Also, consumers don't have fair and reasonable expectations. When he weather is 95 degrees outside, don't people think that EVERYONE is calling in?The contractors that home warranty companies use are RETAIL companies. They also have their own business to service. If you didn't have a warranty on those days, you wouldn't get any faster service by calling someone out of the yellow pages. I think most of the complaints that show up about warranties is because people just don't read their contract and don't understand it. The best advice is to know your local representative. They are the one's that can step in and help resolve issues. Try it. you will be surprised. I had an Old Republic warranty on my current home that was provided by the seller. I had a problem with my AC on a particularly hot weekend in coastal Louisiana.
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It is unbelievable—the vast majority. About 12% of the extended warranty or the home warranty or the electronics warranty is actually the risk that you’re taking. In other words, the cost of the average item breaking down within the warranty period usually runs about 12%. The rest of what you’re paying is profit, commissions, overhead and marketing costs. I would rather just take the chance. Put $. 88 in my pocket of every dollar—$888 of every $1,000 that I would’ve spent on warranties and $12 in savings, and on average, I’m going to cover the breakdown that those warranties would’ve covered. The big items, you transfer the risk on. That’s why we buy life insurance. That’s why we buy homeowner’s insurance. If your house burns down, you can’t self insure through that one.