[jamoka3]

Recently bought a home, the new purchase came with a home warranty through HMS ( which recently got bought out by Cinch). The warranty was good for one year. Used it three times. Service was good with HMS, now Cinch its not very good, I had to call several times and track down claims etc. Customer service is non existing, and was Just a pain to deal with...
So my current warranty expires on June 28th, 2020. Wanted to know what others have and how they are. My rate was $750 a year with a $125 deductible. Living in NJ and my house is 4400 sqft. Built in 1993.

 

[Bud9051]

Hi jamoka and welcome to the forum.
I'm afraid I'm not a fan of any of the home warranty programs as they introduce an added layer of cost that someone has to pay. The poor service you describe is a necessary part of keeping costs down so those middle people can collect their paycheck. I've been offered work from a warranty company and the limits were so ridiculous only a desperate service company would sign on.

Some people will win but the majority will pay and get nothing. A 1993 home is very young in terms of lifespan. Save that premium and do your searching for quality service companies for all you own and establish a relationship of trust and quality.

IMO
Bud

 

[dj3]

Home warranty companies are basically insurance companies - they make money selling policies and then scam their policy holders and the contractors they hire.
You were unusually lucky in the past, don't push your luck

 

[Old Thomas]

The home warranty industry spends less than 20% of their revenue on claims. Over 80% of your money goes to overhead, profit and marketing. Their business model is to charge as much as possible, have the deductible cover most common repairs, and write a contract to exclude everything else. Think about it then put your money aside, when a repair happens pay cash and perhaps get a discount.

 

[Nealtw]

Open a premium bank account in your name and anytime some one wants to sell you a policy just bank the premium every year and only use that money to repair things that would have been covered by the policy.

 

[Bud9051]

Careful selection of appliances and other items that would be covered can give you products that will last a lot longer. With today's extensive information on the internet is is easy to avoid the lemons.

Also, be sure to keep all sales slips and warranty documents. If you wish to buy something sometimes the extended warranties are an option. Example a friend bought one and they came out twice a year to convert from summer and winter, and if it needed service they picked it up and returned it. Lawn tractor with a plow blade if I remember.

A few states like Maine also enforce the implied warranties which extend some of the coverage to 4 years.

Whatever the list of items covered is you can be sure they have the repair history to make sure they come out on top.

Bud

 

[GrayHair]

My daughter bought a Home Warranty when they bought their house. Right off the bat a toilet was leaking (seen outside!); broken drain and the house is on a slab. The warranty company said it was existing, which it probably was, and declined to pay.
Later the dishwasher went on the fritz and after 3 weeks of calls, they sent someone out. Said a part was needed and that he would have to order it. Six weeks later she was on the phone again wanting to know when her dishwasher would be fixed. Part was in, but the guy was very busy and hadn't been back in her area (he was from a wide spot in the road about 70 miles away).
After nearly 4 months the dishwasher was working again but made strange noises. I told her to forget the home warranty and sock that money away for the new dishwasher.

 

[Old Thomas]

I don’t buy fancy expensive appliances because if they break repairs are expensive and I don’t want to jettison an expensive unit. I have a top freezer refrigerator, a $350 dishwasher, a top loader washer and a tank type water heater. They are reasonably inexpensive, reliable and when they break I say good bye to them. Refrigerators last 12 years, washers 10 to 12 years, dishwashers 4 to 5 years and water heaters 10 years. My upright manual defrost freezer is 38 years old and has never been serviced.