Hi All,
Just wanted to get some feedback (mainly from our USA based forumites) on what people think about Home Warranty Insurance. Any catches and is it worth it ? A premium for a top of the range policy costs $420-00 and could be handy if any appliances break down on me. So far no issues but I hear that tenants can be hard on the appliances like dishwashers, sink garbage disposal systems etc. On one of my places the seller paid for the first years premium and I can renew at my expense after that.
speedy gonzales wrote:Hi All,Just wanted to get some feedback (mainly from our USA based forumites) on what people think about Home Warranty Insurance. Any catches and is it worth it ? A premium for a top of the range policy costs $420-00 and could be handy if any appliances break down on me. So far no issues but I hear that tenants can be hard on the appliances like dishwashers, sink garbage disposal systems etc. On one of my places the seller paid for the first years premium and I can renew at my expense after that.
I don't trust them have had many clients not be able to get them to pay.So I stopped using them years ago..
Alex
lol….that's why insurance companies exist isn't it…..to find as many claims as possible NOT to pay !!
Thanks for the feedback Alex…..I can't comment at this stage cause I have never had to make a claim. It cost me nothing this last year but is coming up to renewal time so was thinking is it worth it since I would have to pay the next years premium myself. You watch…if I decide not to renew it….. the month after the dishwasher will give up life and I'll have to replace it !!
In your opinion I gather you feel they are all tainted with the same no pay attitude….seems like quite a few exist so was wondering if your experience was limited to just one company in particular or a few.
speedy gonzales wrote:lol….that's why insurance companies exist isn't it…..to find as many claims as possible NOT to pay !!Thanks for the feedback Alex…..I can't comment at this stage cause I have never had to make a claim. It cost me nothing this last year but is coming up to renewal time so was thinking is it worth it since I would have to pay the next years premium myself. You watch…if I decide not to renew it….. the month after the dishwasher will give up life and I'll have to replace it !!
In your opinion I gather you feel they are all tainted with the same no pay attitude….seems like quite a few exist so was wondering if your experience was limited to just one company in particular or a few.
These home warranty companies to me it is just a sham. My real estate partner used to offer this service through the different companies years ago to his clients. Let me get back and see the names of the companies he used .Success rate of zero for him. With multiple companies.
So I would shy away from them
Alex
Hi Speedy
Just be aware there are a number of PM agreement that I have read that specific exclude these policy and will not deal with the insurance company re your property('s).
In one I also read that they would take on the property but would not allow the renewal of the policy.
Regards
IF you have a home warranty program that allows you your own techs, you have regular a/c maintenance (we do quarterly and log them), then you are definitely going to stand a good chance of the claim being accepted. We have had 3 clients save over $4k a piece. I word it like this – if you have a unit that is over 10 years old, you will be looking to replace that unit within the next few years… some are still churning and almost 20 years old but that is borderline a miracle. This may help keep it going. I view this as the “just in case” warranty. Not everything is covered but a good amount is and has been. It is slightly reassuring when it is 120 degrees here to think that it may not end up being a 2k repair. We use Sensible Home Warranty at $300 per annum and a $45 call out. It varies.
I have it in place in my Alaskan properties for furnace reasons and I have it in place in Vegas primarily for my a/c but the policy itself covers all systems.
In Vegas I tell people that you are probably needing to budget $750 in maintenance per annum including the $300 for the home warranty program. Just one blown furnace or a/c issue would double that….. i
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