I have had a very positive experience with home/appliance warranties. I currently own 2 properties and use a home warranty for each property. The most important factor in having a home warranty is understanding your contract. Most people fail to do this, and then they are upset when something breaks and they find that it isn’t covered. Many warranties have optional coverage that can be purchased relatively inexpensively. For example, my warranty had a “heating and cooling” clause that could be purchased for roughly $60 dollars per year.
Without this coverage, my heating and cooling systems would not be covered. With this coverage, I could potentially get a new air conditioner or furnace if mine failed. Again, I cannot overstate the important of understanding your contract and making sure to purchase the coverage you need before you have to use your contract.
With that said, the warranties, such as Choice Home warranty, are excellent when used appropriately. In my first year in my new home I had the following problems: a leak in the ceiling, multiple electric problems, a plumbing leak under the sink, a garage door malfunction, malfunctioning outdoor spigots, and an air conditioning problem. I was able to get all of these repairs covered with my home warranty. The warranty will even cover multiple problems with one co-pay; for example, I only paid my copay once for an electrician visit, and yet the electrician fixed 6 different problems during his visit.
When getting my warranty, I was sure to get the premium package that covered problems from improperly installed systems. This proved to be priceless when we discovered a leak in our ceiling that was due to a malfunctioning toilet flange because the previous owner did not adjust it when he rebuilt the bathroom floor.
Because I had purchased the upgraded warranty coverage, my home warranty paid to fix the flange and repair the hole in the ceiling. All in all, this would have been a $2000 job, and I only had to pay my 75 dollar copay. Home warranties provide peace of mind in home ownership.
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