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Post by Really Red on Sept 30, 2020 3:48:58 GMT
My home is 18 years old. I have replaced every appliance, the hot water heater, the garage door and both A/C units, including heat pump. Most, if not all, within the past 5 years. One A/C unit (the one with the heat pump) is probably 8 years old, the other 4. Those are my BIG BIG purchases - I'm talking $8 and $13K.
Many of my friends have been pushing a home warranty. For $600 annually and a $100 deductible, everything is covered (after 1 mo wait).
I take good care of my equipment. Regular checkups for the big stuff and I bought good (read expensive and well reviewed) appliances.
But an $8K hit would kill me. I could afford a new kitchen appliance, but the A/C and heating units? No way. However, is it really worth it? What are your thoughts?
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Post by jlynnbarth on Sept 30, 2020 5:40:00 GMT
For us it’s a yes. We pay 600.00 a year with a 60.00 service call charge.
The sellers of our house offered one when we bought the house. The first year the refrigerator died and couldn’t be fixed. We have an odd size fridge (smaller than normal) that has built in cabinets around it, so of course it was more expensive 🙄 the warranty covered the replacement. I believe it was 1100.00.
The 2nd year our heater died 12k to replace.
The 3rd year the water heater died 1200.00 to replace.
So we still have the a/c, oven, washer/dryer and dishwasher that could go, but our big worry is when the tree roots or whatever grows through the water/sewer line on our side of the sidewalk. That’s an addition that we chose since several friends and my Mom have had that happen. We have several trees in our yard. My Mom had ONE! Lol That’s a 10k or higher issue that could come up.
It’s been worth it for us just because of the heater replacement. In the future we will reassess the need, as we too, can afford appliances, but so far it’s been a blessing to have the warranty.
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Post by mom2kbs on Sept 30, 2020 6:05:04 GMT
YES!!! ours has replaced our ac, hot water heater twice, garbage disposal etc etc. We pay the same and after factoring out how much we have paide out and what we have received we are still in the positive.
Our house if 40 years old and we maintain things and keep up with it all for the 13 years we have lived here.
For example, we just had to have a water bib fixed. The deductible was $100. That was all I paid. I asked the plumber for him to come out the service fee and work hours would have been $300 plus then the parts were about another $200 so he said I saved.
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Post by Patter on Sept 30, 2020 10:25:11 GMT
Well, my parents have one, and it has been nothing but a massive headache getting qualified people to do the repairs. Half the time they don't even show up to do the repairs and don't answer phone calls, etc. The "plumber" that came for a leak installed a new part upside down and didn't screw it into place. Guess what happened? The leak was worse. Second person to come out was just as bad. They have had a few other house issues and the same trouble happens. They have the one that you see advertised on TV a lot and is supposed to be the "good" home warranty company. After listening to Mom's months of issues, I wouldn't step near one.
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janeinbama
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Posts: 3,174 
Location: Alabama
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Post by janeinbama on Sept 30, 2020 12:48:36 GMT
On our current house purchase, we had the 1 year warranty, however, we could pick our contractors. We thought that would help. We still only got service call back on 1 repair. A co-worker had a AC issue and the warranty company picked the contractor. Like Patter above, it was a Mickey Mouse company so after a week with no AC and 2 service calls, the parts they installed did not repair it. They ended up calling a reputable company and were up in running same day.
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Post by **GypsyGirl** on Sept 30, 2020 13:04:14 GMT
For us that would be a big NO. No choice over what company they sent out to do the work, not the best quality workers and they wanted to go cheap on everything. Our experience was they they only did half-ass repairs to the a/c in order not to have to pay for a new one. It was a very good lesson in 'you get what you pay for'.
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Post by Patter on Sept 30, 2020 13:20:33 GMT
For us that would be a big NO. No choice over what company they sent out to do the work, not the best quality workers and they wanted to go cheap on everything. Our experience was they they only did half-ass repairs to the a/c in order not to have to pay for a new one. It was a very good lesson in 'you get what you pay for'. Very well said. Exactly what I was trying to say. LOL!  |
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Post by malibou on Sept 30, 2020 14:15:20 GMT
I would say no. You are good with upkeep and the units are fairly new.
