Multiple-Appliance warranty can help you save money
I never buy extended warranties on appliances, TV sets or just about anything else. Just about every serious study I've read shows these warranties to make very little economic sense. However, a new wave of independent, multiple-appliance extended warranty programs that offer a lot more protection for a lot less cash might make some sense.
One example is the All Six Service Plan from Chicago-based Extended Warranty Group (EWG). For about $.66 a day or $19.95 a month, this all-in-one program provides repair coverage for six major household appliances of any make, model or age. Unlike warranties with limited coverage terms, this multiple-appliance warranty remains in effect on all registered appliances for as long as you're enrolled, and even includes replacement coverage for appliances that cannot be fixed. Service is performed by members of a nationwide network of licensed, pre-screened technicians.
The life expectancy of refrigerators, stoves, dishwashers, built-in microwaves, and washers and dryers may average between 10 and 15 years, but many an expensive surprise can pop up in the meantime. Depending on your current array of major appliances and financial tolerance for breakdowns, repairs and replacements, multi-appliance warranties could be a budget-wise investment.
Tom Kraeutler is the Home Improvement Editor for AOL and co-author of My Home, My Money Pit: Your Guide to Every Home Improvement Adventure. He delivers home improvement tips each week as host of The Money Pit, a nationally syndicated home improvement radio program.