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So what’s the deal with “home warranties”?


When big things in your home break — like your dishwasher or air conditioning system — they can cost lots of money to fix. Some people buy “home warranties” (which are really service contracts) to help cover these costs. But what exactly is a so-called home warranty?


There are different types and options depending on the company and amount you pay, but home warranties typically cover replacements and repairs for things like appliances or air conditioning systems. They last for a set amount of time and — unlike builder warranties for new homes, or warranties included with some products — they cost extra.


And after looking at the details, you may find that a home warranty duplicates coverage you already have. Or covers only part of a product. Or makes it nearly impossible to get repairs done when you need them.


So here are some things to think about before committing to a home warranty:

  • Is it likely to save you money? Consider both the upfront cost and costs that may be hidden, like deductibles or fees you need to pay each time products are serviced.

  • What are the limitations? Are there limits on the amounts you can be reimbursed? Is accidental damage covered? Are certain appliances or systems not included? Are there restrictions or fees for cancellation?

  • Does the claims process seem difficult or slow? Waiting a long time to get paid back can reduce the value of having coverage.

  • Does the company have a good reputation? A home warranty is only as good as the company responsible for coverage. Search for the name of the company and words like “review” or “complaint” to see if people have had issues in the past.


Getting unwanted calls about service contracts? Those might be telemarketers looking for your money or personal information.


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