Home warranty worth it?

[Gary Gill]

I have a rental property that is in another state that I cannot make go fix like one that is closer. With the home being just over 20 years old and just going on the age there  may be bigger repairs coming like roof, A/C unit, or the appliances which are original. Any opinions on a home warranty? Service charge looks to be the same as calling a repairman, but they would cover the cost of the repairs.

[Kim Meredith Hampton]

Hi Gary,

Here is a short blog i did on home warranties;

First, as a Property Manager for over 20 years I have found that Home Warranties to be an absolute nightmare when it comes to tenants, owners and warranty companies.

I find that most of the time they magically don't cover the item that you are calling about, and you end up paying a service call fee, calling another vendor and then paying for and repairing it anyway.

They also take forever to get someone out to take care of anything. I think that most of the time they make people frustrated and you end up losing money in the end.

Typically the vendors they send out undercut each other to get the work, but then end up making no $, so your job falls to the bottom of the list!

Waiting for them to replace or warranty is a real issue with tenants in the property. The tenant, the property manager or owner must pay for the service fee immediately, and then we play the hurry up and wait game!

If you do purchase, it's important to make sure that you know your policy inside and out, what does it and does not include.

Make some connections with local tradespeople, property managers or use sites like Angies List or HomeAdvisor