New White Paper Published By Cross Country Home Services Shows Increased Importance of Warranties in Home Management
FORT LAUDERDALE, FL (April 24, 2013) – The U.S. housing market in 2013 looks more promising than it has for a number of years, however experts suggest that this recovery could quickly lose traction with any sudden economic dip. A newly released white paper published by Cross Country Home Services (CCHS) explores the current ‘state of home management' and shows the value home warranties can offer to homeowners who remain financially stressed despite the market rebound. The paper covers topics that include homeowner concerns over unanticipated repair expenses; deciding whether to repair or replace an appliance or home system when it fails; and anxiety over finding a reputable service professional.
According to a Zillow® Negative Equity Report, 28.2 percent of all homeowners with a mortgage were underwater in the third quarter of 2012, and on average owed lenders $73,163 more than their homes were worth. This corresponds to the results of an extensive national survey conducted by TotalProtect®, a consumer warranty product owned by CCHS, one of the country's leading providers of home warranty products and maintenance plans. The survey asked more than 1,000 homeowners what dollar amount needed to fix or replace an appliance or home system would push them "over your personal fiscal cliff." More than one-third of all respondents said any unanticipated expense of less than $1,000; and 62 percent said $2,000 or less would push them over the edge.
"The results of our survey show that many Americans are not prepared for unexpected expenses and even a smaller dollar amount could cause a household financial crisis," said CCHS president Sandra Finn. "A home warranty can help protect a homeowner's savings and provide peace of mind during this fragile recovery."
Easing concerns about affording costly repairs is just one benefit the white paper reveals about home warranties. Another is managing the entire process of dealing with a broken appliance or home system, including how to find someone who can fix it, when to replace rather than repair, and whether the work was done properly. CCHS has made such issues a priority in designing and supporting all of its products. The company maintains a national database of more than 40,000 highly qualified, independent service partners to address customer claims.
"We understand that finding a reputable repair person can be difficult for most families," said Finn. "That's why we continually measure the performance of our service partners to ensure that customers receive top-quality workmanship and service delivery."
CCHS's new white paper clearly indicates that a home warranty can be a valuable home management solution. For first-time homeowners who have little experience with home maintenance, a warranty can help mitigate repair costs while they gain that experience. For older homeowners, who are often on a fixed income, a warranty can help maintain a household budget. Additionally, lenders, brokers and insurers are increasingly connecting home service providers with their customers to mitigate risks to their own businesses with the goal of securing their customers' long-term financial security.
About Cross Country Home Services
Cross Country Home Services, Inc. (CCHS) is dedicated to making home management easy by offering a full selection of hassle-free, cost-effective home solutions, including warranty products and maintenance plans. Since 1978, the company has built a reputation for excellence and today is one of the nation's leading providers of these products and services. Consumers can buy home warranties and home maintenance plans directly from CCHS or through select affinity partners in mortgage, banking, insurance, real estate and utilities industries. Products include some of the industry's best known brands, including TotalProtect Home Warranty, Home Protect Warranty and HMS Home Warranty. The company's customer care staff is available 24 hours a day, 365 days a year and is dedicated to ensuring the highest level of service. Homeowner needs are quickly resolved through a national network of over 40,000 service providers, the largest in the industry. Headquartered in Ft. Lauderdale, Fla., CCHS is a member of the Cross Country Group. To learn more about CCHS, please visit www.cchs.com.