Household Home Insurance Plan - Page 2

Mominohio · ‎08-08-2010

@software wrote:
My opinion is to always have an emergency fund. That way you have control over who, when & where. Not sure that those plans give you flexibility on who you can use for repairs & replacements. I would hope those insurance plans are legitimate, vetting the repair companies, which would be a plus!

This is pretty much my thoughts as well. Money put back can buy you just what you need, just when you need it, choose just who you want to do the work,with no hassles or restrictions or hoops to jump through from some 'insurance'.

I think that certain types of insurance are a necessity these days (health, homeowners, car, and for many life insurance) so people buy into the 'ease' of just paying some money each month, then when those big bills hit from a problem with a home or appliance repair, it is all taken care of.

But my guess is that what really happens is that they find reasons not to fix things, choose repair companies and parts or brands of replacement items that they want, not what you want.

It's amazing if one would start a savings account just for emergency home repairs, and add to it weekly (or monthly or however one gets paid) just how quickly that money can add up. One just has to have the willpower to leave it accumulate until needed for a true 'emergency'.

Mominohio · ‎08-08-2010

I will add that to me, a home insurance plan is not the same thing as buying an extended warranty on an appliance that you purchase new.

That I have done on several things, and for our deep freeze/fridge combo, it has saved me a lot of money, as we had to have that repaired many times. I did finally drop it, as we caught on to what was happening with it when it would malfunction, and now 'fix' it ourselves. If it dies for good, we feel we got a lot of years out of it and will now just replace it.

But the extended warranty on some appliances is truly a good deal, especially when first purchased. When it starts to become less valuable is as the appliance ages, and you have to keep renewing that warranty. After a period of time, you have paid enough to just go get a new appliance. So there is a limit to how long I carry those extended warranties.

novamc1 · ‎07-02-2015

I've always been against extended warranties on appliances or electronics and probably always will be. However, my sis and BIL have a very expensive Thermador induction cooktop on which they have carried an extended warranty for a long time.

This cooktop has needed extremely expensive repairs several times, which their warranty has covered. They are thankful for the warranty because it has actually worked for them, instead of just being an extra expense.

I suppose when you purchase gold-plated goods, you better buy a gold-plated warranty to protect your investment. I might consider having one if I ever buy a high-end induction stove. Apparently they can be temperamental.

SilleeMee · ‎05-22-2016

My story is about extended warranties, not insurance, but I thought I'd mention it here since the topic has been brought up.

Bought a fairly expensive digital camera. It came with a 2-yr factory warranty. About a week after I purchased it, the store from which I bought it send me an email offering an extended warranty for $12 and it would add on an aditional three years to the 2-yr one I already had. When I went to read the fine print it said the $12 extension would only cover parts, not labor. It went on further to say labor would be covered by adding an additional $14. I'M NOT DONE YET....To cover the cost of shipping to and fro for each and any event of repair, an additional $12 would be needed to cover that! Seroiusly!

Nuttmeg · ‎03-09-2010

@Mominohio wrote:
I will add that to me, a home insurance plan is not the same thing as buying an extended warranty on an appliance that you purchase new.

That I have done on several things, and for our deep freeze/fridge combo, it has saved me a lot of money, as we had to have that repaired many times. I did finally drop it, as we caught on to what was happening with it when it would malfunction, and now 'fix' it ourselves. If it dies for good, we feel we got a lot of years out of it and will now just replace it.

But the extended warranty on some appliances is truly a good deal, especially when first purchased. When it starts to become less valuable is as the appliance ages, and you have to keep renewing that warranty. After a period of time, you have paid enough to just go get a new appliance. So there is a limit to how long I carry those extended warranties.

My sister has a whole house extended warranty on her appliances. She had a washer fail, and was able to get a new one at Sears.

Pa2Fl · ‎09-28-2011

Funny you should ask this question. I have an insurance policy for 16 years. I have replaced my water heater paid $0. A/C and had to pay $1350. My dishwaher (Whirlpool) of 35 years just went. My policy says repair or replace. Well, they wanted to give me $270 to go look for another dishwasher. I said were am I going to get a dishwasher for that amount. I thought you were going to replace this item. I found one at hhgregg. I had to call corporate to get extra money for delivery & taxes. I am so upset with this company. If I would have put $500 a year away. I would have been ahead. In 2001 I paid $350 every year it goes up. The last few years I was over $700.

My suggestion would be to put money away every year. If you have to buy an appialance buy the extra warranty. Good Luck ;-)

RainyDayGal · ‎03-09-2010

If you are talking Home Warranties - then yes. I've used mine a few times and it has saved me a lot of money. I'm having a plumber come out next Wednesday as a matter of fact, and we had one come out a couple of months ago. Also had to replace our HUGE water heater and it only cost us $60, but the plumber billed the insurance about $1800+. And our dishwasher also stopped working.

When you have an older home, or older appliances, it is more than worth the cost of the policy, and knowing you only have a $60 co-pay is EXCELLENT!

Another poster said they don't replace appliances. They do if they cannot be repaired - thus the new water heater. Also, if they don't fix the problem the first time you aren't stuck with it, they have to come back at no extra cost to you. I think after 3 times they may have to replace the item (you'd need to double-check that).

RainyDayGal · ‎03-09-2010

Putting money away every year is fine as long as you don't have things start going out right away. We did. I say get the home warranty until you can save several thousand in the bank. Not everyone is going to be able to have the kind of money ready for emergencies. My washer and dryer are covered under my warranty. No way can I afford the prices of the washer/dryers people buy these days. It seems everyone buys appliances that cost huge amounts of money. And they don't last very long anyhow.

Reba055 · ‎06-23-2014

I have used a Home warrantee plan many times and it was great. Maybe it depends on where you are, and who does the service. The one we had didn't mess around. If something was older and broken they replaced it asap. I've had an oven, microwave, and disposal replaced and AC repaired for a nominal fee. And the replacement was equal to if not better (features, bells and whistles) than the original.

KathyPet · ‎03-09-2010

When we purchased the house my daughter lives in the home inspectors pointed out that the water heater was pretty old and probably did not have a long life span. The realtors we used gave us a one year home warranty as a gift. Within a short time after moving in my daughter started complaining about insufficient hot water. I called the warranty company. They use their independent contractors that they have under contract to do repairs. The plumber came and replaced a shorted out heating element. A short time later the same problem. I called and once again it was a shorted out heating element. It happened a third time and the warranty company had a electrician come and check the wiring from the fuse box to the heater. No problem there. Finally we had a three way conversation between me, the plumber and the warranty company and they agreed to replace the water heater. I was happy because I got a new water heater and got the warranty for free. I would very carefully read the fine print in any contract to understand exactly what the terms and conditions are. Reminds me of the commercial I hear on a radio station where the caller finds out that his air conditioner would not be covered unless the failure was the result of a zombie attack.