Home warranties are usually thrown in as a gift by the realtor. But whether or not to renew that home warranty after it expires is a difficult decision to make. NBC 7 Responds has some information to help you make that decision.
The first thing to remember; these warranties are not the same as insurance policies. They should always be considered as service contracts. That means there are exceptions on what is and what is not covered.
In addition, the service calls are not free. There is a charge for the technicians to come to your home. And, these service fees are not included in the annual premium.
But there are other exceptions written into the warranties as well. Some appliances covered by the warranty may be excluded if required preventative maintenance was not done.
Another thing to remember, if you are concerned about appliances breaking then you should keep in mind that some may already have extended warranties in place. Even some credit cards offer warranties attached to certain appliances if you purchased them on that card.
If you are concerned about the cost of the warranty then we suggest you think about setting aside a small amount of money each month for any emergency repairs that pop up.
Doing so may save you some money in the long run.