Home Warranty Info

[WJW]

Anyone out there have any good or bad experiences with their home warranty on a purchased home? I'm in need and instead of taking a dart throw on the 'net I figured I'd ask around here first.

[whomper]

I always recommend them when i am representing the buyer. The price usually varies depinding on what exactly you want covered. It is an independant transaction that I dont physically get involved in so I am afraid I dont have that much more to add. I just recommend them to cover yourself when buying a home. In NJ you can get things covered through your utilities company for a small fee every month too. Weigh the costs and the coverage of that if it is available

[Qdaddyo]

Ever since I purchased my house, I've renewed my home warranty. I use American Home Shield. I've always had great experiences with them.

[Big Country]

I'll see who we use when I get back home, but IMO they are a must have.

 

On our first home, we made use of it to have the air conditioning and water heater replaced.

[The Irish Doggy]

It sorta depends IMO.

 

In my experience, if you have a major appliance go out unexpectedly, its nice, but you will have limited options as to the replacement model and there is a copay (at least there was for the two home warranties I've had). So, you may have to pay the difference in price for the model you really want compared to the model they want to give you. Also, the warranties may not cover all of the things you think they do. For example:

 

. mine said they cover garage doors, but fine print said not the springs. Of course, my spring broke. Not covered.

. Drains were not covered. Well, of course I had tree roots in my drain and it backed up - but its not covered.

. My A/C wasn't working one time; it lost its coolant, and that was covered. I found out however, that if I had to have the condenser replaced by the warranty company, the coil would have to be changed as well due to proper function/compatibility, but the coil wasn't covered because it was still functional.

. A friend's home warranty didn't cover appliances at the end of their normal useful life. So, he ended up buying a new stove to replace one that was like 15 years old. The warranty company offered to get him a discount of 20%, but the final price was about the same as what he could have gotten at a Lowes. So, who cares?

 

See the pattens? You really have to read the fine print. You have to use their contractors, their time schedule, etc. They have lots of exceptions.

 

If you are buying a house in the Cincinnati area, its essentially standard practice for the seller to pay for a 1 year home warranty. Ones I've seen run about $400-500 and have copays (per technician visit per issue - plumber, electrician, etc.) of 60 to 100 bucks. So, if I'm buying the house and the seller pays, why not get it? Otherwise, a house is pretty much "as is" unless you can prove the former owner specifically hid some issue. I like that peace of mind for a new house.

 

But once I've lived in a place for a while, I will not renew unless I think something major is going to go at any minute. I think the probability is that I'm better off saving the money in a rainy day fund for when stuff really breaks.

Edited November 18, 2009 by The Irish Doggy

[Perchoutofwater]

I would want a 1 year warranty on a new home. If the seller on an existing home offered it I would take it, but I would not demand it. Companies offer warranties for one reason and one reason only, that is to make money. They aren't in it for free. More than likely if something is going to break due to defect (which is really the reason for warranty) it is going to do it in the first year. After than it normally just wears out. Why would I want to pay a middle man to buy my new AC compressor, and have to deal with their BS to boot.

[WJW]

Thanks for the advice, but I guess I wasn't clear enough. When I said I was in need I meant I was getting one. I would never buy an existing home without one. What I was wondering was if anyone had any companies they'd recommend I look into or avoid instead of me just binging the 'net for one.

[Big Country]

When i get home, I'll check who we had at our first home. It was a $50 copoay for any tech visit, but they were eas to deal with the few times we had to and prompt to respond to any inquiry we had.