WICHITA, Kansas, Feb 11, 2008 -- Bumper-to-bumper warranties and nice to have when you're buying something expensive. That's why they are popular with cars -- and houses too.

There are lots of companies offering home warrantees and they sound like a good idea. Theoretically, they cover things like major appliances, furnace and air conditioning. So if something breaks you get it fixed.

So what's the cost of that coverage? Typically, $300 to $400 a year, plus a $50 service fee every time someone comes out.

You usually think about home warrantees when you're buying something brand new, or at least buying a house. But the fact is, you can buy these warrantees any time you want.

But do they really offer "bumper-to-bumper" protection? No way.

The problem in a word: Exclusions! Take your refrigerator, for example. The ice maker is not covered at all.

But say your refrigerator breaks. The repair man comes out -- you already gave him $50 for that -- but what he says is, 'you know what, you didn't dust your coils. Therefore, you didn't maintain it. Therefore, we're not covering it.' That's not cool.

So, while checking out exclusions in any warrantee is a good idea -- in this type, it's mandatory.

Also, check out complaint sites and the Better Business Bureau to see what people are saying.

The bottom line? If you're buying a house, the seller is paying for the warrantee so that's a no-brainer. But if you are thinking about picking up a warrantee yourself, read the fine print and compare warrantees from various companies. If you're in a relatively new house, the cost is probably more than it's worth.

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My 3 Cents