Top Adding - Real Estate

Home Warranties! What do they cover...and what don't they cover for your new Nashville home?

In preparing your purchase contract, I

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

always ask the seller to provide a home warranty for you. And most of the time they agree. But exactly what is a home warranty and what do

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

s it cover?

Basically, it's an insurance policy. I've seen home warranty companies put in a whole new HVAC system without question...but, I

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

've also seen them deny a tiny claim that I felt should have been covered.

The procedure is this: In the event of a problem with any covere

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

item, you will call the toll free number that you were given at closing. This will file your claim. The warranty company will then send ou

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

t their chosen representative (repairman). And, just like health insurance...sometimes the issue is considered to be a pre-existing conditi

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

n, which will most likely not be covered. Never attempt to repair anything yourself! This will void your claim. If they determine t

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

hat you (or anyone) has tampered with or tried to fix the problem, they will usually deny the coverage.

If the representative determines tha

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

you have a valid claim, the repairs will be made...minus your deductible! This amount varies according to the policy. Deductibles are usua

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

lly in the $50-$75 range.

This is the available coverage for Nashville real estate. Other areas of the country may have different coverages

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

available...with different prices.

Most warranties cover these basic items:

Electrical System
Plumbing System
He

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ting/Air Condition System

Telephone Wiring

Whirlpool Bath Motor and Pump

Dishwasher

Kitchen Refrigerator

Water Heate

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

Ceiling Fans

Toilet Tanks and Bowls

Attic and Exhaust Fans

Ductwork

Oven/Range/Cooktop

Circulating Pumps

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

Instant Hot Water Dispenser

Sump Pumps

First Class Upgrades are usually available:

Faucets
Shower Hea

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

Heating Registers and Grills

Window A/C Units

Smoke Detectors

Garage Door Openers

Refrigerator Ice Maker

Dis

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

osal of Freon

Pools and Spa Equipment

Washer and Dryer

Well Pump

Septic Tank Pumping

Some Roof Leak Coverage

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

l>

Coverage for Buyers begins at closing and continues for one year. The warranty company will, in many cases, give you the option of conti

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

uing the coverage for additional years. This option usually comes by mail before your first year is over.

Sellers can also take advantage o

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

f some coverage while the house is on the market. This applies if they sign up for the warranty when the property is listed. Be sure to ask

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

your listing agent about this.

I always enjoy hearing from you, so please contact me with any questions you have about Nashville Real Estate

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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