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sharlag
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Posts: 6,574
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Post by sharlag on Sept 30, 2020 14:31:36 GMT
I work in hvac, and we don’t work for home warranty companies because they nickel and dime us so that we don’t make money.
For example if your heat pump fails, they’ll pay for the unit, but not the accompanying materials or the labor.
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smartypants71
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Posts: 5,702
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Post by smartypants71 on Sept 30, 2020 14:32:46 GMT
I say yes but only because my company owns a home warranty company so I get a pretty decent discount. I have had to call out a few times, and the repairs were done quickly and well. I'm nearing end of life on a couple of things, so I plan on keeping at least until then.
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Post by cbet on Sept 30, 2020 19:24:08 GMT
I work in hvac, and we don’t work for home warranty companies because they nickel and dime us so that we don’t make money. For example if your heat pump fails, they’ll pay for the unit, but not the accompanying materials or the labor. I also work in HVAC (and plumbing and electrical) and we have ONE home warranty company that we will work with because they don't nickel and dime us and they are very easy to work with, both on our side and on our customers' side. The rest are awful for the contractors; which is why I imagine they're sending out "mickey mouse" companies. And when I see their ads on tv - "I've saved thousands and thousands of dollars" - the math doesn't work. It's a form of insurance. If everyone who buys into it saves thousands and thousands of dollars, where is that money coming from? It can't be the warranty company; they need to cover their overhead and pay their employees and they aren't a charity, so they HAVE to be making money from somewhere. |
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RosieKat
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Post by RosieKat on Sept 30, 2020 19:33:46 GMT
it has been nothing but a massive headache getting qualified people to do the repairs. Half the time they don't even show up to do the repairs and don't answer phone calls, etc. For us that would be a big NO. No choice over what company they sent out to do the work, not the best quality workers and they wanted to go cheap on everything. Our experience was they they only did half-ass repairs to the a/c in order not to have to pay for a new one. It was a very good lesson in 'you get what you pay for'. I agree with this. We also found that there was always some weird loophole that got them out of paying for our particular problem. It didn't only not help us, it made things more difficult - and yes, this was a well-known company, not a random weird one. |
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Post by supersoda on Sept 30, 2020 20:09:51 GMT
We got one with the house we bought last summer and it was just up for renewal. I read the policy and determined it was not worthwhile. There were so many exclusions and limits on the amounts they would pay for various repairs the policy was hardly worth the paper it was written on. We submitted a claim (that probably would have fallen within an exclusion) and they never even bothered to respond to us. Maybe there are other companies out there with better coverage, but our experience is that it's a sham.
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Anita
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Post by Anita on Sept 30, 2020 20:17:18 GMT
In my experience, they are a total sham and not worth the money.
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Post by Really Red on Sept 30, 2020 21:09:52 GMT
Thanks for all these responses. It doesn't surprise me, but I honestly don't know what I'd do if the heat pump broke. It would be a very, very big chunk of money. I just keep thinking that I have replaced nearly everything in recent memory.
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SabrinaP
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Post by SabrinaP on Sept 30, 2020 21:11:23 GMT
I would definitely do your research. My friend that has one has nothing but trouble getting the company out in a timely manner. They had to wait a week in July in Texas to get their air conditioner looked at and then it took another few days to get it fixed. When my air went out in the middle of summer they air company was out the same day I called them and it was completely replaced by the next day.
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Post by myboysnme on Oct 1, 2020 0:00:21 GMT
I have American Home Shield for the past 5 years or more. I recently had to replace my 28 year old water heater. With the warranty it cost me a $75 fee and then $185 for pipes.
That said, if I had the discipline I would put aside the amount I pay each month into a home repair fund. Then I would probably have enough available when these things come up. But I don't. I borrow from one account for another. So for me, this has been useful but people with good financial discipline probably don't need it.
