In honor of National Home Warranty Day on February 10, we decided to dig into the topic of home warranties. Maybe it's only something you've come across in your junk mail telling you that your nonexistent home warranty is about to expire. Today, we'll run through the pros and cons of home warranties so you can make an informed choice. What is a home warranty? As defined by Investopedia , " A home warranty is a residential service contract that helps pay for repairs or replace