Home warranties may give you peace of mind, but are they a good idea?

I'm not talking about home insurance. I'm talking about home warranties.

Home warranties are supposed to cover things when they break down, like your dishwasher or microwave and even big-ticket items like your air conditioner.

But I keep hearing from consumers out there who complain that home warranties are a waste of money.

When Dave and Jo Ann Brass's hot water heater started acting up, they knew it right away because there just wasn't that much hot water anymore.

"We would tell the kids, you've got five minutes because we would like to take a hot shower," Jo Ann Brass said.

Finally, their 10-year-old hot water heater went out.

Good thing they had a home warranty plan that gave them peace of mind over the past four years.

During that time, the couple have spent a lot of money renewing their warranty plan just in case they would need it one day.

How much money have they spent?

"Close to $2,000," Brass said.

But when a plumber diagnosed their aging water heater as having sediment and said that it needed to be replaced, the Brasses got shocking news from their warranty company.

"And they basically said, 'You're not covered," Dave Brass said.

How could that be? They've renewed their annual $425 plan year after year and now when they need it the most, they're not covered.

Their warranty company blamed the Brasses.

"She just basically said, 'You know it's a sediment issue. It's a maintenance issue. You are not properly maintaining," Jo Ann Brass said.

According to Internet discussion boards, the couple's problem is a common one.

Consumers complain that many warranty companies dodge paying repairs by claiming homeowners didn't properly maintain an appliance or that it was a pre-existing condition.

Dave Brass says warranty companies get away with it because it's in the fine print.

"They have a lot of outs," he said. "They can get away without paying for anything."

So if you're thinking of buying or maybe renewing your home warranty plan, the couple say think again.

"I think my takeaway is don't do it," Dave Brass sad. "Take your money and put it in the bank."

That is great advice because the amount of money you put into a warranty will probably be more money than you'll ever spend even if you pay for repairs out of your own pocket. They are very, very pricey. The same thing goes for extended warranties for cars and appliances.

I say think very carefully before buying a home warranty.