Save Cash and also Time with Reliable Property Monitoring Warranty Providers thumbnail

Save Cash and also Time with Reliable Property Monitoring Warranty Providers

Published Aug 01, 22
8 min read

What is a home warranty?

Home warranties are service contracts which cover the costs of replacing or fixing your home's appliances and systems when they fail due to normal wear and wear and. Warranty plans are not a substitute for home insurance, which protects your home from theft and natural disasters. They are designed to protect your home's appliances as well as systems. All kinds of homes are eligible for home warranties. They can help reduce the cost of repairs or replacements, and can be feasible for landlords of both types, new as well as old. Service call fees are a fee that is paid to the home warranty company each time a claim is made in. Although most companies cover older homes, some might not be able to cover items that are in existing conditions.

What are the benefits of having a home warranty in order to rent properties?

1. Protection against high repair costs

A home warranty is used to shield rental properties from costly repair cost. It gives quick service, convenience and has no charges for service. This can reduce the amount of time and money required to repair your property and also provide financial protection in the event of unexpected repairs or replacements. Regular maintenance can help improve the retention of tenants and clients. Tenants can ask for service without the need for approval from landlords. The covered appliances and systems are also fixed quickly, which reduces the likelihood of receiving negative reviews. All of this can help landlords save money while charging higher rents, putting more money in their pockets.

2. Coverage for common household appliances

What types of appliances are covered by the home warranty in rental properties? [Expanded List] Refrigerators and dishwashers, dryers for clothes and washers for clothes; trash compactors; cooktopsand ovens, built-in microwave ovens with 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, sump pumps, septic tanks spas, garage door openers.

3. You can rest assured that repairs will be done

Repairs made under the home warranty offered to rental properties provides landlords with many advantages. With the coverage of repairs, maintenance appointments, and repairs, landlords are able to protect themselves from having to pay cash when there is a problem. Additionally, a home warranty plan makes the home repair process for everyone involved by submitting a claim to the warranty company, who then sends a technician to the rental home to resolve the problem. Property management companies will see a decrease in third-party contractor invoices as well as insurance expenses due to the fact that a lot of repairs and replacements are done quickly. The home warranty offered for rental properties also helps to improve tenant and client retention by tackling the number one reason tenants quit: maintenance problems. Tenants can request service from their landlords without having to get approval. This allows them to repair systems and appliances quickly. It also reduces the possibility of tenants complaining about it. Overall the home warranty provides landlords with a cost effective and efficient solution for rental property repairs.

4. It saves time and effort of the search for a contractor.

A home warranty can be a time-saver when searching for contractors. Instead of having to head out and search for a reliable contractor with an emergency basis, a landlord just needs to send a claim to their home warranty company and they will send someone to their rental property to take care of the problem as quickly as possible. This is easier than having to contact multiple contractors to determine the most suitable one for the job.

Property managers can reduce time and stress by hiring an experienced and reliable vendor to oversee the property. They are familiar with the prices, the work, and the history of the company. This eliminates the need to research and finding the right contractor for the job. In addition, contractors who have been properly trained are more likely to be friendly and ethical towards tenants. This is important for tenant satisfaction.

Additionally, getting service from a company that offers home warranties may take longer than you expected and can take a few days. Tenants can become dissatisfied if they aren't happy with the speed with when repairs are finished. This can cause discontent. Property managers act as a middleman between tenants, the home warranty company, and the property owners.

Overall, using a home warranty on rental properties can be beneficial as it can save the time and effort of searching for an expert. Property managers can assign trusted contractors they have already worked with to manage homes, and homeowners can make an claim to their warranty company and have the issue resolved in no time.

5. Budget for repairs

Renters are able to save money using the home warranty plan to cover repairs and replacements to their appliances at home and mechanical systems. A home warranty plan helps to make repairs easier to predict, keeping tenants content and improving the bottom line. The home warranty plan is beneficial as it is a one-stop provider for all household maintenance and replacement needs. It also eliminates the need to exchange money during service calls. A home warranty can reduce the owner's annual costs by covering the total cost of replacing or repairing malfunctioning appliances or systems.

6. Additional protection from landlord liability

A home warranty for landlords safeguards landlords from liability. It provides skilled repairs to appliances and systems that have failed because of normal wear and tear or old age. Tenants are less likely to be able to sue landlords due to repairs and replacements for appliances and systems are done quickly. The covered repairs make it less necessary to get approval from the landlord and can also settle disputes. This further lowers the risk of liability for landlords. A home warranty can give additional financial security as it is tax-deductible and helps in reducing rental costs.

7. The ability to select between various warranty providers

Choosing a home warranty provider for a rental property is a difficult decision. It's important to consider the coverage options, cost and reputation of the company, as well as customer support, and other features. We suggest considering the plans available for service and additional coverage options, the depth of coverage, plan cost, brand reputation, customer support infrastructure, and other options when choosing a home warranty provider. Additionally, you should also be aware of the option to select your own contractor, increase your coverage plan and change your policy to a different owner, and also cover roof leaks, high-end appliances exhaust and ceiling fans, and faucets and fixtures.

Based on our findings, plan coverage will be the main factor in the customer support department as the second most important aspect. The industry reputation as well as plan availability and other features should all be considered equally. Price range should not be the main basis for 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 pro-series appliances. If you're unavailable to attend to repairs within the standard 30-day guarantee on workmanship, AFC Home Club offers the option of a plan-length warranty that can offer additional security. HomeServe's special plans can be a great alternative for those who are concerned about the utility lines that are connected to their rental home. American Home Shield is an ideal option for those seeking greater coverage.

We recommend getting quotes from at least three companies for home warranties and reading through the terms carefully to be aware of any exclusions or limitations. By doing this, you can make an informed choice and find the best home warranty company for your rental property.

8. You can benefit from discounts and other benefits

A home warranty program can be a great way to reduce the cost of rental homes. The plans provide a simple and affordable method of fixing important appliances in the home when they fail. This can help landlords save money in regular repair costs. Another benefit is that the premium and service fees of the home warranty plan can be claimed on a tax return as an operating expense, dependent on 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 extremely beneficial for rental properties, by simplifying the repair process. When a covered item is damaged or fails and needs to be repaired, landlords must submit a claim to their warranty company. The company will then send a technician to the rental property to fix the issue as soon as possible, which saves landlords the time and effort of searching for a reputable contractor with a the shortest notice. Home warranty plans allow landlords to make sure that their rental property is taken care of through prompt service and convenience.

10. Greater tenant satisfaction

Tenants will benefit of the HomePRO Warranty, such as improved service and customer satisfaction. HomePRO Warranty helps to reduce customer service calls because tenants are able to send their requests directly without waiting for the landlord to approve them. This improves the relationship between tenants and landlords. HomePRO Warranty also eliminates the need to maintain a relationship with several vendors. The warranty will cover repairs and replacements for different systems and appliances. Tenants can rest assured that they will receive speedy and effective service. Additionally, having a home warranty can also help in increasing the rent of the house, allowing landlords to make more money each month.