If you own a home-really the bank does-it can feel like it’s a money pit at times. Everyone wants to find a way to be able to anticipate unexpected costs for the home. Replacing a dishwasher, refrigerator or other appliance is usually not cheap.
So, in an effort to control these costs, we purchase a home warranty to cover their replacements costs when they break down. As a homeowner, you trust that the home warranty company will honor their word when the equipment breaks. That is why you are paying for the coverage.
But, is it better to just put aside funds on a monthly basis so that you have the money already when something breaks? Since swimming pools are a luxury, when things break on a swimming pool, they are going to cost money.
Now a warranty may work on appliances in your home. But, often the people administering the warranty are not knowledgeable about swimming pools.
PAY FOR HOME WARRANTY
So, you bought a home with a pool. We know that pools cost money so when pool equipment breaks down, it is going to be expensive to replace. So, in an effort to plan for these expenses, the homeowner purchases a home warranty so that the costs to replace a pool filter, pool heater or pool pump will be reasonable.
If you aren’t a pool owner, then you may not know that everyone one of these pieces of equipment costs a minimum $650 dollars to replace. That is just a starting point
There are home warranties that cover pool equipment. This would be special home warranties specifically designed for homes with pools. When we give pool owners a quote on the costs to replace equipment, they often say that they are going to try to run it through their home warranty.
Sometimes the home warranty company honors the warranty request. But, other times the process is a nightmare.
When pool equipment breaks down that is specifically covered by the warranty. You provide proof to the home warranty company about what is broken when asked. Then the home warranty company denies your claim.
So, you have been paying for years on the home warranty and now the company denies your claim. In that case, it is definitely wasted money.
DON’T PAY FOR HOME WARRANTY
With pool equipment, there are three main things that are expensive to replace; pool filters, pool pumps, and heaters. Heaters are the most expensive and they cost thousands of dollars. But, a pool heater will usually last 5-10 years. A pool filter or a pool pump is usually going to cost somewhere between $500 to $1000 dollars to replace.
There are times when it will cost more to replace a pool pump. But, it depends on the type of pump that you replace. The more energy efficient a pump is, the more it will cost initially to replace.
Now when you first find out that you have to replace pool equipment, there can be some sticker shock. But, if you are an educated pool owner, then you will learn that most pool equipment will last at least 5-10 years. Some pool equipment, especially filters can last up to 15 years and some even longer.
So, you could just set aside $50 a month for several years and when it comes time to replace your pool equipment, you will already have the money. You won’t have wasted it on a home warranty.
And when the equipment is purchased and installed by an authorized distributor, then the equipment will come with the full warranty.
So, our recommendation would be to just put money aside for pool repairs. Then you can just pay for the equipment outright and not have to negotiate with the warranty company.