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Extended Home Warranty Reviews
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In the News ( more )
Rings of Ire
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| Source: |
Newsweek |
| Date: |
July 6, 2007 |
| Summary: |
Sometimes, it just doesn't pay to be first. Microsoft's Xbox 360 videogame console beat its competition... |
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Home warranty policies cover appliances and other home systems, which may include such items as the dishwasher, refrigerator, oven, washer, dryer, Air Conditioning, heating, plumbing, and electrical systems. Other home warranty programs include major electronics such as entertainment systems or other major investments such as a swimming pool. Each policy is different in what is covered and how repairs/maintenance will be handled, so read the contract carefully to ensure your needs are being met.
disclaimer
Explanation of Terms
| Insurer: |
Most reputable auto warranty companies contract with another company to insure their obligations for a service contract. For example, if a warranty company ran into financial difficulties and failed to meet their obligations under the service contract, the insurer could step in to pay the claims. As the exact arrangement between the warranty company, the insurer, and any re-insurers varies from company to company, always read your contract carefully. |
| Re-insurer: |
Reinsurance is an arrangement between two or more insurance companies to spread out the risk of an insurance contract. This is done so that an unusually large loss from a policy does not fall on a single company. Once again, the exact arrangement between the warranty company, the insurer, and any re-insurers varies from company to company, so always read your contract carefully. |
| Ratings: |
When possible, I've tried to include the A.M. Best's rating for insurers and re-insurers. A.M. Best's ratings are widely recognized as the benchmark for determining an institution's financial strength. |
| BBB: |
For years, the Better Business Bureau (BBB) has provided an excellent way to gauge a company’s overall success and satisfaction. It is comprised of 145 independent local Better Business Bureau chapters, which are affiliated with the national umbrella organization, the Council of Better Business Bureaus (CBBB). Do keep in mind that there is little to no reporting consistency across the independent chapters, so it may be difficult to compare companies using only this information.
The National BBB runs a program worthy of some consideration. In order to participate in the BBB Online Reliability Program, a company must have a satisfactory complaint handling record, agree to participate in the BBB's advertising self-regulation program, agree to abide by the BBB Code of Online Business Practices, and agree to dispute resolution with the BBB. Most of the companies who participate in this program value their standing in the BBB, and tend to do a better job at handling complaints. |
| Sample Contract: |
If the auto warranty company has a copy of their contract online, I've tried to include a link to it. When you make a purchase, still read your contract carefully and look for any differences. |
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| Available for: |
home buyers, sellers, contractors, realtors (resellers) and home appliances |
| Coverage Area: |
United States |
Based out of Fort Lauderdale, Fl, Liberty Home Protection offers home warranty plans for buyers and sellers. I like the plans because all the benefits and costs are shown upfront and are easy to understand.
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