Home Warranty - To renew, or not to renew?

I've been nibbling on this question for the past 3 weeks, and it seems that I still don't have a 100% sure answer on it ;) Mrs. Budgetsaresexy and I had already agreed that we should NOT renew it, thus letting the expiration date come and go, but they JUST sent us another friendly reminder - sneaky marketers!

It's hard because I usually go w/ my original instinct, which in this case says to renew it and have the peace of mind that comes along w/ warranties. But then the practical side kicks in and asks, "Will you actually recoup the costs?" I mean, it's a valid question and one to definitely consider for things like this.

Last year it costs us $360, and we used it once for our leaky ceiling ordeal. While we tried to use it another time when our dryer went bonkers, we didn't, and all in all we ended up spending a total of $460 (warranty itself + $100 deductible) for this one plumbing issue. Now, i'm not sure how much the actual costs would have been w/out the warranty, but i seriously doubt it would have come close. All they really put in was some new rubbery stopper thingie and told us what to watch for.

This year the warranty renews at $465! Same deductibles, and same coverage (quoted from their site):

"breakdowns in major systems like plumbing, electrical, heating and air
conditioning as well as washer, dryer, oven, refrigerator and other items."

So what's a brother to do, right? If 3 things happen (or 1 major thing), we're pretty much covered. But realistically we'd be spending money "in hopes" something happens, and then shelling out another $100 each time it DOES. I dunno, it really just gives me a headache thinking of it all ;)

With the wedding coming up, and w/ sites out there like Craigslist & ebay to pick up new appliances, we have decided to pass (again) and keep this money in our Emergency Fund.

What would you guys do, though? Does anyone else use a home warranty of any sort? I'd be interested to see how others handle this little ditty...and unless we change our minds at the last second, fingers crossed that it all works out!

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Today is decicively a Spend Day :)

Although yesterday's "Zero Spend Day" was a success, i have to admit it took wayyyy too much brain power :) But, mission accomplished and joy to all! i'd be lying if i said it wasn't tough though. not that i expected it to be super easy, but even w/ it scribbled on my hand i still forgot.

Almost-slip-up #1: A co-worker was running out to grab some lunch, and asked around if we wanted anything. Naturally, i would have handed him a 10'er and given my order BUT it just so happened i was called into a impromptu meeting right before and never heard him! Whew. it would have been all over by noon.

Almost-slip-up #2: Our visit to Kohls after work. Mrs. Budgetsaresexy was feeling pretty down after hearing some shoddy news from 2 of her grad schools she applied to (thankgoodness for the great grad school news a while back!), and needed a quick shopping pick-me-up. As she was searching for some goodies, i perused the store and happened across this framed art that i've wanted for MONTHS. not only was it on sale, but it was 90% off!!!! out of all the day for me to walk in there. BUT because of this blog, and ONLY because of this blog, i walked away w/ more money in my pocket ... i may walk back in this weekend though ;)

So, mission accomplished indeed. And to reward myself, I will allow myself to do as i please on this beautiful day. I'm already keeping my eyes on Woot.com today (it's a woot off!!!!), and I just sent in a payment to renew our Pest Control warranty.

Speaking of which, do any of you have one? It mainly covers termites, and as long as they come out once a year to inspect it, they'll cover costs associated w/ getting rid of those little boogers. It's only $88.00 a year, so figured it's worth it. We had them come out prior to closing last year, and they found some! it's since been cleared up, but i'd like for them to be gone forever....well, as much as we can. $88 has to be worth that, right?

Alrighty fellow bloggers and blogees, I'm off to do "work" work now. May all your money dreams come true today, and stay away from those wooden nickels! (whatever that means)

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Me and my home warranty.

The other day my girl and i were chillaxin' around the living room when all of a sudden i get a "Honey, why is our ceiling dripping?". In a split second I went from totally relaxed to completely freaking out. Why WOULD our ceiling be dripping? How does that even happen? In case you couldn't tell, we are new homeowners.

After gathering my wits and taking a few seconds to actually think about it, we realized that our master tub is directly above this sneaky ceiling. I jolted upstairs and started analyzing the situation. I checked for holes, cracks, missing tiles, leaks, you name it. While i did notice the need to brush up on my caulking (what a funny word!) skills, there was nothing awry that the human eye could see.

As with all sticky situations, i immediately called my mom....just like 3rd grade all over again :) Something you also didn't know, was that i was even a realtor for 3 months a cple years back, so i should have DEF. known what to do! At any rate, mom was much more calm and collected, and brought up two major points which never crossed my mind:

a) Did i check the crawl space behind the tub to see where it's leaking? What a novel approach! To my credit, i never knew these existed as normally i'd just call management to get 'er fixed up. But apparently most master bathrooms have a section cut off, and blocked off, to easily access the back of the tub. So i grabbed my handy screwdriver and flashlight, and took a peek. And voila, there it was! the space between the tub & the tube had water stains. So now i at least knew where it was coming from.

b) The second thing she asked, was if we had a home warranty? This one immediately calmed my nerves just by listening to the words come out. I had TOTALLY forgot we picked one up right before closing! Of course, this could have had the opposite effect if I had rejected my realtor knowledge and didn't spend the extra money for one :) How awesome right?

We called a preferred plumber from our warranty company (HMS Warranty. I highly recommend!), and within 48 hours we had it all fixed up. Luckily enough the damages to the house were almost nil, and it didn't cause much ruckus to our wallets either.

It costs us $360 for the year, with a deductible of only $100. Any costs on top of that are totally covered by HMS. Besides plumbing, it also covers the following (quoted from their site):

"breakdowns in major systems like plumbing, electrical, heating and air conditioning as well as washer, dryer, oven, refrigerator and other items."

Talk about peace of mind! Warranties like these *might* only be picked up when purchasing or selling a house, but it's definitely something to consider. All i know is, i'm definitely renewing it when it comes around next month!

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