There are a lot of pros and cons out there about buying home warranties and extended warranties and such. I have become a big believer in them, and this year my home warranty saved my butt.
My air conditioning unit was on borrowed time--I can't believe how old it was, and my fear was it would go out on me and I would have to replace it. Some people who live in my building have had to pay as much as $3,000 when that happened to them, and generally I am not in a position to have that much money on hand to pay for a repair of that magnitude.
I know some people say, rather than paying the warranty premiums, just save the money and have it on hand--an emergency fund if you will--in case of needed repairs. That is all fine and well, and the best situation if you can do it, but it is hard to have that much in an emergency fund all the time. There have been times when I have had that much money in the bank, but when I have had to use it, it has been hard to replenish it.
All I know is that when in April my air conditioning broke, if I had not had the home warranty, I would literally be toast. My building is a hot building, and I think it would be impossible to be here when the temperatures start soaring. In April when this happened, it was only around 80-85 outside, and it was already sweltering inside. I was having trouble sleeping, and my pets were panting.
Imagine how it would have been this summer when temperatures outside reached 100 degrees F, and stayed that way for about a month! There would have been no way.
Apparently my bill in April would have been about $1,000 without the warranty, a bargain compared to the money others in my building have had to put out when theirs were on the fritz. But it would have been $1,000 more than I had, and I definitely would have been in a pickle.
With the warranty, all I had to pay was $55. I will bet my money on the warranty.
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