Press release
Home Warranty Service Market 2031: Protecting Your Investment: The Benefits of Home Warranty Services
The global home warranty service market size was valued at $7,315.1 million in 2020, and is expected to reach $13,611.2 million by 2030, registering a CAGR of 6.3% from 2021 to 2030.
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What is Home Warranty Service?
A home warranty is a service contract that, over a period, covers the cost of maintaining the house or equipment. The service covers home systems and appliances as well as pays for repairs and replacements. The service contracts renew each year for home plans and equipment for existing customers who have opted for the home warranty schemes. Home certifications are often advised when buying an old home where information is not readily available on items. These guarantees are different from homeowner's insurance, which cover the loss of a home and its contents as a result of fire or other natural disasters.
What does Home Warranty Service Cover?
A home warranty service can cover a wide range of home systems and appliances. Here are some of the items that are typically covered:
HVAC System: This includes heating, ventilation, and air conditioning systems.
Plumbing System: This includes the pipes, drains, and water heater.
Electrical System: This includes the wiring, outlets, and circuit breaker.
Appliances: This includes refrigerators, ovens, dishwashers, and more.
Roof: This includes leaks and repairs.
Pool and Spa: This includes equipment and repairs.
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A home warranty service typically works by providing coverage for a specific set of appliances and systems, such as the HVAC system, plumbing, electrical, and kitchen appliances. Homeowners pay an annual premium or a one-time fee to the service provider, and in exchange, the provider agrees to cover the cost of repairing or replacing covered items if they break down due to normal wear and tear.
It's important to note that not all home warranty services cover the same items. Some providers may offer more comprehensive coverage, while others may offer more limited coverage. It's
A home warranty service is a contract between a homeowner and a service provider that covers the cost of repairing or replacing certain home appliances and systems in the event of a breakdown. Home warranty services are designed to provide peace of mind to homeowners by protecting them from unexpected expenses associated with the wear and tear of appliances and home systems.
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Competition analysis
The major players profiled in the home warranty service market include AFC Home Club, Cinch Home Services, Inc., First American Home Warranty, FNHW (Fidelity National Home Warranty), Frontdoor, Inc., Home Buyers Warranty Corporation, Landmark Home Warranty, Old Republic International Corporation, Oneguard Home Warranties, and Transforms SR Brands LLC. These companies have adopted product launch and business expansion as their key developmental strategies to offer better products and services to customers in the home warranty service market.
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