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Are home service contracts (so-called warranties) worth it?


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I'm certain I know the general opinion here, however, my mind has been changed by numbers.  They don't lie, they don't have opinions.  I've been paying $19/mo for a basic major-issue plan on the house, since April of 2022, so I've paid $456.  So far I've had these things done.  Each individual call has a $100 deductible, but a call can include multiple items, as it did on the plumbing one.  The price I put on there is what they said it would cost to call them, or what I've actually paid in the past.


AC compressor capacitor, $200-some, weekend call in July, serviced in less than 24 hours.

AC contactor fried, $450

AC compressor capacitor (other unit), $200-some

Plumbing issues with a faucet, and previous owner's kids putting crayon in drains, $400-500.


So $400 in deductibles and $456 in premiums = $856


Approximate work saved:  $1300


Net win.  Of course, the risk on my side is that nothing would happen.  Very unlikely with one AC going on 20, and the other about 12 years.  All other house systems going on 20 years.  The other risk is that they send me idiots, but the opposite has been true.  They have all been the best, most polite and respectable workers ever.  Absolutely perfect.


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1.  Read the fine print on what is excluded.

2.  Talk to local technicians and see if they've had to deal with these companies (or had customers who have).  I know some Medicare supplement plans are "no go" around here.  Doctors and hospitals will tell you flat out which companies do and which don't pay claims for patients.

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1.  Obviously I did.


2.  Worthless, as many of the techs will have biases and speak bullshit.  All of the ones that work for this company are very positive about it, but there would be no way for me to reach those specific ones before the fact.


EDIT:  There are no "claims."  You do an online request, a tech shows up, and you pay nothing.


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On 5/9/2024 at 10:36 AM, SwampNut said:

AC compressor capacitor, $200-some, weekend call in July, serviced in less than 24 hours.

I was there for that.


It appears that it's not like the shitty extended auto repair warrantees, but I had previously assumed they were.  Hmmm, I wonder what it would cost for my 1965 built house.

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