I recently came across a company called American Home Shield that does appliance and service warranties for homes. I was unfamiliar with these kind of insurers.
Per Dave Ramsey these are a no-no, and his reasoning is that they wouldn't be in business if these were a viable option for the consumer. I see his point, but you can say that about a host of other things.
I work as a County Planner and review permits on a daily basis. I suppose the costs of many home repairs are what has made me interested in a product like this. Electric repairs, and reroofs can be expensive, but my horror is spending 4600 dollars or so on a HVAC during an Alabama summer.
What I like about American Home Shield that is you can customize your plan choosing from systems and appliances repairs, up to 10 items, for 44.99 a month. There other plans are systems alone, appliances alone, or both. Choosing the 10 looks like you can choose the essential expensive items: Air Conditioning w/Ductwork, Electrical, Heating w/Ductwork, Instant Hot/Cold Water Disp., Plumbing incl.stoppages, Water Heaters, Clothes Dryers, Refrigerators, Clothes Washers, and Ranges/Ovens/Cooktops.
I'm assuming the Trade Service fee is what you would still have to pay for any item that goes out.
I see why many would opt out of this kind of program, but I would I have more peace of mind knowing that my Emergency fund would largely go toward a car or medical expense.
Submitted January 26, 2016 at 03:58AM by Tarygaryen http://ift.tt/1S79gj7 personalfinance
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