Owning a home of your own is the American Dream. But with that dream comes worries—what if there's a major repair needed on the home you're buying or selling?

Home warranties repair or replace a home's major mechanical systems and appliances for a specific length of time, a year in most cases. This is a home buyer's and seller's best defense against expensive repairs, or complete replacement of major items, which may include a roof, furnace, or washer and dryer.

Whether selling or buying a home, you can't predict when problems will arise. They seem to happen when you're least prepared. Unplanned home repair expenses ruin many family vacations and holidays, and put a tremendous strain on the family budget.

With cost going up and up on repair bills and having to come up with the money for replacement failures, a home, condo, town house, or new builders home warranty service agreement is a good idea to have on your property regardless of its age—old, improved or new!