Hey Mike,
Our home warranty with Old Republic is up for renewal, and I was wondering if you think it's a good idea to renew it each year? As you know, you wrote into our contract that the sellers would pay for the 1st year of the policy we now have. I know these things are a gamble, like any insurance-type policy, but the fact is that in this last year, Old Republic paid about $2,500 toward the repair of our stove and the full replacement of one of our AC units, so I guess we got our (or the sellers') money's worth and then some. If I'm reading the form correctly, it looks like it will cost about $450 to renew the policy. I'd appreciate hearing what your advice is on this.
Thanks,
Tom
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Hey Tom,
In a word - Yes - I’d renew. I think they more than pay for themselves if you have to use it only once a year (and it gives you peace of mind, too). Sounds like it paid for 10 years of itself this year alone, huh? You're right - it is a bit of a gamble, but over the long run, if it only costs you $450 per year (less than $40/month), I would say that's about as good a $450 you could spend. 1 call to a plumber, A/C guy, roofer, electrician, etc. is likely to cost you that - so why not just pay it upfront and be taken care of for the whole year? That one call you made for the stove was worth a little over 5 years of the home warranty service! I'm sure the A/C unit wasn't cheap either, so there are a few more years' worth...
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