A Comprehensive Overview to Property Monitoring Service Warranty for Home Managers thumbnail

A Comprehensive Overview to Property Monitoring Service Warranty for Home Managers

Published Sep 06, 22
8 min read

What exactly is an insurance policy for homes?

Home warranties are a kind of service agreement that will cover the cost of fixing or replacing your home's system and appliances in the event that they fail due to wear and tear. They do not replace home insurance which safeguards your home from theft as well as natural catastrophes. They are designed to safeguard your home's appliances and systems. They are available for all types of housing and can be used to lower the cost of replacements and repairs which makes them ideal for both current and new landlords. Service call fees are an expense that is paid to the home warranty provider each time a claim is made in. While the majority of providers provide coverage for older homes, a few might not be able to cover items that are in existing conditions.

What are the advantages of having a home warranty in order for rental properties?

1. Protection against high repair costs

A home warranty can be used to protect rental properties from high repair expenses. It offers quick service, ease of use and has no charges for service. This reduces the time and money that is spent on repair work and also provides financial protection from repair and replacement costs that are unexpected. In addition, the insurance coverage for regular maintenance can increase the likelihood of tenant and client retention, as tenants are able to make requests for service with no landlord approval and covered appliances and systems are repaired quickly, reducing the chance of having negative reviews. This can allow landlords to charge lower rent, and also save money.

2. Coverage for common household appliances

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

3. You can rest assured that repairs will be made

Making repairs through the home warranty offered to rental properties can provide landlords with many advantages. Landlords can avoid having to pay cash-on-demand for repairs and maintenance. A home warranty plan makes it easier for all involved to repair their house by sending an claim to the warranty provider who will then send someone to address the issue in their rental property. Furthermore, because the majority of repairs and replacements are addressed and solved quickly, property management companies can anticipate a reduction in invoices for third-party contractors as well as insurance costs. The home warranty offered for rental properties also helps to improve tenant and client retention by tackling the primary reason that causes tenants to move out: maintenance issues. Tenants can request service from their landlords and not need to be approved. This permits them to fix systems and appliances quickly. This also decreases the chance of tenants complaining about it. In the end, home warranties provide landlords with a cost effective and effective solution for repairs for rental properties.

4. It saves you time and makes it easy to find a contractor.

A home warranty can be an important time saver when looking for a contractor. Rather than having to go out to find a reputable contractor on an emergency basis, a landlord can simply send a claim to their home warranty provider and they will dispatch someone to their rental home to address the problem as quickly as is possible. This is much simpler than having to reach out to several contractors to find the right contractor.

Property managers however are able to save time and effort by bringing a trusted vendor that they know to a managed home. They are familiar with the pricing, work and history of the vendor. It is no longer necessary to spend time searching for the right contractor. Furthermore, trained vendors tend to be more honest and respectful to tenants which is important to ensure the satisfaction of tenants.

Sometimes, it may take several days to get assistance from a home warranty provider. Tenants may be dissatisfied when they are not satisfied with the speed at which repairs are completed. Property managers have to act as a middleman between the tenants and the home warranty provider, adding to the burden.

Overall, using the home warranty option for rental properties can be advantageous as it can save the time and effort of searching for a contractor. Property managers can suggest reliable vendors to manage their the homes. Homeowners can submit a claim to their warranty company to resolve the issue quickly.

5. Ability to budget for repairs

Utilizing a home warranty plan to help with repairs and replacements to appliances and mechanical systems in your home can help budget operating expenses easier for rental property owners. The plan for home warranties will make repairs easier and makes tenants happier. It also improves the bottom line. The home warranty plan is beneficial because it provides a single source for all maintenance and replacement needs. It also eliminates the need to change money when making service calls. Additionally having a home warranty can reduce the annual cost of ownership by covering all or a large portion of the costs of fixing and replacing old or damaged equipment and systems.

6. Additional protection against landlord liability

A landlord's home warranty safeguards landlords from liability. It provides skilled repairs to equipment and systems that are failing due to wear and tear or old age. Tenants are less likely be able to sue landlords due to repairs and replacements for appliances and systems are completed promptly. The covered repairs also reduce the need for landlord approval and disputes that need to be settled as well as reducing the chance of liability for landlords. A home warranty can provide additional financial protection as it is tax-deductible and helps to offset rental costs.

7. The ability to select between various warranty providers

It's not easy to choose a home warranty provider for rental properties. It is important to think about plans, costs and industry reputation, the customer support and any additional features. We suggest considering the plans available for service and extensions, coverage depth plans, cost of plan, brand reputation, customer support infrastructure, and other features when selecting a home warranty provider. Additionally, you should also consider the possibility to choose the contractor of your choice, upgrade your coverage plan or change your policy to a different owner, and also cover roof leaks, top-of-the-line appliance brands ceiling and exhaust fans, and faucets and fixtures.

Our research shows that plan coverage is most important, then customer service. The company's reputation, plan availability and additional features should be evaluated equally. Price range should not be the primary factor when selecting a home warranty provider that meets your needs.

Liberty Home Guard offers a variety of accessories to meet your requirements, such as a saltwater pool reverse osmosis system, and appliances from the pro-series. If you're not able to attend to repairs within the standard 30-day guarantee on workmanship, AFC Home Club offers a plan-length guarantee that may offer additional protection. The HomeServe plans that are tailored to your needs can be a great alternative for those who are concerned about the utility lines of their rental property. American Home Shield is an ideal option for those seeking more protection.

We recommend that you request a quote from at least three different home warranty companies and carefully reviewing the policy's terms to ensure you are aware of the limitations and exclusions that are in the policy. By doing this, you can make an informed decision and determine the most suitable home warranty company for your rental property.

8. The ability to benefit from discounts and incentives

A home warranty program can be a fantastic option to reduce the cost of rental homes. First, these plans can provide a more convenient, affordable solution to fix important household appliances and systems as they inevitably break down. This could save landlords money in regular repair costs. In addition, depending on the way a landlord is registered, the total premium and service costs of the home warranty plan could be declared as operating expenses on tax returns which will reduce their income total and thus their tax burden.

9. Online submission and tracking of repair claims

Home warranty plans can be incredibly useful for rental properties due to simplifying the repair process. If a covered product is damaged or fails, landlords just must submit an claim with their warranty company. The provider will send an expert to your rental property to resolve the problem as quickly as possible. This saves landlords time and effort in finding a trustworthy contractor who can be reached at the shortest notice. Home warranty plans enable owners to be sure that their rental property is taken care of through rapid service and ease of use.

10. Greater tenant satisfaction

The use of a HomePRO Warranty can provide many benefits to tenants with regards to service and satisfaction. The HomePRO Warranty reduces service calls because tenants are able to submit requests directly without waiting for the approval of the landlord. This helps to improve the relationship between landlord and tenant. Additionally, HomePRO Warranty eliminates the necessity for landlords to deal with multiple vendors, as the warranty covers repairs and replacements for various appliances and systems. In turn tenants have the assurance that their needs are met promptly and efficiently. A home warranty, which could boost the rent of the house as well, is a fantastic way for landlords to make more each month.