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Home Warranties
Posted on 4/1/11 at 6:41 pm
Posted on 4/1/11 at 6:41 pm
Any experience with these? Good or Bad? I have had an "American Home Shield" home warranty this last year when we purchased another home. My experience with this group was mixed. One bad experience trying to get them to repair/replace the freezer. They are sorta expensive however. I was looking at Sensisble Home Warranty-- Less expensive however it appears all of these home warranty outfits have a mixed bag of reports/reviews and I'm sure some SCAMS. Does anyone on the OT have experience?-Thanks
3
Posted on 4/1/11 at 6:42 pm to kew48
Posted on 4/1/11 at 6:43 pm to kew48
quote:
Does anyone on the OT have experience?-Thanks
You should ask them.....
Posted on 4/1/11 at 7:17 pm to SouthEndzoneTiger
Don't know why this was posted in the Money Talk forum. I posted it on the OT.How do I move it?
Posted on 4/2/11 at 8:29 am to kew48
If you are buying an older home it could save you a lot of money...down side is service. Be ready to wait a day or so if your A/C unit goes out in July. These companies tell the A/C contractor how much he can charge for labor and parts mark up...So if I can only make 60.00 for a service call at your house and 110.00 at an uninsured house....where do you think I'm going first...I've got you locked in on the contract. I'm earning repeat business with the uninsured house....Most people will call someone who can come right away and then if it is a major problem have the insurance company contractor come out whenever.
Posted on 4/2/11 at 8:42 am to kew48
quote:
Don't know why this was posted in the Money Talk forum. I posted it on the OT.How do I move it?
It got moved here because it's a money board topic. The quality of advice you will get here is much better.
My rule of thumb is: if the worst case scenario won't break you financially, then you shouldn't by insurance.
Posted on 4/2/11 at 8:52 am to TheHiddenFlask
AHS is around $500 a year if I remember right. That is basically any major appliance or issue with your house and the policy will pay for itself plus you will have the peace of mind knowing that if you central air goes out you won't have to shell out $2000 to fix it.
My family has always used it and I plan to do the same in the future.
I'll be renting next year and plan to have renters insurance as well.
My family has always used it and I plan to do the same in the future.
I'll be renting next year and plan to have renters insurance as well.
Posted on 4/2/11 at 8:57 am to lynxcat
I kept my home warranty for seven years and paid the premium. In those seven years, I had my washer repaired and my dishwashwer replaced. I kept the warranty b/c my a/c unit was original to the house (20 years old). When the a/c unit crapped out, I called the warranty company. They paid for the initial call, but would not replace the unit as it had not been maintained over its life. I had it checked every year (for the seven years I lived here), however they said it was not properly maintained from the beginning and denied the claim. $3500 for a washer repair and dishwasher is quite expensive. Put the money in savings and you are better off, in my opinion.
Posted on 4/2/11 at 9:03 am to slaphappy
It sounds like you had one bad experience and it turned you off.
If they had covered your replacement, you would be singing the complete opposite tune.
If they had covered your replacement, you would be singing the complete opposite tune.
Posted on 4/2/11 at 9:10 am to lynxcat
quote:
$500 a year
quote:
That is basically any major appliance or issue with your house
Only an AC unit or the most top end washer/dryer combos cost that much. There's no way that breaks out to be a good deal.
Insurance companies sell you policies that are, on average a losing bet to you. It's like going in the casino, you might win once, but you are going to lose in the long run.
For things like home insurance where you can't afford to make the bet that your house won't burn down, you need to buy insurance, but for things that wouldn't break you, it's probably better to just self insure (put the premium in a separate savings account).
quote:
I'll be renting next year and plan to have renters insurance as well.
This is a good idea because a fire could cause you to lose virtually all of your belongings.
Posted on 4/2/11 at 9:20 am to TheHiddenFlask
quote:
Only an AC unit or the most top end washer/dryer combos cost that much. There's no way that breaks out to be a good deal.
