Home Warranties

[Anonymous]

Hello everyone,

I wanted to ask people's opinion about getting a home warranty. Do you think that it is worth it to get? If so, what companies do you recommend that worked for you?

[Anonymous]

Yes I do beleive they are worth it. We just closed on our house at the end of May and have had 4 repairs since closing. All have been covered under the home warranty and cost us the $50 deductable each time. So $200 is what it cost us would have cost well over $3500 dollars to pay for the full repairs. I would most def recommend UHP Home warranty which is the one we have.. It's up to what you feel is best but I am sure glad we had when included in the seller cost of selling home. It was recommened by our realtor

[Mrsg714]

I would also recommend trying to have one paid for by the seller and included in the deal. We closed early May and had problems with our a/c last week. Our deductible is $75 and the repair was fully covered after that. It was nice to have some place to turn so early in. I'm not sure if I'll continue with the warranty next year, but it's nice for a first time homeowner.

[DallasLoanGuy]

1st house:  pool equipment failed. got over $1000 worth of repairs for the cost of the copay

2nd house: 1st issue wasnt covered. havent had anymore issues.

look at the contracts and find out what is/isnt covered.

[Anonymous]

The seller agreed to pay $500 towards a 1 year home warranty policy, I chose one that covered the items I'm concerned about and with the coverage limit I'm comfortable with. I'm not sure if I will renew next year, I will have to see how the warranty does during the first year before deciding on renewal. 

[Anonymous]

Thanks for all the feedback guys We might get one.

[StartingOver10]

Make sure to read the warranty contract - DallasLoanGuy is right.  

There are vast differences between the various companies and some that were good years ago are no longer good. The attorney's for the home warranty co's spend a lot of time changing the warranty coverage from year to year - usually to reduce coverage and not increase it. 

[Anonymous]

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@StartingOver10 wrote:

Make sure to read the warranty contract - DallasLoanGuy is right.  

There are vast differences between the various companies and some that were good years ago are no longer good. The attorney's for the home warranty co's spend a lot of time changing the warranty coverage from year to year - usually to reduce coverage and not increase it. 

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I third that suggestion

[Anonymous]

So after doing some deep research, me and my husband came to the conclusion, that we won't be getting a home warranty after all, I've checked into multiple services that covers our area and they do have A LOT of exclusions.

[StartingOver10]

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@Anonymous wrote:

So after doing some deep research, me and my husband came to the conclusion, that we won't be getting a home warranty after all, I've checked into multiple services that covers our area and they do have A LOT of exclusions.

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I think you are right. Better to take that $500 and put it into a savings account. 

I used to "believe" those warranties were worthwhile - 20+ years ago.  But over the years the contracts have morphed into very expensive "non-service" agreements. Especially when it comes to major systems like HVAC or electrical systems.  The limit is usually the cost of the contract!  That makes no sense to me.  Some of the vendors used for servicing are less than desireable too from what I have noticed.