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Saturday, March 9, 2019

Home Warranties: Should You Buy One?

(Click on the image for the Washington Consumers' Checkbook report)
Home warranty companies run lots of ads promising to save you thousands of dollars when something goes wrong with your refrigerator, furnace, plumbing, and other appliances and systems. But don’t count on the peace of mind these plans promise. These warranties are terrible deals and simply aren’t worth their price tags or hassle.
Warranty companies are the subject of thousands of complaints to consumer agencies. Even after paying $400 to $1,000 for the coverage, consumers will find home warranty contracts typically are filled with fine-print exclusions that easily can stick them with much of the costs for product repairs or replacements. The vast majority of homeowners who buy these plans will pay far more in premiums and service fees and for uncovered repairs than if they skipped buying warranties. Plus you don’t get to decide who does the work. We find that the best repair services overwhelmingly disdain these plans and won’t work with home warranty companies.
[Much more at the link above]