$19.99/month Service Plan for A/C, Heater, and Water Heater

The other day my dad was telling me about a service plan that my local utility offers which covers the a/c, water heater, and heater in one's home. My father has has this plan, which is added to his monthly gas and electric bill, but he was suggesting that i should maybe get it as well. This got me thinking whether or not if this was actually worth it. Instead maybe I should save that $20 and put it into a high yield savings account as an emergency fund in case if anything went wrong with my a/c, water heater, or heater. Annually this is roughly $240 that I could save or that I could pay a company. The gas and electric company's service contract covers pretty much anything that happens to any of the mentioned equipment. This does sound like a tempting deal, especially since installation, labor, or parts for these items could be costly, but then again my house isn't too old yet either. I am still debating this issue, but if I do decide to get this service contract, I won't sign up for it until it is a little closer to the winter months.