Insurance companies sell you policies that are, on average a losing bet to you. It's like going in the casino, you might win once, but you are going to lose in the long run.
For things like home insurance where you can't afford to make the bet that your house won't burn down, you need to buy insurance, but for things that wouldn't break you, it's probably better to just self insure (put the premium in a separate savings account).
Well maybe we have just had random things go wrong in our house that have been big ticket items. My dad always talks about how much the policy has helped with anything major. We have two water heaters and then central air/heat...I think something went wrong with all of them at some point in the last 5 years and the policy was definitely worth it. I understand the idea of the premiums vs. needing a major appliance to go out for it to be worthwhile financially, though.
However, you are not able to take into account the qualitative feelings of being insured, which will be a value-added proposition for many consumers. This "utility" is something that cannot be financially measured in the decision-making process.
Posted on 4/2/11 at 9:21 am to lynxcat
For $20/month, I like how renter's insurance protects my only belongings outside of my car. 
Posted on 4/2/11 at 9:37 am to lynxcat
quote:
However, you are not able to take into account the qualitative feelings of being insured, which will be a value-added proposition for many consumers. This "utility" is something that cannot be financially measured in the decision-making process.
You got me. That's a legit reason. I just always think of things in financial logic.
quote:
For $20/month, I like how renter's insurance protects my only belongings outside of my car.
Definitely. I mean it is 240 dollars a year, but it still seems so ridiculously cheap that there is no way that I wouldn't have it. If only my closet burned down, I would be out thousands. Not to mention Phone, computer, sound system, TV, furniture, art, etc.
Posted on 4/2/11 at 9:52 am to TheHiddenFlask
quote:
Only an AC unit or the most top end washer/dryer combos cost that much. There's no way that breaks out to be a good deal.
Guess you've never had to replace a water heater? If selling a house, buy one for the sale, its a good selling point that people think they need. NEVER BUY ONE........like whats been said, you have to wait, use their sub./company/ etc.
Posted on 4/2/11 at 9:55 am to LSUDad
quote:
Guess you've never had to replace a water heater?
I haven't. I just did a mental scan of my house and thought of all the appliances. The water heater is out of sight and out of mind for me.
How much does a regular one run?
Posted on 4/2/11 at 10:12 am to TheHiddenFlask
quote:
How much does a regular one run?
Done right, can be around $850....many times we replace the pan on older homes and redo some of the plumbing, tail lines, etc.
The same job that was $850, a bid by another company was $1,600. Also on the $1,600 bid, no pan replacement, rerouting of lines, no new vent stack, etc.
Posted on 4/2/11 at 10:15 am to LSUDad
quote:
Done right, can be around $850....many times we replace the pan on older homes and redo some of the plumbing, tail lines, etc.
What's the pure cost of the water heater itself.
*This no longer has anything to do about warranties, just my own knowledge. I have replaced them before and it really wasn't all that hard. I'm kind of a "do it myselfer".
Posted on 4/2/11 at 10:23 am to TheHiddenFlask
quote:
What's the pure cost of the water heater itself.
Most cost between, $350-$500. Like with anything, depends on gas/electric, Gallons, and energy savings.
Posted on 4/2/11 at 10:26 am to TheHiddenFlask
I have AHS also that was paid for last year by the sellers. I just renewed it because it has already paid for itself when I had the water heater replaced. I have an Apollo system which costs more than a standard water heater.
I renewed also because I don't have the cash if something else major breaks.
I renewed also because I don't have the cash if something else major breaks.
Posted on 4/2/11 at 10:31 am to seawolf06
quote:
I have AHS also that was paid for last year by the sellers. I just renewed it because it has already paid for itself when I had the water heater replaced. I have an Apollo system which costs more than a standard water heater.
More info please, how long did you have to wait for the new heater? Out of hot water for how long?
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