topic Re: Home warranty plans in Mortgage Loans

Home warranty plans

compassion101 — Thu, 04 Jun 2015 12:41:45 GMT

Wondering if this is worth it for a new home. Built 1920, no system issues at inspection appliances mostly 3-5 years old. I'm interested in people's opinions of these programs and if anyone has done some math on costs

Re: Home warranty plans

frugalQ — Thu, 04 Jun 2015 13:30:48 GMT

we have a home warranty on our old house which we turned into a rental. We pay $55/month...and I have no intention of ever getting rid of it (especially now that it's a rental property).

We've had the plan for over 5 years....and they've replaced our A/C compressor unit, garage door opener, dishwasher, and bathroom vent fan....for no charge (other than the $60 service fees).

the thing to remember about home warranty plans is that it covers not just appliances, but also electrical and plumbing...worth it to me for a home that's outside of homebuilders and applicances warranties.

Re: Home warranty plans

StartingOver10 — Thu, 04 Jun 2015 13:52:06 GMT

Depends on the plan. These plans change their coverage year to year. Some of the companies are worthwhile - others are completely worthless. Read the contract - not just the marketing literature. Someone on this board once said (paraphrased) What the big print gives, the small print takes away.

These plans are known for finding any loophole to not pay for the broken item (replacement or repair). Check reviews too.

Re: Home warranty plans

frugalQ — Thu, 04 Jun 2015 14:05:52 GMT

SO10 is correct read the contract.

I will say this though...before I got our home warranty, the air in our house stopped blowing cold air. i called the HVAC company to come and check...the guy came in and charged me $100 just to flip the breaker back to on (it had tripped). He felt bad about it and gave us a few air filters...LOL I realized at that point that if there was a real problem, the cost would have ridiculously expensive to fix...better to be safe than sorry.

Re: Home warranty plans

Anonymous — Fri, 05 Jun 2015 15:27:23 GMT

What is your company called, that provides your home warranty, frugalQ?

Thanks

Re: Home warranty plans

frugalQ — Fri, 05 Jun 2015 15:42:08 GMT

american home shield (hopefully, i'm not breaking any TOS rules).

Re: Home warranty plans

StartingOver10 — Fri, 05 Jun 2015 17:18:47 GMT

@frugalQ wrote:
american home shield (hopefully, i'm not breaking any TOS rules).

All I can say about ^^^ is read their a/c portion of the contract very carefully. They used to have a decent warranty - I'm talking 15+ years ago, but over time they have taken away much of what used to be covered - especially any repair having to do with an a/c system. Of course here in Fl we notice that right away

Re: Home warranty plans

ezdriver — Fri, 05 Jun 2015 17:43:59 GMT

@StartingOver10 wrote:
@frugalQ wrote:
american home shield (hopefully, i'm not breaking any TOS rules).
All I can say about ^^^ is read their a/c portion of the contract very carefully. They used to have a decent warranty - I'm talking 15+ years ago, but over time they have taken away much of what used to be covered - especially any repair having to do with an a/c system. Of course here in Fl we notice that right away

I agree.

I'm approaching my 1 year point in my new home and I'm currently researching home warranty plans. Do you have a recommendation since you work on the resale side of our industry?

Re: Home warranty plans

frugalQ — Fri, 05 Jun 2015 20:15:38 GMT

I will go back and look over the contract. my new one starts later this month. it was about 5 or so years ago when we had to get our a/c fixed. they replaced it without issue. i will say the last time i had them come out and add freon, they only covered up to a certain amount.

Re: Home warranty plans

frugalQ — Fri, 05 Jun 2015 20:16:22 GMT

yes, SO10....do you recommend any other companies?

Re: Home warranty plans

StartingOver10 — Sat, 06 Jun 2015 02:06:48 GMT

I stopped recommending any of the companies because I haven't seen one that is good overall. Just too many exclusions and the trip fee (co-pay) has increased tremendously on Am Home Shield.

You could check out ECM Home Warranty, but I think they only service S Florida area (not sure of its reach)

Old Republic Home Protection has a good reputation. I still recommend reading the contract of any home warranty you consider.

Re: Home warranty plans

compassion101 — Sat, 06 Jun 2015 02:49:27 GMT

@StartingOver10 wrote:
I stopped recommending any of the companies because I haven't seen one that is good overall. Just too many exclusions and the trip fee (co-pay) has increased tremendously on Am Home Shield.

You could check out ECM Home Warranty, but I think they only service S Florida area (not sure of its reach)

Old Republic Home Protection has a good reputation. I still recommend reading the contract of any home warranty you consider.

So would you think it's fairly reasonable not to get any type of home warranty?

Re: Home warranty plans

StartingOver10 — Sat, 06 Jun 2015 02:55:07 GMT

@compassion101 wrote:
@StartingOver10 wrote:
I stopped recommending any of the companies because I haven't seen one that is good overall. Just too many exclusions and the trip fee (co-pay) has increased tremendously on Am Home Shield.

You could check out ECM Home Warranty, but I think they only service S Florida area (not sure of its reach)

Old Republic Home Protection has a good reputation. I still recommend reading the contract of any home warranty you consider.
So would you think it's fairly reasonable not to get any type of home warranty?

Yes, but consider getting something to cover your HVAC system only. JMO. Everyone has a different idea of what is wise use of funds and to me the warranty's have become more expensive and not worth their costs to the consumer.

Re: Home warranty plans

Anonymous — Sat, 06 Jun 2015 04:20:34 GMT

I had the seller throw in a one year AHS warranty as part of the contract. At this point, though the home inspection didn't uncover any major problems, the house is still an unknown entity and that gives me a year (for free) to have some kind of cushion for unforeseen breakdowns. I'll re-evaluate the situation when my one free year expires and then go from there.