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Homeowner's Protection/Warranty?

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SagaLore

SagaLore

Elite Member
When I first bought my house, the seller put the house on a 1 year protection plan. So if my AV broke, a ceiling fan fell down, etc. it would be covered.

I didn't renew it.

A few years later, a main water line from my house to the meter busted, and set me back $1600, plus a $800 water bill.

My AC is old and needs to be replaced soon... now I'm thinking this plan might save me some money. But I'm a little skeptical on the fine print - typically, how much do these plans really cover? If I signed up, and my AC finally died only a few months into it, will they really cover the $7k+ of costs? 😕 Then what obligation do I have to continue renewing it after that?
 
Each is differnet and like you said its all in the fine print.

Some do well and others are almost out of money and/or they just drag it out till you give up.
 
I don't know the answer to your question, but are you sure $7k for the A/C is right? How big is your house?
 
Originally posted by: mugs
I don't know the answer to your question, but are you sure $7k for the A/C is right? How big is your house?
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I have no idea how much it would be, just threw out a random figure. 😛
 
Originally posted by: SagaLore
Originally posted by: mugs
I don't know the answer to your question, but are you sure $7k for the A/C is right? How big is your house?
Click to expand...

I have no idea how much it would be, just threw out a random figure. 😛
Click to expand...

OK, well the reason I brought it up is because the cost of the items that you think might die is a factor in the cost-effectiveness of the home warranty. 😉

Replacing just the air conditioner for a typical house won't be nearly that expensive.
 
Check to see if the replacement benefit is the residual value of the current A/C too. That or if they can replace with whatever they want. Either one will leave you with little $ to replace, or a low quality replacement.

We've opted not to blow $400/yr on a home warranty and just put that into savings. Taking into account that the service call costs money, we're unlikely to use it for anything minor. When something larger went, we'd want to replace on our own terms, not have a string of calls to repair at their discretion.

I dunno, maybe I'm a bit negative on it, but I don't see how something that costs so little can provide the benefit that they want you to think it will.
 
Originally posted by: sjwaste
Check to see if the replacement benefit is the residual value of the current A/C too. That or if they can replace with whatever they want. Either one will leave you with little $ to replace, or a low quality replacement.

We've opted not to blow $400/yr on a home warranty and just put that into savings. Taking into account that the service call costs money, we're unlikely to use it for anything minor. When something larger went, we'd want to replace on our own terms, not have a string of calls to repair at their discretion.

I dunno, maybe I'm a bit negative on it, but I don't see how something that costs so little can provide the benefit that they want you to think it will.
Click to expand...

Excellent point... if I went through them, then I'd be stuck with whatever they decided to replace it with...
 
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