Home Smart Insurance slowwww service

Our 13 yr old frig was having trouble holding temp in early July. Had their service guy come out and said the compressor was shot. Need a new one right away. We got a new one on sale for $2100 the very next day. The service guy (very nice and very competent) notified his office to start a replacement claim. Start is the operative word. After a week they said we should have notified them first before buying another,…wtf who can wait on a frig in the middle of summer?? They approved it (being “gracious that they are LOL). After nearly 4 weeks we get an email saying the $750 check has been issued and we’ll get it with in 10 days. I looked at the postmark,…They literally didn’t mail it for 5 days. It finally arrived exactly on the 10th day. So,..once approved they did meet their outside time limits but they made sure it wasn’t a day early. How’s that for keeping your money. We’ve got one more appliance that is dying. well be looking for another company right after that. P…. me off. Any recommendations on a different service??

750 on a 2000 appliance doesn’t seem worth it. How much are these insurance companies usually charging per month?

A friend on mine has the appliance repair through MN energy. His AC quit working this summer during a really hot stretch and he had to wait a week before they could even come look at it.

Theses plans are not cheap. Anywhere from $20-$80 a month depending on what package you go with and what you all want covered. Not worth it IMO

They are like any business, they need to make money. They provide a service that fits some people but with any insurance you don’t find out how good it is until you need it….and by then it is usually too late to do anything about it.

Confirms why I have never been a fan of these plans.

Honestly you are the first person I have ever heard as having this plan… can’t imagine how financially it makes sense. Call me a skeptic. Does anyone else have this. I hear it advertised but nobody I know personly has it.

These insurance plans are just an extended warranty. Nevet buy an extended warranty. People (supposedly experts) say so.

I bought HomeSmart from Xcel when I moved into a new house with old appliances about five years ago. Appliances were 30 years old and I figured they’d die pretty quick, so I took a gamble. Not so much – the A/C finally died this spring. It was slow going to get a replacement because of their process.

As soon as they confirmed my $1K check for the A/C replacement, I cancelled the plan (which is on a full year cycle, of course). It was a loser for me. I paid about $30/month and got $1K after 5 years, which means I lost $800 plus the interest I would have earned.

By the way, their contractor was $1,500 more than the one I hired for the same equipment installation. Both very reputable. Go figure.

You’ll never win financially with it. Some people might feel better having it because of cash flow concerns, or maybe want the convenience/service of one phone call for all the appliances. But on the numbers you’re better off putting the money in your bank account instead.