Question: What is the difference between a "warranty" and an "inspection?"

Answer: A warranty and an inspection are different creations.

An inspection shows the condition of a home at a particular time. A warranty provides compensation if an approved repair is required during the warranty period.

Not all warranties are alike. Some cover repairs only above a certain minimum (which is reasonable). Some have defect lists -- but the standards for each list vary (some lists are vastly more liberal than others). Some warranty programs charge an inspection fee for each item. Etc.