Is a home warranty worth it?

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If you’re getting one as part of a purchase, you will use it. You likely won’t recover the warranty cost if you outright buy on your own.

likesmart

I can confirm it’s useful when buying a home. We got it thrown in when we bought our last home. Washer / Dryer broke shortly after we moved in. They just gave us a money to just replace it. Totally seamless.

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Likely not

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Home warranty functions as insurance. That is, if you can afford the loses (most expenses are likely well under $5k), you should ideally self-insure.

Otherwise the premium you pay will statistically cover your expected loses, plus earn a small profit for the company managing the home warranty.

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It was a gas furnace. I think the contractors are taking a hit on the price side, but making it up on volume. They aren’t the guys you’d generally pay to do this stuff, so they aren’t commanding the same rates as everyone else.

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Depends on the age of the home. Most home warranties require stuff to be a certain age. So if you’re buying an older home, then it’s probably worth it. Otherwise, probably not.

We’ve bought a condo that is 35 year old, it was worth it, repairs wouldn’t costed way more. After a couple of years, we’ve done enough repairs and upgrades, we no long need it.

I would say totally worth it. We bought it when out home was about 8yrs old. So far in the past 7 yrs we have had warranty fix/replace the following
- dishwasher- replace
- fridge- fix once and then replace after 4 yrs
- 2 AC units - fix once each and replace after 5 yrs
- microwave-oven wall combo - fix a couple times and replace after 6 yrs
- food disposal replaced

So considering all of this I have more than recovered 7yrs of premium

Are you taking a baseball bat to your appliances every year or so?

I previously owned a 100-year old past-rental, townhome, that in my 3 years living there, I’ve had 0 appliance issues.

Pretty much the same for my 15+ years of renting (I’ve asked owners to replace a non-working A/C unit and a microwave immediately after moving in).

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