That blank spot above the family room fireplace has been calling your name, asking you to bring home a contraption filled with brilliant colors, speakers, and noise — a big screen TV.

You’ve researched possibilities and differences between the choices of a plasma TV, or an LCD as opposed to an LED TV.  You know that whatever model you mount on the living room wall will likely provide 500,000 hours of top-rated TV time. And you know that televisions come in big packages these days, as in up to 150 inches with surround sound and every other imaginable bell and whistle.

Before leaving the store with the giant box in tow, consider the option of purchasing an extended warranty. But keep in mind that an extended warranty is a totally different animal than a manufacturer's warranty. Purchasing both may feel wasteful.

But it’s important to note that a manufacturer's warranty usually only lasts one year. An extended warranty, depending on the package, can be more like the equivalent of a bumper-to-bumper warranty when purchasing a vehicle at a dealership.

Depending on the retailer, preventive maintenance, no cost or reduced cost for covered repairs, in-home service and free pick-up for service, and power surge protection are among the possibilities if you choose to purchase an extended warranty.