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Message
Are house warranties a mafia front?
Posted on 8/2/17 at 2:53 pm
Posted on 8/2/17 at 2:53 pm
I bought a house warranty when i got current house.
35 yr old house.
The deal on house warranty is that only stuff that was working can be replaced or repaired for the $65. You pay $800 a year up front.
So i say unto you, how the heck do they manage? I just got an up to code water heater, $65, installed and old taken away.
Then i got a new kitchen faucet. A lot of under sink work to take into account my under sink water filter.
$65 for hundreds in labor.
For real, anyone work for a house warranty company?
How do they profit?
Is it a money laundering scheme?
35 yr old house.
The deal on house warranty is that only stuff that was working can be replaced or repaired for the $65. You pay $800 a year up front.
So i say unto you, how the heck do they manage? I just got an up to code water heater, $65, installed and old taken away.
Then i got a new kitchen faucet. A lot of under sink work to take into account my under sink water filter.
$65 for hundreds in labor.
For real, anyone work for a house warranty company?
How do they profit?
Is it a money laundering scheme?
13
Posted on 8/2/17 at 2:55 pm to CelticDog
quote:
So i say unto you, how the heck do they manage? I just got an up to code water heater, $65, installed and old taken away.
Then i got a new kitchen faucet. A lot of under sink work to take into account my under sink water filter.
$65 for hundreds in labor.
not everyone needs it or uses it
its kind of like insurance in that way
in fact it is insurance, thats why its kind of like insurance
This post was edited on 8/2/17 at 3:00 pm
Posted on 8/2/17 at 2:55 pm to CelticDog
quote:
a mafia front?
Yadda yadda yadda carlos marcello yadda yadda yadda basically my relative yadda yadda yadda
Posted on 8/2/17 at 2:55 pm to CelticDog
Same as any insurance. They calculate the chance of something breaking and price it. I'm sure they do ok.
Posted on 8/2/17 at 2:56 pm to CelticDog
I've seen some that will do anything to avoid replacing the appliance. Had a friend that had to call them every other week for his A/C unit all summer long. They would send somebody but refused to replace it.
Posted on 8/2/17 at 2:56 pm to CelticDog
quote:
You pay $800 a year up front.
Seriously? Seems like you're going to lose more than you're going to come out on top. I mean, a 35 year-old house.....maybe you get your money's worth?
Posted on 8/2/17 at 2:56 pm to CelticDog
quote:
You pay $800 a year up front.
So i say unto you, how the heck do they manage? I just got an up to code water heater, $65, installed and old taken away.
Then i got a new kitchen faucet. A lot of under sink work to take into account my under sink water filter.
$65 for hundreds in labor.
Those two jobs don't seem like $930 worth of work in total.
Posted on 8/2/17 at 2:56 pm to CelticDog
I think the mafia's ethical standards are too high to own most home warranty companies.
This post was edited on 8/2/17 at 2:57 pm
Posted on 8/2/17 at 2:58 pm to CelticDog
Just invest that $800 in VTSMX, and in 5 years, your unexpected maintenance will be covered. Just assume you will have to pay out of pocket until that fund is built up tho.
Posted on 8/2/17 at 3:01 pm to Muice
Posted on 8/2/17 at 3:05 pm to Y.A. Tittle
quote:
Those two jobs don't seem like $930 worth of work in total.
I could see a water heater maybe making up most of that, but how often are you going to replace it? Once every 8-10 years......so the other 7-9, you better hope some expensive shite goes bad to make good on that warranty.
Posted on 8/2/17 at 3:11 pm to CelticDog
Depends on how old the systems in your house are, mainly your AC unit. If it's over 15-20 years, it might make sense to have a home warranty since you will soon have to start pouring money into it and eventually have to replace it.
It's also sensible for 1st time home buyers who may not have that savings readily available to make a sizable repair. Gives them peace of mind until they can get a grasp of what's required when owning a home.
That being said you may find yourself fighting with your home warranty provider because there are so many stipulations on what they will repair/replace and what they won't cover. So read your contract carefully.
It's also sensible for 1st time home buyers who may not have that savings readily available to make a sizable repair. Gives them peace of mind until they can get a grasp of what's required when owning a home.
That being said you may find yourself fighting with your home warranty provider because there are so many stipulations on what they will repair/replace and what they won't cover. So read your contract carefully.
Posted on 8/2/17 at 3:13 pm to S1C EM
A home warranty get put into the contract for about every home purchase in America. The seller of the house ends up paying for it. My guess is that most do not get used.
Posted on 8/2/17 at 3:18 pm to CelticDog
It will cost your $800 to renew.....and I bet you don't get a new faucet or water heater next year.
ETA: I think American Home Shield was/is having financial issues.
ETA: I think American Home Shield was/is having financial issues.
This post was edited on 8/2/17 at 3:19 pm
Posted on 8/2/17 at 3:19 pm to Godzilla
quote:
A home warranty get put into the contract for about every home purchase in America. The seller of the house ends up paying for it. My guess is that most do not get used.
Yep. We bought our 50 year old house 10 years ago, and paid for the second year of warranty before I let it lapse. These things tend to come in spells, at least at my house. But over time I have become handy with basic repairs. I've swapped sinks, faucets, toilets, worked on the HVAC, etc. Saved thousands of dollars instead of hiring a pro. On the major stuff, I'm sure I'll end up paying someone to fix or replace, but 10 years ago our cost for a year was $600. So if I have not spent $6k for something I might have used 3 times, it is worth it. Mostly a sham dreamt up by realtors to make selling older homes more attractive.
Posted on 8/2/17 at 3:19 pm to CelticDog
im pretty sure your a dead man walking
Posted on 8/2/17 at 3:59 pm to CelticDog
It is like insurance. A buddy of mine got a letter from the home warranty company telling him they would not be offering him a renewal. That's how he knew he got the most out of it.
Posted on 8/2/17 at 4:01 pm to CelticDog
quote:
Are house warranties a mafia front?
No, but they are more useless than an inflatable dart board.
They cover nothing that can realistically break and usually dispatch crooks to handle "repairs". When something under the policy actually does break they avoid paying for it. It's actually just like insurance in that respect.
This post was edited on 8/2/17 at 4:05 pm
Posted on 8/2/17 at 4:04 pm to S1C EM
quote:
Seriously? Seems like you're going to lose more than you're going to come out on top. I mean, a 35 year-old house.....maybe you get your money's worth?
It's good if you can get the seller to pay for it for the first year. My AC went out 2 or 3 weeks after I bought my house. I put in a work order with the home warranty company at 12:00 AM and they had a contractor call me at 8:30 that morning.
This post was edited on 8/2/17 at 4:10 pm
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