Should I get insurance policy store offers for leather furniture purchase?

[wahoowad]

I'm close to buying a new leather living room set. This will be my first leather furniture. The store offers an 'insurance' policy that will cover accidental cuts/tears/damage for 3 years. I need to check further to see the exact coverage and resolution they offer. I know it doesn't cover pet damage (we have a cat, but no kids). The policy costs in the $300 range. I'm paranoid I'll do something stupid the second day like sit on it with a screwdriver in my pocket.

Has anybody bought one of these policies? Recommend it? Would most homeowner polices cover this same stuff? I hate to throw $300+ away.

 

[burnham]

I've had leather furniture for the last ten years, never a need for a warranty. I told the cats if they scratch it they're going in the stove, they listen.

 

[kenora]

I've had a cream colored leather sectional for 26 years, the more it gets used the better it looks. My golden retriever loves to sleep on it although in fairness she is very well behaved and we keep her nails clipped short, its our 2 kids that are hardest on it though!

 

[Gooserider]

Remember - insurance is nothing other than legalized gambling... The house ALWAYS wins overall, or it goes out of business. Assume you did something stupid - could you afford to fix it out of your pocket? (perhaps not "good as new" but to a useable level?) If not, would you be better off getting furniture you can afford to fix?

In general everything I've heard suggests that the various forms of "consumer protection warranty" type insurance policies tend to be pretty sizeable ripoffs in terms of what they cost vs. the actual odds of collecting on them.

Gooserider

 

[jklingel]

Goose: Roger all that, though I'd not call it a "rip off"; just a way to make a LARGE dime. By definition, almost, one has to assume that anything being sold is for profit. Only buy any kind of insurance if it is a legal necessity or if you can not afford catastrophic failure. Unless you are a better statistician/actuary than the ones the company has, avoid "protection" plans. I know a guy who worked in the upper end of a very large consumer electronics, communications, etc company and he said "That is how places like Sears can sell a fridge for the asking price. The money comes from the protection plan. Just our thoughts on the deal. Now, if that light-colored couch gets black magic marker all over it because your neighbor's dachshund is chewing on said marker while he watches the Stupid Bowl, you never heard of me, OK?

 

[marky_mark896]

FWIW, I've been told that leather furniture has a higher ripping/tearing tolerance point than material. I wouldn't worry about it. We've had our two leather couches for 6 years, and no problems here.

 

[reaperman]

One reason leather furniture is more expensive is because it is more durable. My friends dad owned a furniture store, and said he made most of his money, scotchguarding, new furniture. I saw how it was done. They had a sprayer hooked to a small air compressor and just "lightly" sprayed the furniture. I'd be surprised if two ounces of scotchguard was used. And the cost was around a hundred bucks. My friend said it was the best scam going. Lesson learned. Options can be costly. Another fact, Bestbuy makes more $$$ selling extended warrenties on products, than the products themselves.

 

[richg]

Reaperman has hit it on the head....do not buy those "extended warranty" policies under any circumstance. They are a total waste. I am a licensed insurance broker, and what these companies are doing is selling insurance without having qualified as an insurer. There are strict regulations regarding financial security that insurance carriers have to abide by so that consumers are protected from their insolvency. Many state attorney generals are going after companies selling these "extended warranties" and are telling them to either form an insurance company or stop the practice. Further, getting a claim paid on one of these "warranties" is next to impossible....they will give you every reason under the sun why they will not fix the damage. If they were a licensed insurance company, they would be subject to the Unfair Claims Practices Act. I suspect that before long, a class-action lawyer is going to pick up on this fraud and put the smack down.

 

[wahoowad]

I didn't buy it.

Can anybody recommend a do-it-yerself leather conditioner/protector I can buy and suggest how often one should apply it? Walmart?

 

[MainePellethead]

I'm close to buying a new leather living room set. This will be my first leather furniture. The store offers an 'insurance' policy that will cover accidental cuts/tears/damage for 3 years. I need to check further to see the exact coverage and resolution they offer. I know it doesn't cover pet damage (we have a cat, but no kids). The policy costs in the $300 range. I'm paranoid I'll do something stupid the second day like sit on it with a screwdriver in my pocket.

Has anybody bought one of these policies? Recommend it? Would most homeowner polices cover this same stuff? I hate to throw $300+ away.

My lady is an Insurance agent....says homeowners would never touch anything like that. Not sure on the worth of the on store insurance though...