Obtain the very best of Both Globes: Residential Or Commercial Property Monitoring Guarantee for Landlords

Published Feb 07, 23
8 min read

What is a warranty for your home?

Home warranties are contracts that cover the cost of replacing or repairing the appliances and systems in your home if they fail because of normal wear and tear. They are not a substitute for home insurance that protects your home from damage caused by theft or natural catastrophes. They're designed to safeguard the home's appliances and systems. Home warranties are offered for all types of housing and can help reduce the cost of replacements and repairs and are therefore ideal for both existing and new landlords. Service call fees are a fee that is paid to the home warranty provider each time a claim is put in. While the majority of providers provide coverage for older homes, a few might not be able to cover items that are in preexisting conditions.

What are the advantages of having a home guarantee to rent properties?

1. Protection against high repair costs

A home warranty that covers rental properties can help protect against costly repairs through fast service, convenience of one stop shop, and with no cost for service. This cuts down on cost and time spent on repair jobs and offers financial protection against repair and replacement costs that are unexpected. Additionally, the protection of regular maintenance can increase the likelihood of the retention of clients and tenants, as tenants are able to solicit service without the need for approval from landlords and the covered appliances and systems are fixed quickly, which reduces the risk of negative reviews. This can allow landlords to charge lower rent, and also save money.

2. Common household appliances are covered

What appliances are covered under the home warranty of rental properties and what are they covered for? Refrigerators, dishwashers, dryers for clothes and washers for clothes; trash compactors; ranges/ cooktops/ ovens; built-in microwave ovens; built-in food centers; heating systems; air conditioning, electrical systems, water heaters garbage disposals, smoke detectors, central vacuums, smoke alarms; plumbing systems. Doorbells ceiling fans, exhaust fans, septic tanks, sump pumps, spas and garage door openers.

3. You can rest assured that the repairs will be made

Landlords enjoy many advantages when they have repairs covered by the home warranty. Landlords can avoid having to pay cash-on-demand for maintenance and repairs. A home warranty policy makes it easier for all involved to repair their home by sending a claim to the warranty company who will then send an individual to fix the problem at their rental property. Property management companies will experience an improvement in third-party contractor invoices as well as insurance costs because of the fact that most repairs and replacements are done quickly. The home warranty offered for rental homes can help clients and tenants retain their customers by addressing the main reason that tenants leave: maintenance problems. In allowing tenants to seek service without permission from the landlord as covered, the appliances and systems are fixed quickly, resulting in less chances of receiving negative reviews from frustrated tenants. Home warranties offer landlords a cost-effective and efficient solution for repairs to rental properties.

4. It saves time and effort of hiring a contractor.

Using a home warranty for rental properties can help save time and hassle when trying to find a contractor. Instead of having to search to find a reliable contractor in the nick of time, landlords can submit a claim at their home warranty company. They will send a person to their rental home to fix the issue as fast as possible. This is much simpler than having to call multiple contractors to locate the most suitable contractor.

Property managers can save time and stress by hiring an established vendor to handle a home. They are familiar with the cost, work schedule and background of the company. This means that they don't have to do a lot of research before selecting the best contractor for the task. Additionally, experienced contractors tend to be more trustworthy and considerate of tenants, which is essential to the tenant's satisfaction.

Additionally, getting service from a home warranty provider may take longer than you expected, sometimes taking a few days. Tenants can become dissatisfied if they aren't satisfied by the speed at which repairs are completed. Property managers must act as the middleman between tenants and the home warranty company, which adds to the stress.

A home warranty can be a great method to reduce time and eliminate the hassle of hiring contractors. Property managers can recommend reliable vendors to manage their homes. Homeowners are able to file a claim with their warranty company to resolve the issue quickly.

5. Budget for repairs

Renters are able to save money using the home warranty plan to cover repairs and replacements of their home appliances and mechanical systems. A home warranty plan helps to make repairs more predictable, making tenants happy and increasing the overall bottom line. It also provides more convenience as it is an one-stop shop for all household maintenance repairs and replacement requirements, and eliminating the necessity to swap money on service calls. In addition having a home warranty can reduce the cost of homeowner's insurance by covering all or most of the expense of repairing and replacing malfunctioning or old equipment and systems.

6. Additional protection from landlord liability

The use of a home warranty by landlords protects them from landlord liability through quick, professional repairs of appliances and systems that break due to wear and wear and tear. Tenants are less likely to claim hability from landlords because repairs and replacements to appliances and systems are done quickly. The covered repairs can also lessen the need for landlord approval and the need for disputes to be resolved as well as reducing the risk of landlord liability. A home warranty may offer additional financial protection since it is tax-deductible and helps to offset rental costs.

7. Ability to choose between different warranty providers

Choosing a home warranty provider for rental properties isn't an easy task. You should consider cost as well as the reputation of the company, its customer service, and other features. We suggest considering the available service plans and extensions, coverage depth the plan's cost, its the reputation of the company, its customer service infrastructure, as well as additional features when selecting the right home warranty company. You should also be aware of the possibility of choosing your own contractor and upgrade your coverage package. Also, how easy to transfer your plan from one person to the next.

Our research shows that plan coverage is most important, then customer service. Reputation in the industry, availability of plans as well as additional features should be equally rated, and price range is not the main basis for choosing the right home warranty provider to suit your needs.

Liberty Home Guard offers a range of add-ons to suit your requirements, including a saltwater pool reverse osmosis system, and appliances from the pro-series. AFC Home Club provides additional assurance if you're not able to repair the issue within the timeframe of the 30-day workmanship warranty. HomeServe specialized plans may be an ideal option for those who are concerned about their rental's electric lines, and American Home Shield may be the most suitable option for those who'd rather choose a home warranty provider with more coverage limits.

We recommend that you request an estimate from at least three different home warranty companies and carefully reading the plan terms to ensure you are aware of any limitations or exclusions that are in the policy. Doing so will help you make an informed choice and find the best home warranty company for your rental property.

8. You may take advantage of discounts or other incentives

Utilizing a home warranty for rental properties can help to save money in two ways. They provide a cost-effective and low-cost way to fix important appliances in the home when they fail. This could save landlords cash on regular repairs. Another benefit is that the service and premium fees from the home warranty plan may be claimed on a tax return as an operating expense subject to the registration of the landlord. This could lower their income overall and reduce tax burden.

9. Online submission and monitoring of repair claims

Home warranty plans can be incredibly useful for rental properties due to making repairs easier. If an item covered by the warranty breaks or malfunctions, landlords just need to submit an claim with their warranty provider. The warranty provider will dispatch an expert to your rental property to fix the problem as quickly as they can. This can save landlords time and effort in finding a reliable contractor who can be reached at very short notice. Through providing speedy service and convenience, home warranty plans help landlords ensure that the rental property they lease is looked after quickly and effectively.

10. Greater tenant satisfaction

Using the HomePRO Warranty can bring many advantages for tenants both with regards to service and satisfaction. The HomePRO Warranty reduces service calls since tenants can make requests directly without waiting for approval from the landlord. This improves the relationship between landlords and tenant. HomePRO Warranty also eliminates the need to maintain a relationship with several vendors. The warranty includes repairs and replacements of various appliances and systems. As a result tenants will have the assurance that their needs will be taken care of quickly and effectively. The home warranty, which could increase the property's rental price and is a good option for landlords who want to earn more every month.