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Home warranty plans

compassion101
Established Contributor

Home warranty plans

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

 

 

Message 1 of 14
13 REPLIES 13
frugalQ
Valued Contributor

Re: Home warranty plans

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.

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 2 of 14
StartingOver10
Moderator Emerita

Re: Home warranty plans

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.

Message 3 of 14
frugalQ
Valued Contributor

Re: Home warranty plans

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.

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 4 of 14
nitrous
Contributor

Re: Home warranty plans

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

 

Thanks

Message 5 of 14
frugalQ
Valued Contributor

Re: Home warranty plans

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

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 6 of 14
StartingOver10
Moderator Emerita

Re: Home warranty plans


@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 Smiley Frustrated

Message 7 of 14
ezdriver
Senior Contributor

Re: Home warranty plans


@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 Smiley Frustrated


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?

 

Message 8 of 14
frugalQ
Valued Contributor

Re: Home warranty plans

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.

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 9 of 14
frugalQ
Valued Contributor

Re: Home warranty plans

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

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 10 of 14
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