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Has anyone purchased or have a home warranty on their house (non new purchases)

codeorama

By codeorama
in The Tailgate

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Mania

Mania

Posted
Posted

12 yrs ago the sellers of the house we bought purchased (a home buyers warranty 2-10 home buyers warranty). We used it the summer we moved in to replace the AC compressor. That saved us a about 1500.00. Ever since then I have renewed the hbw. We have use it on the AC, broken garage door, replaced a dishwasher that was passed its warranty and bought a few yrs after we move in I might add. It was a 500 dishwasher. Garbage disposal, AC unit again, although it wasn't the compressor the 2nd time.

These are just a few of the times we have used it. The 550 you pay for it is well worth it and 2-10 is the best and covers more than the others, or that is what a contractor told me a couple yrs ago. He said he would purchase this hbw over the rest.

Hope this helps.

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skinfan2k

skinfan2k

Posted
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Thanks. I appreciate it.

I'm concerned for my ac unit for the future, that's why I'm looking. Just worried about scams.

Thank you!!

 

Code i literally stayed at home today because our compressor went out.  We replaced the furnace and the box outside for a good price from FH FURR but it was worth it. 

One of the websites I'm looking at covers a ton of stuff for 45 a month

 

what company? we are looking for a good home insurance company as well

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ksun247

ksun247

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One of the websites I'm looking at covers a ton of stuff for 45 a month

 

Be careful when choosing them. Read the fine print on what specifically they will cover.  I had American Home Shield. Was paying $40/month and then $50/service call a few years back. Prices have went up.  I dropped them after my 4th home issue that they did not cover (outdoor AC unit, water heater, fridge, water valve).  A warranty is great to have because they can/will save you big money, but it's very disappointing when they tell you that your particular issue isn't covered.   :angry:

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skinfan2k

skinfan2k

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Be careful when choosing them. Read the fine print on what specifically they will cover.  I had American Home Shield. Was paying $40/month and then $50/service call a few years back. Prices have went up.  I dropped them after my 4th home issue that they did not cover (outdoor AC unit, water heater, fridge, water valve).  A warranty is great to have because they can/will save you big money, but it's very disappointing when they tell you that your particular issue isn't covered.   :angry:

what do you have now?

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Alaskins

Alaskins

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"American Home Shield" is useless and has let us down both times that the "sellers" purchased it for us.  I use quotes because both times the broker put it in the deal for us.

 

Total and complete waste of money on anyone's part.  They cost us more in "diagnosis fees" that we ever got from them.

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chipwhich

chipwhich

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Not that I disagree, but wondering if your thoughts on term life insurance are the same

 

My thoughts on term life have always been the same.  It's the only way to go.  Whole life, universal life, whatever the latest name they call it are all rip offs to the consumer.

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zoony

zoony

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My thoughts on term life have always been the same.  It's the only way to go.  Whole life, universal life, whatever the latest name they call it are all rip offs to the consumer.

So why not just put that money in a piggy bank?

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chipwhich

chipwhich

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So why not just put that money in a piggy bank?

 

Because there is no comparison to term life and a home warranty.  I can get a $1,000,000 policy for under a $100 dollars a month and if I die, my wife and kids don't have to struggle.

 

If you know anything about home warranties, you know 1) they don't necessarily cover what breaks, 2) you have to rely on their people to come look at the problem before you can have it fixed, 3) they don't reliably show up, and 4) there is typically some sort of deductible.  5) My dads a real estate agent and deals with this stuff all the time for his clients.

 

I wouldn't buy life insurance if I didn't have a little bit of a heart and not want my kids to have to figure out how to get a meal and potentially lose their home.

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skinfan2k

skinfan2k

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Because there is no comparison to term life and a home warranty.  I can get a $1,000,000 policy for under a $100 dollars a month and if I die, my wife and kids don't have to struggle.

 

If you know anything about home warranties, you know 1) they don't necessarily cover what breaks, 2) you have to rely on their people to come look at the problem before you can have it fixed, 3) they don't reliably show up, and 4) there is typically some sort of deductible.  5) My dads a real estate agent and deals with this stuff all the time for his clients.

 

I wouldn't buy life insurance if I didn't have a little bit of a heart and not want my kids to have to figure out how to get a meal and potentially lose their home.

 

Term life is a waste if you outlive your policy though.  That money gets wasted then?  Then what?

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chipwhich

chipwhich

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Term life is a waste if you outlive your policy though.  That money gets wasted then?  Then what?

 

Whole and universal life is a waste.  Period.  Unless you like the commissions your life insurance sales rep is earning off you.  A lot of y'all out there get sucked into those policies.  It's a commission based structure that's great for the sales rep and the insurance company.

 

I bought a 30 year policy when I was forty.  After 70 I don't give a ****.  My kids will be grown and my estate should be fine whereas there is no need for life insurance to keep the family secure.

 

Insurance in general is a waste, but sometimes you use it to cover the ones you have half a heart for.

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Elessar78

Elessar78

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Term life is a waste if you outlive your policy though.  That money gets wasted then?  Then what?

Life insurance is when people are dependent on your income and they don't have enough assets to sustain their lifestyle if the policy-holder should pass. 

 

The assumption of people who get term LI is that they will have accumulated enough wealth by the time the term lapses that it's a moot point. 

 

I guess, if the policy holder is not a saver then traditional LI makes sense. 

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chipwhich

chipwhich

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Just to add to my comment to Zoony, putting $550 a year (the cost of the home policy) away to pay for a home repair is a lot easier to piggy bank away then paying to get 1,000,000 in life insurance to take care of your family.  You can't piggy bank that away at the rate of $550 a year.  Most home repairs don't cost $1,000,000

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