In theory, they know the useful life of what they cover, so they can amortize it and add in a small profit.
Save yourself the headache and stay far, far away from select home warranty. You will be lied to by their call centers in India, and will be told a different thing every time you call in. You will never get more than you paid out of the policy. This company is immoral, and will take every opportunity they can to completely shaft you. Even though it was not a gift card, it was just credit I had at Amazon. Select home warranty took that amount out of the reimbursement they sent me, as they claimed they do not cover gift cards or coupons. I purchased a new garage door motor on Amazon, and a refund from a previous Amazon return was automatically applied to the purchase of the motor. When my garage door opener broke, since it was from the 80s, they only paid me a fraction of what it cost to even buy a new unit, not to mention the cost of getting it installed. But waaayyy at the end of the contract, they say it's only for the depreciated value of said item. Furthermore, in the contract, they state they will cover the cost to replace broken items. Of course, in the fine print, they say they do not cover the cost of labor, which is usually the bulk of any repair or replacement that needs to happen. When I was sold the policy, I was told select home warranty would completely cover the cost of repair of appliances around the house when they break. I can't believe I fell for this scam of a company.
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