Question:
“Do you recommend my wife and I get a home warranty when we buy?”
Answer:
(A home warranty is a 1-year insurance policy that covers certain things that can go wrong with the built-in appliances, plumbing, electrical, and heating of a home. They have deductibles up to $100. Extended coverage can cover roofs, pools, a/c, non-built-in appliances, and more. Cost usually ranges $250 to $600.)
Clients have given me mixed reviews about their experiences with home warranties.
Some have been frustrated, saying that what went wrong was somehow excluded in the fine print and not covered.
Others have said the policies were a huge benefit and saved them hundreds or even thousands of dollars.
Since many homesellers pay for them if you put it in your offer, I recommend asking for one unless you’re in heavy competition for the home. And if they agree, great.
Should you come out of pocket and pay for one yourself? When I’ve bought homes, I didn’t get home warranties because my approach to insurance is to insure against catastrophe, not annoyance.
But you may feel differently. If so, go for it.
