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    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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