Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
Does anyone use a warranty plan for systems / appliances or both? I ran across this cool program by Sears (Sears Home Warrantly) where they will cover up to 21 items at a monthly rate of $70 bucks and a deductible when you file a claim. They also offer systems and appliance plans. I have an old house and suspect my furnaces might be going soon so thought this might be a good hedge. What are your thoughts?
Real Estate Agent · Sandwich, MA · Member since 2014 · 974 posts · 636 votes
5y
@Andrew Freed These programs make money by collecting premiums and declining coverage. I would also question the long-term viability of a program run by Sears.
Real Estate Agent · Sandwich, MA · Member since 2014 · 974 posts · 636 votes
5y
@Andrew Freed These programs make money by collecting premiums and declining coverage. I would also question the long-term viability of a program run by Sears.
Property Manager · Sunrise, FL · Member since 2021 · 10 posts · 5 votes
5y
@Andrew Freed These companies also do not address concerns as quickly as necessary for your tenants, so the hidden costs of these delays may be hefty to your tenant relationships. Another concern to consider is the selection of service providers, you don't have a choice in who does the work for the warranty company. To Mason's point, if their goal is to make money, you get what you pay for and the quality of work they're willing to pay for may not be to your standard.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
5y
Please click on the magnifying glass in the top right. This has been asked and answered 100’s of times. They don’t work for rentals because in many states you aren’t allowed to take days or weeks to fix problems like no ac or no hot water. You might be willing to try to wait out the warranty company’s stall tactics in your own home but you can’t make your tenants wait.