Tuesday, August 14, 2012

Frugal Gamble Pays Off

Last November my husband and I were faced with a decision about whether to extend our home warranty policy; it had come with the house when we bought it in 2010.  Shortly after paying several hundred dollars we broke even; the dish washer control panel went out.  The repair was equal to the policy extension.  And now it seems we are saving even more.

Last week the "drip" on the kitchen faucet exceed annoying and became a pain.  Water was pooling on the counter, and standing water is not a good thing.  A quick call to the home warranty folks put a smile on my face, leaking faucets were covered!

Assuming it needed a washer or tightening, I was prepared to pay the $85 co-pay and be done with the watery mess.  Turns out the whole thing is shot.  We were given a credit of $500 to have it repaired.  I bought a new faucet for $180 and it was installed today.  I am delighted to pay only $85 for this repair, and have the ease of working with a repair company associated with the insurance.  Prompt and great work -- a hard combination to find these days.

And as November approaches we are already wondering -- would we extend it for yet another year?  The furnace and air conditioner are beyond life expectancy.  We'll see what the fee is and make an educated guess this fall.  But we scratch our heads and wonder, how does the insurance company make any money.  This seems like such a great deal for us.  My speculation is that people forget about the policy are assume something is not covered.  It pays to be organized and ask!

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