HOME WARRANTIES SUCK!

Posted by Tom Martino at 12:00 pm 20 Comments Print

I have a basic problem with home warranties on used homes. It’s quite simple: They don’t cover anything!

I’ll explain …

Let’s say you pay $900 premium for the warranty. They base the premium on the fact that the home has 10 appliances plus a furnace and central AC. Now let’s fast forward a few months.

Your dishwasher breaks down! You call the warranty company. They send a repairman who determines the problem was caused by a “preexisting condition” (in other words, the problem began before you owned the home). The result? The CLAIM IS DENIED!

Now … fast forward another 6-months … another appliance breaks down.

Same story: “preexisting condition”!

THINK ABOUT THIS BEFORE BUYING ONE OF THESE USELESS POLICIES!

When you buy one of these warranties you never really know what will be covered until it breaks down. That’s because the only damage covered is sudden new damage that occurs after your closing date! Let me put that another way … any previous wear, any previous owner abuse … any previous damage that may have contributed to a breakdown is NOT covered! So even though you think you are covered for 10 appliances (and pay a premium accordingly) … YOU MAY ONLY BE COVERED ON ONE OR NONE!

In essence, the warranty company is saying: “Pay us now and we’ll let you know what is covered later.”

THIS IS JUST PLAIN WRONG!

A better way to buy a home warranty is to demand that the warranty company inspect all of the appliances at the time you buy the warranty. Then, based on condition, either cover it or exclude it. That way, you’re paying for exact coverage instead of “pay-now find-out-later“.

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20 Comments

Vince, 2 months ago

What about warranties on new homes?
Denverdiablo, 2 months ago

I bought a CHOICE Warranty that coveres most items in my old home and actually had to use it for a leaking garbage disposal. My plan had me do a claim on their website and I got a call right away spelling out that I have a $45 deductable for them to plan a plumber to come out and look it over. On 08/14/2018 the plumber arrived and looked at the unit and said that I needed a replacement Garbage Disposal and that he would call CHOICE and make a claim and that I needed to pay him the $45. He went to his truck and made the call and came back moments later saying it was covered and then repaced the unit with a new one. This was very effortless and a great program since the unit was also hard wired in and Lowes would not even touch it when we did some home improvements in the past. I will recommend CHOICE Warranty to others and we are happy with it so far.
Anonymous, 2 weeks ago

I need help. Choice Home Warranty is notnot covering basic items. Necessary parts to make a furnace run. Except the valve for gas with out it there is no running furnce?? Help
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