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Sharon Falco

Is a Home Warranty Worth the Cost?

Posted Tuesday, July 29, 2014
A home warranty is an insurance policy for a buyer who purchases a home that has older appliances. It is also for home purchases where the buyer does not know the age of the appliances.

A typical home warranty plan will probably cover:

  • air conditioning
  • heating with duct-work
  • electrical systems
  • plumbing
  • washers and dryers
  • dishwashers
  • ranges and ovens
  • refrigerators
  • water heaters

When is a home warranty a good deal?  It may be a good idea if:

  • The appliances are near the end of their life expectancy
  • You do not know the purchase date or age of the appliances

When is a home warranty not a good idea?

  • If you are purchasing a new home, the builder most likely provides a warranty.  Check into that, as a separate warranty might not be needed.
  • If you have a repair company you absolutely must use, their work may not be covered by the warranty.

If the home you are purchasing comes with a home warranty, research the warranty before signing it. Some warranties are transferrable; some are not.  Some warranties limit you to hiring a particular company; others will not cover everything.

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