Does anyone know of a good home or house warranty protection plan?
I would like to purchase one but don't know which are good or bad.
Does anyone have a feel for how good these plans are?
Bruce : email@example.com
Your best bet is a savings account and a good handyman.
Most of the home warranties I've had have been completely useless. They
exclude all the things you expect will be covered, and the things that ARE
covered have a large deductible. The insurance company gets to pick the
workers based soley on price, not competence.
Do you get the idea I think they're a bad idea?
These are the same as the extended warranties sold for everything else --
a waste of money for the most part. The insurance company has to charge
more for the policy than they pay out, or they don't make a profit. The
average person loses money. Sure, a few people come out ahead, but you'll
have to look for quite a while to find them.
The question was not about home owner insurance, but the home warranty.
Insurance is almost always needed. Even if you own your house, the chances
of loosing it may be small, but it is such a big ticket item , most can not
afford to loose their house.
Maybe a small cabin or camper at the coast or lake may be differant.
If you read the home warranty policy , it usually pays a very small ammount
and not a policy that will repair or replace things and is usually only good
for a year or two. Not usually worth the money.
Some realitors use the warranty plans to help their profit.
That is why they seem to push them.
A good home inspection may be worth it , especially if you don't know how a
home can have major problems and their repair. You don't need an inspection
that tells you light bulbs are burnt out, but one that looks at major repair
problems like the foundation, plumbing, heating systems, and so on.
We got a home warranty with the new house; it was worthless but not for
the reasons you'd expect. The water heater shat the bed in the garage;
not covered (only the one in the primary dwelling were covered.) Oh
well, homeowner's took care of the water damage, and a new WH was no big
deal. The one time I could really have used it though was when the
ignitor went up in the furnace... at about 8PM. Since it was below
freezing, they authorized "emergency service" but I couldn't get anyone
to come out! Apparently you have to have a "service contract" with a
local HVAC company to get them to dispatch anyone; otherwise, too bad,
so sad, we'll get to you in a couple of days. I ended up staying up all
night moving a portable heater around the house so no area got too cold,
and showing up at the local parts place at 8AM sharp to buy a new
ISTM that if you want to spend money on something it would be better to
get a service contract covering furnace, A/C, and plumbing rather than
rely on a home warranty - you'll get better service that way should
something happen. It does seem like a racket to me, but whaddayagonnado.
replace "roosters" with "cox" to reply.
There are NO good plans. If you search the archives on this newsgroup
you'll find plenty of complaints about problems, failure to collect, cheap
products, low skilled labor, etc. Find out how much they cost and put that
money into a saving account every ear and cover your own repairs as needed.
The companies that sell them are only interested in making a profit They
don't give a damn about your house.
Assuming you are talking about a plan that will fix water heaters and
leaky roofs as opposed to fire damage, then I suggest putting money into a
savings account. All those policies are designed to pay minimum amounts on
what they must cover and not cover as much as possible. Remember that they
make money for the insurance company and the salesmen. They are not usually
regulated as well as life and home owner's insurance so the profit margin is
often very high.
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