CAVEAT EMPTOR! BUYER BEWARE!
I was not, and I am paying for it. I will do all I can to dissuade anyone from getting a policy with this company. First of all, I regrettably discovered that although paragraph 10.1 specifies maximum limits that will be paid, paragraph 8(iii) specifies the payment will not exceed the depreciated value. So, when a $900 washer went out on me, they "approved" me for a reimbursement of $175 ($130 net because I paid the $45 copay).
This was a relatively new washer, and SHW refused to disclose their cost basis for the washer or depreciation rate. Essentially, I was told take it or leave it. Now realizing that if my 16 year old furnace went out on me, SHW would "approve" only a fraction of the replacement cost because of what I believe to be their "secret" accelerated depreciation schedule. However, cancelling the policy is frustrating and costly.
I sent a notice of cancellation effective after only seven months of my renewal of an initial two year policy during which I had only one minor claim. I received an acknowledgement email that my cancellation email was received and I would be contacted in 24-48 hours. THAT DID NOT HAPPEN! After repeated daily emails over the next ten days, I was finally contacted and that is when the deceptiveness of this company fully emerged.
First of all, although my policy states that my rate was $699.99 for two years, I was told that is a discounted rate and by cancelling I would be charged at the non-discounted rate. I argued that my rate on the policy if NOT noted as a discounted rate, and I was told that did not matter as the non-discounted rate is listed on their website. CAVEAT EMPTOR! Additionally, any claim of mine paid by SHW while the policy was in effect will be deducted from the prorated amount due!
I could not believe this but this representative kept referring to Paragraph 13.2 saying that even though the policy was in effect at the time AND even though I would not receive back any of the premiums I paid for the policy at that time. There is much more to it, and I admit that I ended up not being very courteous to this representative. However, in my opinion, SHW earned that treatment! One more thing: Check the other reviews.
There are many reasons why this company is poorly rated. Also, check the BBB where almost 1,200 complaints have been filed against SHW.
PLEASE stay away from this company...and probably any other home warranty company. You are far better off saving the premium they charge and self-insuring!
Review about: Select Home Warranty Claim.
Reason of review: Poor customer service.