
Q&As on Inspection Warranties
An inspection warranty is a short-term reimbursement program tied to your home inspection, with no 30-day waiting period; coverage starts at closing. A traditional home warranty is a separate 12-month service contract that typically dispatches its own repair vendors.
Up to 7 days after the inspection takes place.
Claims are covered for issues identified within 90 days of closing or 120 days of the inspection, whichever applies.
Depending on the plan, coverage can include appliances, electrical, plumbing, HVAC, mold, roof, structure, and washer/dryer, up to $2,500 per category on the Pro plan, with a $3,000 aggregate and $1,000 for roofing.
No, inspectors can include it as standard or offer it as a paid upgrade alongside other services.
