When we purchased our first SFR last year, out realtor gifted us a home warranty through Cinch. We have used them 2 times ($150 deductible per call). First time was plumbing- they had to replace the main shut off valve in the house. The plumbing company was local and great, and there were no tenants in the house yet. Overall, good experience. The 2nd time, the tenants were moved in and the dryer belt snapped. I told them the dryer belt was snapped (I knew from experience). Not even remotely a good experience (took over a week, 3 visits, no communication from any of the companies involved), I knew then and there I would not extend the contract for another year with them. My question is, as its expiration is nearing, should I even go through getting another HW? I have 2 different handymen that are both great price-wise and work-wise. Most of the main systems in the home are relatively new (hot water heater- 3 yo, HVAC/ heat pump 1.5 yo, roof 5 yo, new toilets, new garbage disposal), and the house is 33 yo. I more like the HW for the appliances and potential for replacement (washer/ dryer/ dishwasher/ refrigerator/ oven). Should I increase my cap ex savings instead of getting another HW? Does anyone recommend a HW company? Thanks for any input!
@Tricia Laux We used to have home warranties for several properties we managed. The owners all figured out they are a complete waste of money and now we have no warranties. The list of exclusions is long and if you need something done quickly (abiding by habitability laws), you may be out of luck. Some local utility companies offer their own version of a warranty for major appliances and HVAC at a reasonable cost but always read the fine print. Good luck!
The list of exclusions is long. When you do qualify for a claim, the warranty companies pay far less than most contractors are willing to accept, so you end up getting the bottom-of-the-barrel service.
Many property managers will not even manage a house with a home warranty because of the extra work required and the poor service provided. Walk away from them.