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Once you reach a certain age, shopping for home appliances is something to get excited about. It’s easy to drop a lot of money on a new French door fridge, and it’s really strange how delighted you can be with a standard household appliance.
Are Appliance Warranties Worth It
Once you complete your purchase and arrange for delivery, the store will likely ask if you’d like to raise some extra cash for an extended device warranty to top up your manufacturer’s warranty.
Are Home Warranties Worth It? Pros And Cons Of Home Warranties
But should you go for an extended warranty or take advantage of a home appliance warranty? And which warranty provider is the best?
If you do your research beforehand (i.e. read this article because we did the research for you), you can head to the store armed with the answer.
We’ve discovered the differences between a manufacturer’s warranty, a retailer’s extended warranty, and a home appliance warranty. Here’s what we’ve learned.
The main differences between a manufacturer’s warranty and a retailer’s extended warranty are who provides the coverage and what the warranty covers.
Should I Buy An Extended Warranty?
The manufacturer’s warranty generally covers replacement or repair only if the problems existed prior to purchase. These warranties are also included in the price of the device and are usually valid for one year to cover the cost of functional parts and labor.
An extended device warranty is issued by the store selling the item and offers a wide range of benefits over several years. So when your original manufacturer warranty expires, you have an extended warranty on your device that you can take advantage of.
In addition to 24/7 online support or parts and labor coverage, some Extended Appliance Warranty plans even provide reimbursement for food spoilage or laundry services if your refrigerator or washing machine fails.
Some extended device warranties also partially repay customers who don’t use the plan, or allow customers to transfer coverage to a new owner if they sell a device covered by the protection plan.
Is An Appliance Extended Warranty Worth It?
Home warranties cover part of the service costs associated with normal wear and tear on your appliances – for example, repairing mechanical components that can break down over time. Think of it as insurance (even if it’s not). You pay a monthly fee or an annual premium, and if (when) your refrigerator breaks down, you get a discount on the repair of covered equipment.
Which warranty provider has the best comprehensive device protection? To see what extended warranties offer and which stores might have the best deal, we went over some numbers to see if they’re worth it.
Here’s a look at the extended warranty option from the four nationwide stores that sell major devices, and what they have to offer.
(Note: Because some stores base the cost of extended warranties on the price of the device, we used a price range of $1,000 to $2,000 for all four examples.)
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This extended warranty not only protects your devices after the manufacturer’s warranty has expired, but also extends your coverage while the manufacturer’s warranty is still in effect.
Home Depot’s Extended Warranty includes up to 50% refund on replacement parts for some cosmetic parts and includes a two-day service warranty for certain urban areas.
Lowe’s offers a device warranty to help cover reinstallation costs when it is necessary to reconnect the device. The extended warranty also includes a replacement if you end up with a lemon.
Extended appliance warranties are built into the purchase price of home appliances for Costco members. Different membership levels vary the warranty terms, but the basic details of the Extended Device Warranty include home delivery, installation, quick replacement, and shipping services.
View Appliance Warranty Plans
A home appliance warranty is similar to an insurance plan, and like extended dealer warranties, it will vary depending on the coverage details of different home warranty providers. We’ve rounded up a list of the best home warranty companies.
Rated in the top five home warranty companies by thisoldhouse.com and Consumer Advice.org, American Home Shield was founded as far back as 1971, so the company offers customers reliable coverage.
Consumer Affairs accredited Select Home Warranty provider works with an impressive network of authorized service technicians and assigns a local specialist. It offers three levels of warranty protection.
Choice Home Warranty, an Inc. 5000, allows you to customize the warranty on household appliances to your needs.
Should You Get A Walmart Extended Warranty?
If you’re willing to skip the cost of an extended protection plan, but don’t want to completely fly behind the seat of your pants and hope your device never breaks, you have a few alternatives.
To decide which warranty provider is the best choice for your major devices, ask yourself a few questions.
What is covered by the manufacturer’s warranty and how long will it cover my new device? Do I need more range?
Will pre-paying for an extended warranty give you peace of mind in the event of imminent equipment failure? If you are able to save some money each month, you can forgo that expense for a rainy day fund. Parking your money in an interest-bearing savings account earns you some interest, but you need to put those dollars aside urgently.
A Home Warranty And Home Insurance: What’s The Difference?
Do I have a home with older appliances that could break down in the next few years? If so, a home warranty may be right for you.
Contributor Veronica Leone Matthews is a North Carolina-based freelance writer with 11 years of experience writing for nonprofits and higher education. Covers lifestyle topics for The Penny Hoarder. Former writer Lisa McGreevey and freelancer Kent McDill contributed. “Verified by an expert” means that our Financial Control Board has carefully assessed the article for accuracy and clarity. The Audit Committee consists of a panel of financial experts whose purpose is to ensure that our content is always objective and balanced.
Written by Barbara Whelehan Written by Barbara Whelehan Arrow Right Contributing writer Barbara Whelehan is a contributor for . Barbara writes on a variety of topics including buying homes, real estate, retirement, taxes and banking. Connect with Barbara Whelehan on LinkedIn Linkedin Barbara Whelehan
Edited by Troy Segal Edited by Troy SegalArrow Right Senior Editor, Home Lending Troy Segal is Senior Editor for . He edits articles about home ownership, as well as articles about the finer points of mortgages and home equity loans. Connect with Troy Segal on Twitter Twitter Contact Troy Segal via Email Troy Segal Email
Are Appliance Extended Warranties Worth The Cost? (2022 Update)
Review: Jeffrey Beal Review: Jeffrey BealArrow Right Chairman of Real Estate Solutions Jeffrey L. Beal, Chairman of Real Estate Solutions, has 40 years of experience in many phases of the real estate industry. About Our Audit Committee Jeffrey Beal
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Appliance Extended Warranty Are They Worth It?
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