Should I buy home warranty？ (opener, furnace, heating, install)
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I think it is great for rental property. I make the tenants pay the $65 co-pay. It has been used for:
1) replacing a recirc pump
2) replacing a tank-style water heater
3) replacing a bathroom exhaust fan
4) repairing an over-the-stove built-in microwave oven
5) replacing a circuit board on the AC
6) replacing a thermostat
7) replacing a ceiling fan in a bedroom
8) repairing a washing machine
9) repairing a refrigerator
10) repairing a leak under the kitchen sink, repairing a shower-over-tub valve
Need to know if the replacements were something you had to buy or the warranty paid for the replacement and labor?
Thank you for all your input! Some of you may not have good experiences with warranty insurance. Buy or not, it depends on how old is your house, conditions of your appliances and what companies you use etc. With my AC problems, I think I will buy it. But any company you want recommend? Thank you!
Thank you for all your input! Some of you may not have good experiences with warranty insurance. Buy or not, it depends on how old is your house, conditions of your appliances and what companies you use etc. With my AC problems, I think I will buy it. But any company you want recommend? Thank you!
My recommendation is for American Home Shield; one I have always used.
I'm going to have to go with the "NO" team. I had HWA and i'm in Houston, TX. The warranty was a part of the sale package on a 5 year old home I bought in 2015. I accepted it willingly and settled in. After all, what could happen to a 5 year old home (with 5 year old appliances that weren't used and abused. The original owners were older people, the man died and the widow moved to an elderly folks home).
The AC unit died in the middle of August. In Houston. On Sunday evening (I came home to discover this).
I called HWA. They gave me the number of some AC guy. I called it, and the guy came out. He said something was wrong with the evaporative coil. He couldn't do anything until HWA approved the deal. He said it should be resolved and ready to go tomorrow.
HWA finally contacted me to the next afternoon to give me the GREAT NEWS (that's what the CSR actually said) that HWA was covering the evaporative coil. YAY!! I thought I would pay the $75 deductible, the guy would come back, do the job and I would have air again.
The OTHER part (the NOT good news) was that I had to pay for the "modifications" (whatever that was) and some other piddly s*&t and my portion of the payment would be over $1100.00. Oh, and I still have to pay the $75 deductible. I was so effin' angry I just hung up because I didn't want to go off on the CSR.
I remembered an acquaintance of mine. He's an HVAC tech with his own business, been in HVAC for 30 years. I called him up. He said he could get me up and running for $800. He asked me some questions about the AC unit, and ordered the evaporative coil that evening. I gave him the cash the next day. He installed that coil and I was in air cooled heaven that night. HWA called me about 5 days later to follow up with my case and I told them to cancel my policy and send me the refund for my unused policy.
Never again. I made a promise to myself that I would put that $500 policy charge in a savings account, and build upon that so I will never have to go through what I went through with HWA again. I don't want some random warranty company telling me "well we cover the parts that are needed, but we don't cover this.....or that....or the other!"
I ended up selling that home in 2016, but if I ever own a home again, I will NEVER NEVERRRR get another home warranty again.
OP if you decide to go with a home warranty company, at least try to make sure you have some savings or an unused credit card to back up any "surprises" they may throw at you.
Thank you for all your input! Some of you may not have good experiences with warranty insurance. Buy or not, it depends on how old is your house, conditions of your appliances and what companies you use etc. With my AC problems, I think I will buy it. But any company you want recommend? Thank you!
In order for these companies to make money off the home warranty business, they need to take in significantly more money than they spend on repairs. In order for that to be the case, most people who buy home warranties need to spend more on them than they get out of them.
In other words, don't pay for a home warranty. Pay yourself the $600/year and self insure through an emergency fund.
There is a reason all the consumer advocacy groups say do not get these warranties. It is not due to a few personal experiences, it is because it is a bad deal. But if you prefer to learn the hard way, go for it.
There is a reason all the consumer advocacy groups say do not get these warranties. It is not due to a few personal experiences, it is because it is a bad deal. But if you prefer to learn the hard way, go for it.
BINGO
I am firmly in the NO camp also
Save the annual fees and hire YOUR OWN repairman that YOU are in charge of and solicit bids or price shop various service people.
Retain a go to list of various trades as you network with friends
Look up the reviews for any of the home warranty companies including AHS. They have probably more complaints about them than any other business I know. My mother and I both have had experience with them and the hassle and aggravation to get them to fix or replace anything just isn't worth it. You are better off putting that monthly home warranty fee into a savings account earmarked just for home repairs than wasting money on AHS.
Took them over a year to fix the heat in my brand new house back in 2004; took them 5 days to even schedule an appointment to look at my mother's a/c in August of 2015. This is in SW Florida where the heat and humidity are brutal that time of year and she had her 97 year old uncle living with her. She canceled her contract, called someone out of the phone book and had her a/c fixed the same day./
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