If you own a home, you may be more tempted to purchase a home warranty to help avoid the financial surprise of an unexpected repair. But do home warranties truly offer the peace of mind they claim on the brochure? Will purchasing a home warranty cover an air conditioner that gives out mid summer, or a water heater that leaks and turns your basement into a swimming pool?
The answer is: maybe.
Home warranty covered verses non-covered costs: Most warranties specify out-of-pocket costs to the covered party, such as fees for service visits or deductibles.