I love my home-buyer's warranty. Last year, I bought a home (after learning all those useful home-selling lessons). It was an older home, and I asked for, and received, a warranty from the seller. I knew the water heater was fairly old, and I didn't know how old (or roughly used) some of the other appliances were. Fortunately, the heating and air conditioning system was fairly new (and very energy efficient).
I had heard mixed reviews about these warranties. Some said that they were worthless or difficult to use. Others said that they didn't cover the things that might actually break. Then there were those who said that they were worth the money. Well, since it wasn't costing me anything, I had nothing to lose.
Everything went well for about 4 months. Then, my heat pump started tripping the circuit it was on. I called the home warranty company, and a heating repair company contacted me to set up an appointment within two hours. It turns out that the issue was in the circuit box, so the heating company coordinated with the home warranty company and got a different repair company involved. Long story short (I know, too late), I had two different repair companies out, I had the issue fixed, and it only cost me one deductible. The home warranty company did all the coordination.
About a month ago, the heat pump was acting up again. Once again, I called the home warranty company and had a repairman out within a few hours. This time, there was a leak in the coil. I had a new coil installed within a day, and again, it only cost me the deductible, and I didn't have to find a reputable repair company.
Then last week, I awoke to a dripping sound where there should not have been one. A pipe in my basement had sprung a leak and was spewing water everywhere. Another call to the home warranty company, this time to get the services of a plumber. It turned out the repair company wasn't going to be able to get to the repair until the next day. Given where the leak was, this was not going to work. I called the home warranty company back, spoke to a real human, and had the problem upgraded to an emergency. The leak was fixed late that afternoon, again, for only the deductible.
Buyers have home inspections prior to purchasing a new home. Those inspections may not catch every issue, and things can break. Moreover, you don't really know how the prior owners cared for the house and its appliances. Home buyer's warranties can help provide piece of mind, at least for the first year.
And, yes, I'm renewing my warranty, even though I'll have to pay for it this time!