New construction: coverage begins on the first anniversary of the close of sale and continues for one or three years from that date. Home buyer: for properties involved in a real estate transaction, coverage begins at the close of sale and continues for twelve (12) months from that date. Coverage Period Home seller: coverage begins on the date HSA issues a contract number and continues for twelve (12) months, until close of sale or termination of listing, whichever occurs first. “Interior” - the space within the external surface area which constitutes the perimeter of the residence’s exterior walls under the roofing materials above or encased in the basement floor or home’s slab, or above the ground surface in a crawl space.Ĭ. “Loss” – the reasonable market cost or the actual cost HSA can contract for the required services, whichever is less, for the repair or replacement of “Component Parts”. “Proper Working Order” - functioning as intended and expected for its age, and within the safety standards as established by the system manufacturer. “Operational Failure” - the mechanical breakdown of “Component Parts”. “Component Parts” - the constituent elements of mechanical items as covered by this contract. Coverage is subject to limitations and conditions specified in this contract. They are not completely inclusive of all systems and appliances excluded from coverage. Items listed as Not Covered are intended as examples of the types of items excluded from warranty coverage. Coverage includes only the items stated as covered and excludes all others. Coverage is for owned or rented residential property and excludes commercial property or residences used as businesses, including but not limited to, day care centers, fraternity/sorority houses and nursing/care homes. Tenant occupied properties are not eligible for coverage during the listing period. Multiple-family homes qualify for listing coverage however, coverage is limited to the owner-occupied unit. Multi-family homes up to and including eight (8) family dwelling units may be covered if applied for and the appropriate fee is paid. This contract covers single-family resale homes and condominium or town house units. For example: a simple test would be a visual inspection of a heat exchanger for cracks or a carbon-monoxide test. HSA may provide coverage for unknown defects if the defect or malfunction would not have been detectable through visual inspection and/or simple mechanical test and/or safety test performed by a qualified professional. Are in “Proper Working Order” on the effective date of this contract. Coverage is only provided for mechanical failures which occur and are reported to HSA during the term of this contract.
HSA will provide coverage for systems and appliances which malfunction due to lack of maintenance, rust, corrosion or sediment if the defect or mechanical failure would have otherwise been covered. B ecome inoperative due to normal wear and tear. Are properly installed throughout the term of this contract for proper diagnosis. Are located within the “Interior” of the main foundation of the home or attached or detached garage (except for the exterior well pump, septic system, condensing unit and pool/spa equipment). HSA will cover “Loss” so long as the “Component Parts”: A. HSA will provide home protection coverage for authorized repair or replacement of “Component Parts” mentioned as covered in accordance with the terms and conditions of this contract that fail due to “Operational Failure”. Limitations of Liability and to the exclusions listed in each applicable section of this contract.Ī. Certain items and events are not covered by this contract. The aggregate coverage under this agreement is limited to $25,000.00 with a $5,000.00 per mechanical system sublimit, unless a lower per occurrence sub-limit or lower aggregate sub-limit is specifically enumerated elsewhere in this agreement. Optional coverage may be purchased up to 30 days after the effective date of buyer/buyer direct coverage however, coverage shall commence upon receipt of payment by HSA and will expire one year after the effective date of the contract. Limitations of Liability for general exclusions and limitations. In accordance with the terms and conditions of the warranty contract, HSA will repair or replace systems and appliances specifically mentioned as covered all others are excluded. (HSA) PRIOR TO ACTUAL COMMENCEMENT OF REPAIR OR REPLACEMENT. YOU MUST NOTIFY HOME SECURITY OF AMERICA, INC.