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When I asked them how much it would be to pay out if I just want to buy a new furnace myself, because hey, don't want the family and I to die from Carbon Monoxide poisoning in the middle of the night, they tell me the payout is $60. This for a part that I can't find for less than $250. We have small children, it is mid winter and currently we have been without a furnace now for a week and counting, while the warranty company continues to order parts and repair when we have had 3 separate HVAC pros recommend replacement, not to mention one of their own techs refused to work on this unit. Home warranties are a complete waste of money, unless you don't mind being nickeled and dimed to death and living with appliances that are continually dying, and lets not forget dangerous!I have documented all of this and if my family and I dies from CO poisoning, I have made sure my surviving family will sue my home warranty company. We will not renew our warranty when it comes up, but will instead save the money toward a new furnace. The only time I would recommend a home warranty is when you buy a home and the seller pays for it, maybe you can have one expensive repair taken care of in that first year, but don't expect them to replace anything or be timely about it. And expect to be on hold for 20 to 60 minutes on the phone every time you talk to them. As a Realtor I have been in the habit of buying these policies for my buyer clients. I have mixed feelings about these. The companies are known to deny claims however I have almost always been able to intervene to make sure they fix the broken item. A call to their regional representative, and a threat to stop buying policies if they don't fix the appliance, gives me some leverage because of the thousands I spend on these every year.

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That money could be put into an emergency fund for making the same repairs and replacements that the home warranty would cover. Also, if the homeowner tries to use the warranty and the claim is denied, he will probably feel like the money spent on the premium and the service call fee was wasted. Home warranties do eliminate the need to find a contractor when something breaks. However, they also eliminate the freedom to choose your own independent contractor if you want the warranty to pay for the repair or replacement. If you don't like the contractor or the work they do, you may be stuck with them. Furthermore, repairs may be more complicated with a third party the home warranty company involved in the process than a direct negotiation between a homeowner and a contractor would be. Also, the homeowner may have little or no say in the model or brand of a replacement component though the warranty contract should provide for a similar or equivalent quality replacement. Torine said he bought a warranty for his East Hanover condo in 2016 after a recommendation from a cousin. It included all appliances in the home no matter their age or origin but not every kind of repair was covered. The warranty had a $100 deductible and cost $769 a year. So when Torine's AC died on May 5, he said he wasn't too concerned.