Warranties have saved me thousands of dollars since buying this new Florida home. We just had a pool light go out just the other day that would have cost $800 or more but was fully covered, just months short of expiration. Furnace repairs have been at a savings thanks to a maintenance agreement and warranty. We’ve had roof damage, refrigerator repairs, and the lanai screens that all were fixed for free. I also have a termite warranty and limited arrangements with other appliances. The lanai screens alone would have been more than $2,000 to repair. However, many of these agreements are beginning to pass their deadlines, so future work may not be as friendly. 

The question is which warranties to buy since you can’t afford to cover everything. Our car is long past its warranty, but I still get e-mails, letters, and phone calls that it may have expired. It’s one of the great jokes of our times and certainly doesn’t help with credibility in deciding whether to buy. There are so many things that can go wrong when you have three refrigerators, washer, dryer, garage door opener, microwave, four TV’s, hot water heater, pool heater & pump, air conditioner (since we don’t have to worry much about heat), oven, dishwasher, garbage disposal, and numerous small appliances/electronics. 

In the past, I’ve found that a homeowner’s warranty can be a real hassle, waiting for service work or parts because you can’t necessarily choose your repair service. I currently don’t have one and may regret this decision. Repairs can destroy a household budget, particularly those of us with fixed, retirement income. Travel and repair costs make me worry about adding a part-time job. This takes all the fun out of retirement. Insurance covers some things, if they don’t nickel and dime you with co-pays, but there’s always a concern about a major setback. The same thing applies to medical insurance, another potential for bankruptcy. I’m learning entirely too much about doctor and hospital costs as I prepare for several surgeries. I never had to worry about this previously, let alone try to budget for the worst. 

I often hold my breath when I start the car or open the refrigerator door. It seems to be Murphy’s Law that the more money you have the more can go wrong, but it would be nice to have more money when things do go wrong. Will the light come on or the engine turn over? Keeping my fingers crossed! In the meantime, I continue to change lightbulbs/filters, perform minor maintenance, and worry, hoping to never get the response that there is no warranty, or it has recently expired.