MaxWell Home Protection Program
Frequently Asked Questions
- What is the MaxWell Home Protection Program?
- A one year Service Policy covering the cost of repair or replacement of most major equipment and systems within the home in the event of mechanical failure.
(Subject to a deductible per trade call) - Why is a Home Protection Program important?
- Since it is a fact that neither the Seller, the Buyer nor the Real Estate Agent can predict the service ability or life of pre-owned equipment, a Home Protection Program protects all parties. And because Buyers feel more comfortable buying a pre-owned home with this Plan, the Seller gains a powerful merchandising tool.
- Is the MaxWell Home Protection Program the same as homeowner's insurance?
- No. Homeowner's insurance normally covers only damages caused by Acts of God or outside perils such as fire, water, lightning, etc. as well as consequential damage. This Home Protection Plan provides for repair or replacement in case of mechanical breakdowns or malfunctions due to normal wear and tear.
- Does a Home Protection Program take the place of a professional Home Inspection?
- No. A Home Inspection is an important part of a real estate transaction. While an inspection can give you valuable information about the home's current condition, it does not guarantee the future performance of a home's systems or appliances.
- What types of homes are eligible for the MaxWell Home Protection Program?
- The Program is designed to cover single family, owner-occupied, residential homes at the time of resale. Owner-occupied condominiums and townhouses are eligible. Rental properties can be covered with a prior approval by UNIRISC.
- What is the period of coverage?
- The policy term begins on the date of closing or upon occupancy by the home buyer (whichever comes first) and continues for 12 months.
- Can our buyers put the program on homes they purchase listed with another brokerage?
- Yes. The coverage can be added to any home they decide on and can be either added to the purchase contract to be paid from the sale proceeds, or directly paid for by the buyer or seller.
- Are our associates responsible for verifying serial and model numbers and age of the covered items?
- No. There is no requirement to provide this information as the degree of the coverage is determined at the time of claim.
- Does the client pay out of pocket for the repairs then submit the bill for refund?
- No. Clients call the service dept. number provided in the policy who will arrange for a cooperating trades person to complete the repair. The deductable would be paid directly to the repair company by the client and the insurer (UNIRISC) will pay the balance of the repair to the extent the policy allows.
- Does the protection plan cover property damages as a result from faulty appliance or system?
- No. Home owners insurance may cover the damages caused by the malfunctioning item but not the item it's self. The program would cover the replacement of the item and costs associated with the replacement (or applicable portion age pending).
- When does the policy have to be paid?
- Within 15 days after closing, not before.
- If a client agrees to include the program but their home fails to sell, are they still committed to purchase it?
- No. If the home fails to sell or the transaction does not close, there is no policy put in place, there for no charge to the client.
- Is there a pre-inspection required prior to the policy becoming valid?
- No. All though the policy will not cover pre- existing issues, there is no inspection needed to qualify for the program. The insurer relies on the answers given by the client at the time the claim is submitted and information gained from the home inspection to determine if it was a pre-existing issue.
- Are there any restrictions to the type of property the coverage can be placed on?
- Yes. The coverage may not be available for mobile homes or properties purchased for the purpose of rental. The insurer reserves the right to decline coverage to these properties.
- Are parts and labour covered in the program?
- Yes. Parts and labour are covered up to the maximum pay out on the claim.
- Can the program be advertised as a "Warranty" program?
- Not in Alberta. In Alberta and other Western provinces, this type of program is considered insurance rather than a warranty. Advertising it as a warranty would be misleading.
- If a client has an issue after regular business hours, do they have to wait for authorization to do the repairs or pay for the repairs until the claim can be made?
- No. The clients first call the 800 number provided with the policy regardless of the time. The insurer has an administrator who handles the calls for emergency and after hour repairs.