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Post by Really Red on Oct 1, 2020 1:14:38 GMT
I have American Home Shield for the past 5 years or more. I recently had to replace my 28 year old water heater. With the warranty it cost me a $75 fee and then $185 for pipes. That said, if I had the discipline I would put aside the amount I pay each month into a home repair fund. Then I would probably have enough available when these things come up. But I don't. I borrow from one account for another. So for me, this has been useful but people with good financial discipline probably don't need it. So let's say - conservatively - you pay $500/yr (that's about $42/mo). In 5 years, you would have saved $2500, which is largely enough to pay for a water heater probably twice over. In addition you had to pay $260 for a fee and parts. Yours doesn't seem worth it to me for the reason you stated. I can put money aside, but if that heat pump goes, it is $$$$ |
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dald222
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Post by dald222 on Oct 1, 2020 3:50:41 GMT
last year my contractor said i should get i last they were pretty expesive from 69 a month and 100 a month and more so i did asearch for good ones ours is 42. a month. having them come is 75 for coming it does every thin g in yooui appliances plumbing and pipes garage door washer dryer water heater every singled thing. they will fix your appliance if they cant they will; replace. i am so glad we got it
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Post by chaosisapony on Oct 1, 2020 4:03:42 GMT
I have American Home Shield. I'm not good at putting money aside and not touching it, so for me, it's worked out pretty well.
My appliances are all relatively new but my water heater is older and I have had some issues with leaking shower pipes. The leaking shower pipes I really thought would turn into a huge problem that would cost a lot and they are why I signed up for the warranty in the first place. The first company AHS sent out sucked. They were not helpful and didn't want to do anything. I called again a while later for the same leak since it wasn't fixed and the second company they sent out was awesome. That plumber was incredibly thorough as well as very knowledgeable and friendly. Both times AHS paid the contractors and I just paid my $100 service call fee. The second plumber was at my house for 4 hours so I know that would not have been something I would have been able to afford otherwise.
As a single person with no DIY skills I guess I just like the feeling of security the warranty provides.
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blue tulip
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Post by blue tulip on Oct 1, 2020 12:19:12 GMT
cbet , mom2kbs , jlynnbarth could you recommend by name the companies you use/work with? i'd like to look into them for us!
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Post by jlynnbarth on Oct 1, 2020 14:37:30 GMT
cbet , mom2kbs , jlynnbarth could you recommend by name the companies you use/work with? i'd like to look into them for us! Ours is Home Warranty of America. 😀 |
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peabay
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Post by peabay on Oct 1, 2020 15:10:24 GMT
I work in hvac, and we don’t work for home warranty companies because they nickel and dime us so that we don’t make money. For example if your heat pump fails, they’ll pay for the unit, but not the accompanying materials or the labor. Seriously useful post. |
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sharlag
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Posts: 6,574
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Post by sharlag on Oct 2, 2020 13:06:19 GMT
Thanks for all these responses. It doesn't surprise me, but I honestly don't know what I'd do if the heat pump broke. It would be a very, very big chunk of money. I just keep thinking that I have replaced nearly everything in recent memory. I don't know how you feel about this, but most reputable companies can help you with financing. |
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Post by myboysnme on Oct 2, 2020 20:53:32 GMT
I can put money aside, but if that heat pump goes, it is $$$$ You could get your heat pump looked at and have a company give you an idea of how much life it has left and if it goes, could it have some repairs to get a bit more life from it. With Home Warranties they do try to fix it if it can be fixed. If it looks like your heat pump could go in a year or two you could get the warranty and then when the heat pump is replaced, get rid of it. |
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scrappinmama
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Post by scrappinmama on Oct 2, 2020 21:03:17 GMT
It really depends on the contract. Be sure to read the fine print. When we bought our first home, the warranty that was purchased by the previous home owner was worthless. It did not cover some major things in the house. I tried to use it several times and each time they wouldn't cover the cost.
We have one for our current home and it is pretty good. They have fixed plumbing, electrical, a/c issues. The warranty is through a local repair company. They repair appliances, electrical, plumbing, heating/ac, etc.
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