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Who has home warranty??
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Who has home warranty?? - November 30, 2012, 09:41 AM

Right now I am approaching the renew time for my home warranty. I'm trying to see who has warranty and what are your opinions.

Right now I have AHS which I believe was about $550 which the seller pain for me last year when I bought the house. It covered the big items and also covered preexisting issues. The deductible was $60 for any service request.

This year looks like the Deductible is going to $75 and I need to choose what options I want to keep.


Mainly I am wanting to just cover the big items. Furnace, AC and Water Heater. Everything else is in tack.


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November 30, 2012, 09:46 AM

They are a waste of money, imo. When I had one in the past (included with the purchase of my first house) I had to fight with them to get anything done. They would keep repairing junk rather than buy a new appliance. That's my experience anyway...
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November 30, 2012, 09:59 AM

Well they actually worked out for me last year as we had to get freon added to the AC, had to get a electrical issue corrected, and had a Pressure Release Valve installed which on average is about a 250-300 install. Freon cost has skyrocketed also.


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November 30, 2012, 10:15 AM

I stopped renewing mine.

It was something around $400 and had so many exclusions it was not worth it.
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November 30, 2012, 10:36 AM

I require that all my tenants purchase a American Home Shield (or similar) home warranty and make them responsible for the first $60 of repairs (coincidentally the AHS warranty deductable is $60 )

Generally, the home warranty policy pays for itself when you have your first major amenity or appliance failure/service call. If you have a house that is under 8-10 years old or had major renovation and upgrades in that time, I wouldn't purchase one.

If it's 11-16 years old I would consider it. Anything over 16 years, definitely.



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November 30, 2012, 10:56 AM

We looked at those. Way too many clauses and stories where people were left unpaid.

That being said....Had to replace 2 home AC units on our main house. And 1 on a rental. I'm waiting for the others to hit this coming year when they try to turn them on. ugh.

Oh yeah...and a clothes dryer last week. I fixed the belt squeal only to find out it was something else deeper in the unit. I could have maybe repaired it...and wasted 10 hours tearing it apart, buying parts, installing, and testing it. Or I could just buy a nice new one with a simple warranty for 5 years. Yeah. Bonus....the new one is a shitload quieter.

Oh yeah, never open your dryer. You *really* don't want to know how little is in there. And how low tech it really is. Total ripoff for anything over about $100.


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November 30, 2012, 11:03 AM

Quote:
Originally Posted by Heist View Post
I require that all my tenants purchase a American Home Shield (or similar) home warranty and make them responsible for the first $60 of repairs (coincidentally the AHS warranty deductable is $60 )

Generally, the home warranty policy pays for itself when you have your first major amenity or appliance failure/service call. If you have a house that is under 8-10 years old or had major renovation and upgrades in that time, I wouldn't purchase one.

If it's 11-16 years old I would consider it. Anything over 16 years, definitely.
That's pretty sketchy since the landlord is required by law (and regardless of any language to the contrary in the lease) to maintain the premises. I might discuss that with my attorney if I were you. I guess it's ok since you're making the purchase of the service contract a condition of the original agreement, but tenant's rights laws are no joke.

Also, as I'm sure you know, that deductible is definitely a double edged sword in rental agreements. It does seriously cut down on unnecessary requests, but it also incentivizes tenants to not fix shit, which can have expensive consequences. Sure, they're legally liable, but they're tenants...do you really think you're going to get anything more than their security deposit?

As to warranties\service contracts, if they offer them, which companies obviously do, they are making money, and hence you are on the wrong side of the bet.

Besides, just man up and do it yourself
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November 30, 2012, 11:14 AM

As for the fees to tenants. I don't generally charge them myself. It's in the contract, and I've had tenants ask to remove it. I refuse and tell them it is for pest tenants who call for anything. They are actually responsible for basic stuff themselves. Anything else I have fixed with no issue.

Of course the one tenant who I had to explain it to....is the idiot one who keeps calling for stupid stuff. Heat not working upstairs. One HVAC call later and they guy just adjusted the vent direction in the basement utilities room. Yeah, not the brightest couple.

Oh well. They generally pay on time.


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November 30, 2012, 11:24 AM

Best ones are cleaning requests. "Can you clean my house for me?"
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November 30, 2012, 11:48 AM

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Best ones are cleaning requests. "Can you clean my house for me?"
Yeah, I generally try to rent to non-idiots. This is the closest I've come to smacking them in the head. But since we had the AC replaced on the house I figured they could check it out while they were there. Still, pretty annoying.

My brother had tenants who kept calling around midnight because their relatives car (with company logos on it) kept getting towed....from a tow away zone. They wanted him to cover it.

I laughed.


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November 30, 2012, 12:17 PM

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That's pretty sketchy since the landlord is required by law (and regardless of any language to the contrary in the lease) to maintain the premises. I might discuss that with my attorney if I were you. I guess it's ok since you're making the purchase of the service contract a condition of the original agreement, but tenant's rights laws are no joke.
I have. It's legal. If the tenant doesn't like it, they can find another property.

It's not that I am a slumlord. Inducing the tenant to carry insurance gives me a secondary layer of protection and reduces my moral hazard.

I have a master policy but I do not want to file claims and raise my premiums unless necessary.

Quote:
Also, as I'm sure you know, that deductible is definitely a double edged sword in rental agreements. It does seriously cut down on unnecessary requests, but it also incentivizes tenants to not fix shit, which can have expensive consequences. Sure, they're legally liable, but they're tenants...do you really think you're going to get anything more than their security deposit?
Exactly why I request the home warranty.



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November 30, 2012, 12:23 PM

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Oh yeah, never open your dryer. You *really* don't want to know how little is in there. And how low tech it really is. Total ripoff for anything over about $100.
Any "white good" beyond a microwave is pretty low tech. Just a fancy package covering some rudimentary guts. I buy used appliances or scratch and dent whenever possible.



“Any man who tries to be good all the time is bound to come to ruin among the great number who are not good. Hence a Prince who wants to keep his authority must learn how not to be good, and use that knowledge, or refrain from using it, as necessity requires”.

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November 30, 2012, 12:54 PM

I don't have one. I'm a man, when something breaks, I fix it.
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November 30, 2012, 01:28 PM

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I don't have one. I'm a man, when something breaks, I stash it in my shed for 15 years.
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November 30, 2012, 01:34 PM

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Exactly why I request the home warranty.
But the point is it increases their moral hazard by encouraging them to push the cost to the future, when they will probably not be paying for it. They aren't going to fix piddling problems that could do serious damage to your property in the long run if it will cost them money now.

e.g. They fail to fix a leak because "it's just a leak, I'm not paying $60 for that." It leaks and leaks for years, they may or may not move out but you probably don't notice it because it's not an obvious problem and you don't live there. It causes rot and structural damage, maybe some mold grows in. Now you've got an uninhabitable property not generating revenue, you've probably breached a lease, and you're fighting with your "warranty" and insurance companies.

Just saying, it's a double-edged sword. Maybe I'm just super risk-averse, but I'd rather have them call me a lot than a little.
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