Why Should I Buy an Extended Warranty For My Swimming Pool Heat Pump?
It seems that every time we buy something nowadays, we are asked the question, would you like to purchase the extended coverage for this item? Most of us have probably also heard that an extended warranty is not a smart choice in most cases. Just as there are exceptions to most rules, extended warranties on swimming pool heat pumps are not only an exception, they often make perfect sense.
A Growing Problem
Let us reference a report from the Manpower Group 2014 Global Talent Shortage Survey. Forty percent of U.S. employers reported difficulty in filling jobs .and the skilled trades are the hardest to fill. Compounding the situation is the escalating pace at which aging baby boomersincluding many good HVAC techniciansare leaving the work force. The Bureau of Labor Statistics projects that the HVAC Industry will grow by 21 percent through 2022. This means that companies that utilize HVAC technicians will find it increasingly difficult to fill openings that occur, because of either attrition or the expanding economy. As in every industry, labor rates for HVAC technicians are driven by supply and demand. When the supply of labor is less than the demand, those seeking employment will command higher pay.
Companies have only one choice as they respond to the inflationary pressures on the labor market: they have to pay higher wages and, subsequently, charge more for their services.
An Exceptional Solution
If ever there were a time when extended warranties may not be such a bad idea after all, this is it. Despite the excellent reliability of most heat pumps built today, with the anticipated increase in labor cost for HVAC technicians, an extended warranty on your swimming pool heat pump could more than pay for itself, when your unit eventually needs repairs.
Still not sure a heat pump extended warranty can save you money? Well, consider this. You can buy an extended warranty today and be assured that any repairs you may need will be covered, regardless of the cost. On the other hand, there is no way to predict how much labor rates will increase for HVAC technicians by the time you standard warranty expires we only know they will be higher than they are now. A gamble? Possibly. But one with the odds in your favor if you elect extended coverage.
When considering extended warranties, you should consider not only the cost of the policy, but also the duration, items covered, and ease of filing a claim. As we have seen, the extended warranty for your heat pump may deserve another look.
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