483,521 Service Contracts Sold in 2003; Record Home Warranty Sales Maintain 91% Market Share for Existing Homes in California.Business Editors SANTA ROSA Santa Rosa, city, Argentina Santa Rosa, city (1991 pop. 80,629), capital of La Pampa prov., central Argentina. It is a modern city and road junction surrounded by a rich agricultural and cattle-raising area. , Calif.--(BUSINESS WIRE)--March 31, 2004 A record 483,521 home warranty A Home warranty is an insurance contract that covers the repair and replacement costs of home appliances. The warranty generally covers equipment and appliances such as dishwashers, plumbing systems, electrical systems etc. contracts sold for existing homes in California during 2003 marks the second successive year when over nine of every 10 existing homes sold in the state included a home warranty, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Home Warranty Association of California (HWAC HWAC Hazardous Waste Action Coalition ). HWAC officials report that the number of home warranties sold last year exceeded the total of 2002 by nearly 30,000 and represents a 91% percent market share based on existing home sales Existing Home Sales An economic indicator of both the number and prices of existing single family houses, condos and co-op sales over a one-month period. Released monthly by the U.S. figures provided by Dataquick. "We attribute the strong, ongoing acceptance of home warranties in the marketplace to the fact that home warranties are no longer perceived as 'another closing cost.' In fact, a home warranty contract is now recognized as a valuable product that helps protect the consumer's budget, while providing needed convenience in our crowded lives," said HWAC President Mark Lightfoot. "Significantly, our association's data reveals that home buyers utilize their home warranty protection an average of twice during the first year, and over 50 percent of those home buyers who utilize the home warranty request to renew coverage," Lightfoot added. HWAC figures show that last year 279,728 home warranty contracts were renewed, a 10 percent increase over the year earlier. Typically, a home warranty covers a home's major operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. for one year after the close of escrow. Items covered include plumbing, heating and electrical systems, most built-in appliances, and water heaters, while optional coverages are available to cover items such as air conditioners, pool equipment, washer/dryers and refrigerators. HWAC is a statewide organization of home warranty companies representing approximately 95 percent of contracts sold in California. Member firms include American Home Shield, Buyers Home Warranty Company, Fidelity National Home Warranty Company, First American Home Buyers Protection, HISCO Home Warranty Company, Old Republic Home Protection, Inc., and 2-10 HBW HBW Handbook of the Birds of the World HBW Home Buyers Warranty HBW Hebrew HBW High-Bay Warehouse HBW Hardcore Backyard Wrestling HBW Half-Band Width HBW Happy Bokeh Wednesday (Flickr slang) HBW Hobowars Warranty of California, Inc. |
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