Home warranty choices

14 years ago

I am hearing that it is a good idea to get home warranty especially for older homes. But how do I select one? I checked online and it appears there are tons of companies.

If you check this home warranty directory, you will see close to 50 companies. Do I choose them by rating or are there other criteria such as the company reputation etc.?

Thanks!

Comments (5)

joed
14 years ago
I would persoanlly pocket the fees in a separate bank account for emergencies.
maryland_irisman
14 years ago
joed offers a great long term option. If you can discipline yourself to put aside the fee amount and leave it sit for emergencies.

If you are purchasing the home new, your account may not be large enough to cover any repairs. Your Realtor should have one or 2 they recommend, ask your Agent. If you are doing this on your own after owning the home for any length of time, you can still ask a Realtor or even get a recommendation from your Homeowner Insurance Agent.

I would personally scour the web for the higher rated companies and choose 3 that I thought were good. I would then scour the web even more, looking for any negatives on those 3 companies and even check the BBB and anyone you know for information.

Check the small print or the volumes of mumbo jumbo on any of the company brochures. Some companies may only provide coverage on certain things. For example, if an A/C unit is over 10 years old, they may cover everything except the compressor and labor. Others may cover everything on anything less than 10 years old. Others will take your money and weasel out of doing anything.
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macv
14 years ago
A home warranty is really just an insurance policy. Insurance is intended to cover unpredictable expenses too large for you to afford but it is not intended to be a substitute for normal maintenance. Since most serious damage to your house is covered by a homeowner's insurance policy the home warranty insurance appears to be unnecessary unless you own some very expensive appliances that are getting old and individual service agreements for those appliances is probably a better deal.
tim45z10
14 years ago
I found this insurance to be a rip off. I found out once both myself (seller) and the buyer both were buying policies. If you need it, the deductible will cover a lot of the problems you may incur. Hire a knowledgeable inspector for a thourough inspection. I know this is not what you asked. I just felt the need to share my experience.
User
14 years ago
Them spammers are getting better and better.