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Old 03-02-2010, 11:52 PM
 
88 posts, read 270,514 times
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We purchased a new construction home last year and the 1st year warranty will expire next month. We have rec'd paper from a few companies that offer warranty programs. Should we consider this or not? When we purchased our home, our inspector found minor things that were corrected. Should we consider having a new inspection or any recommendations? I just don't want something really expensive too wrong and a warranty might cover it.
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Old 03-03-2010, 04:29 AM
 
Location: Charleston, SC
5,615 posts, read 12,829,797 times
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I've never had one or had anything happen they would have covered, so I have saved (warranty cost) * ( X number of years I've owned houses)

One thing you may want to co sider is that from what I've heard at least they are surprisingly good at getting out of things you want to claim. Also heard plenty of quality complaints from them farming the work out to the lowest bidder.
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Old 03-03-2010, 06:39 AM
 
Location: San Antonio, TX
8,400 posts, read 20,161,843 times
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I found this response on the web and strongly agree with it...

Quote:
As long as you're paying for home owner's insurance, getting and extended repair warranty for your home is probably a waste of money. If you've had no problems the first two years, you're probably in good shape. Any major problems would have become evident by now and though wear and tear will occur, it probably won't happen to such an extent in the next two year that you should require such a warranty. You can never predict catastrophic problems, but that's what insurance is for. If you want peace of mind, try reviewing your home owner's insurance policy and maybe opt for a plan with more coverage. But don't waste your money on that extended warranty.
Most extended warranties, such as for cars, electronics and homes, are usually a waste of money...
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Old 03-03-2010, 07:17 AM
 
Location: San Antonio
4,149 posts, read 9,325,524 times
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While most agree that extended warranties are a waste (and I agree on just about everything), because I negotiate one into every buyer's contract I write, I get notified when each of my clients makes a claim against theirs. This year I've gotten many notices on little things such as oven repair, water heater replacement, a/c repair, etc. Things that just "go wrong" on a house. Now, most of these are on pre-owned homes. Some clients haven't used them at all. Some have used them multiple times in a year and it's saved them a ton.

If you've got a good emergency account, it's probably not necessary. But if you don't have the costs to cover a water heater replacement or other similar costs, it may be worth looking into.
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Old 03-03-2010, 07:22 AM
 
Location: New Braunfels, TX
6,274 posts, read 9,034,473 times
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Kevin - based on your experience, which ones are good - and which are nightmares? I'm not one to buy 'em, but lots of folks are, and someone such as yourself could really help others avoid buying from one of the "not covered" type companies!
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Old 03-03-2010, 07:25 AM
 
Location: San Antonio
4,149 posts, read 9,325,524 times
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I've always had good luck with Lane America Home Warranty, which just changed their name to Buyer Protection Group. Homepage - BPG Home Warranty

I've never heard a complaint from any clients and their marketing rep that I deal with always seems to be on the ball.
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Old 03-03-2010, 07:34 AM
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Location: Ohio
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Rather than pay for more warranty, pay for an inspection and have a professional determine whether there's anything else that your warranty can fix before it lapses.
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Old 03-03-2010, 08:28 AM
 
Location: New Braunfels, TX
6,274 posts, read 9,034,473 times
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I agree...but to a degree. I'm pretty much a "handyman" - I can plumb, weld, trouble-shoot and repair electrical - but most can't. And it's a challenge to predict the condition of electrical components simply by testing amperage draw, etc. And most home inspectors will face the same challenge. You can't tell the condition of piping, etc. with an external inspection - and unless the hot water heater is gurgling like Tammy Wynette, good luck predicting anything on it!
I was recently reminded of one of the big attractions to HO warrantees by our youngest son and his wife, who are in the process of buying their first home. Like so many other young couples, their budget doesn't have a whole lot of room for Murphy to visit - so they're looking at HOW's to help them "bridge" any problems they might encounter - ergo my interest in getting experienced information on what's available.
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Old 03-03-2010, 08:50 AM
 
107 posts, read 246,670 times
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va diva,
since you have a new construction you only have to get the warranty company to replace what breaks not "upgrade" to code standard. just read all the fine print. some will repair/replace at their discretion only the broken parts not an entire unit. its really only important if you feel large ticket items are going to go out soon, otherwise put the monthly cost into a savings account for emergencies and you should be fine. the fun with home warranties begins when you have an older home. most dont cover any of the cost to bring existing installations into code compliance. some will cover a few hundred dollars for an extra monthly fee. like i said, read the fine print and shop around a lot. ask lots of questions, lots of times. you can buy a home warranty anytime you want so if you lapse for a month to find the right one its ok.
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Old 03-03-2010, 11:23 AM
 
2,313 posts, read 3,188,326 times
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As fast as they build homes in this area, you need to try to grab every warranty you can
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