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should you buy a home warranty

Questions to Ask. The answer depends on the kind of plan you buy and the provider you choose. You can generally purchase one of three kinds of plans: a home warranty for one particular appliance, for all your appliances, or for your appliances as well as your plumbing and electrical systems. Prices vary depending on the coverage you choose.

The one case where buying a home warranty might make sense Despite everything you’ve just read, Clark does have one exception to his rule against buying home warranties. "When you’re selling a home, offer the buyers a used home warranty, even though I think they’re worthless," he says.

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Consider a home warranty if your house is older. If your house is older and you are unsure how old your appliances are, you should consider buying a home warranty. Costly appliances that can break down in older homes are refrigerators, ovens, washers and dryers, dishwashers, air conditioners, and water heaters.

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Published: September 06, 2014 12:00 AM. It’s possible that you’ve bought your share of home warranties-service contracts that promise to cover appliances and other items that break down in your home. You probably should not have. A recent complaint consumer officials in New Jersery filed against choice home warranty in Edison, N.J., illustrates why.

Home warranty companies sometimes run special sales and either discount policy prices or offer additional coverage for the same price. The policies are prepaid for a year in advance, at which time they expire and can be renewed by the homeowner at a slightly higher fee.

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The home warranty scam You can typically break down the annual cost into more manageable monthly payments, but the cost of the warranty itself isn’t the only thing you’re responsible for paying. Most home warranties include either a service call fee or a deductible, so it’s important to consider those factors in addition to the home warranty plan itself.

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A real estate agent may purchase a home warranty when representing a seller as protection against any problems while the home is for sale. A real estate agent may also buy a home warranty when representing buyers as an incentive to purchase the home. Cost and length of coverage. A home warranty is typically a one-year contract, paid in a lump sum.