Save Cash and Time with Reliable Residential Property Monitoring Warranty Services

Published Jan 30, 23
8 min read

What is a warranty for your home?

Home warranties are a type of service agreement that covers the cost of repairing or replacing your home's system and appliances in the event that they fail because of normal wear and wear and tear. Home warranties are not identical to insurance for your home, which protects your home's structure against natural disasters or theft, but instead safeguard your home's systems and appliances. Home warranties are available for all kinds of homes and are able to reduce the costs of replacements and repairs which makes them ideal for both new and existing landlords. Service call fees are an amount that is due to the home warranty company each time a claim gets put into. While the majority of providers cover older homes, some might not be able to cover items that are in existing conditions.

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

1. Protection against high repair costs

The use of a home warranty on rental properties can guard against costly repairs through fast service, convenience of one-stop shop and there is no charge for service. This can reduce the time and money used on repairs and offers financial protection against unplanned repairs and replacements. Regular maintenance can help improve the retention of tenants and clients. Tenants can request service without requiring approval from the landlord. Systems and appliances that are covered are also repaired promptly, which decreases the chance of negative reviews. This allows landlords to charge less rent and save on.

2. Common household appliances are covered

What kind of appliances are covered under the home warranty in rental properties? (Extended list) Refrigerators, dishwashers, clothes dryers, clothes washers, trash compactors, ranges/ cooktopsor ovens, microwave built-in ovens with built-in food centers heating systems, water heaters, air conditioning and garbage disposals, electrical systems, smoke detectors, central vacuums plumbing systems, doorbells, ceiling and exhaust fans sump pumps, septic tanks spa, pool and garage door openers.

3. Peace of mind knowing repairs will be made

Landlords enjoy many advantages of having repairs covered under a home warranty. Landlords can avoid having to pay cash-on-demand for maintenance and repairs. Furthermore, a home warranty plan simplifies the home repair procedure for all involved by submitting a claim to the warranty provider, who will then send a person to their rental property to fix the issue. Property management companies will see less the amount of invoices from third-party contractors and insurance costs due to the fact that many repairs and replacements can be completed in a short time. A home warranty for rental properties can help clients and tenants keep their clients by solving the primary reason why tenants abandon their homes: maintenance issues. Tenants can seek assistance from their landlords without having to be approved. This allows them to repair systems and appliances quickly. This also decreases the chance of tenants complaining about the service. In the end, home warranties provide landlords with an affordable and effective solution for repairs to rental properties.

4. Reduces the time and effort involved in the search for a contractor.

Utilizing a home warranty on rental properties can help reduce time and stress in the search for the right contractor. Rather than having to go out and search for a reliable contractor with very short notice, the landlord just needs to submit a claim to their home warranty provider , and they will dispatch someone to their rental property to resolve the issue as soon as is possible. This can be much more efficient than having to contact multiple contractors to find the right one for the job.

Property managers, on the other hand, can save time and stress by bringing a reliable vendor they have already worked with to a managed home. They know the price, workmanship and how the vendor has behaved over the years. It's no longer necessary to spend time searching for the best contractor. Additionally, vendors who have received training are more likely be kind and trustworthy to tenants. This is important to ensure the satisfaction of tenants.

Sometimes, it takes days to receive service from a home warranty company. This can lead to unhappy tenants who expect their repairs to be completed promptly. Property managers are required to serve as a mediator between tenants and the home warranty company, which adds to the stress.

A home warranty could be a great option to cut down on time and avoid the hassle of hiring an expert contractor. Property managers can use trusted vendors they already know to manage homes, and homeowners can submit a claim to their home warranty company and get the issue fixed in no time.

5. Budget for repairs

Utilizing a home warranty plan to help with repairs and replacements for appliances and mechanical systems in your home can make budgeting for operating costs easier for landlords of rental properties. The warranty for homes will make repairs easier and makes tenants happier. This also increases the bottom line. It also provides more convenience by providing an one-stop shop for all household maintenance repairs and replacement requirements, as well as eliminating the need to swap money on service calls. Additionally having a home warranty can reduce the cost of homeowner's insurance by covering all or a large portion of the cost of repairing and replacing old or damaged appliances and systems.

6. Additional protection from liability of landlords

A landlord's home warranty safeguards landlords from liability. It offers professional repairs to appliances and systems that have failed due to normal wear and tear or age. Tenants are less likely to sue landlords for hability because the repairs and replacements of appliances and systems are completed swiftly. The covered repairs make it less necessary to get approval from the landlord, and also resolve disputes. This lowers the risk of liability for landlords. In addition, having a homeowner's warranty may act as an additional level of financial security since it is tax-deductible and can help pay for rental costs.

7. You can choose among a variety of warranty providers

It's not easy to pick a home insurance provider for rental properties. It's important to consider the choices for coverage, the cost and industry reputation, the customer support and any additional features. We suggest considering the available service plans and add-ons, depth of coverage, plan cost, industry reputation, customer support infrastructure, and other options when choosing a home warranty provider. In addition, consider the possibility to select your own contractor, increase your protection package, change your policy to another owner, and also cover roof leaks, premium appliances ceiling and exhaust fans, and fixtures and faucets.

Our research shows that coverage for plans is the most important, followed by customer service. Reputation in the industry, availability of plans and other features must be equally rated, and price range should not be the primary base for selecting a home warranty provider for your home's needs.

Liberty Home Guard offers a assortment of additional options to meet your requirements, including saltwater pools reverse osmosis system, and pro-series appliances. AFC Home Club provides additional protection if you are unable to repair the issue within the timeframe of the 30-day workmanship warranty. HomeServe specialized plans may be a good choice for those most concerned about their rental's utility lines as well as American Home Shield may be the ideal choice for those who prefer a home warranty provider with greater coverage limits.

In the end, we suggest requesting a quote from at three providers for home warranties and carefully reading the terms of the plan to make sure you're aware of any limitations or exclusions from the policies. This will allow you to make informed decisions and help to select the most suitable provider of home warranties for your rental properties.

8. You can benefit from discounts and other offers

Utilizing a home warranty for rental properties can reduce costs in two ways. The first is that these plans offer a convenient, cost-effective solution to repair important household appliances and systems since they will eventually break. This can save landlords cash on regular repairs. Another benefit is that the premium and service fees of the home warranty plan may be claimed on a tax return as an operating expense, depending on the registration of the landlord. This could lower their income overall and reduce tax burden.

9. Ability to submit and track repair claims online

Home warranty plans can be incredibly beneficial for rental properties, by simplifying repairs. If a covered product fails or breaks and needs to be repaired, landlords must submit a claim to their warranty company. The warranty provider will dispatch an expert to your rental property to fix the issue as fast as is possible. This saves landlords time and effort searching for a trustworthy contractor that can be reached at the shortest notice. By providing expedited service and ease of use Home warranty plans can help landlords ensure that the rental property they lease is taken care of quickly and effectively.

10. Greater tenant satisfaction

Utilizing a HomePRO Warranty can bring many advantages for tenants both with regards to customer service and satisfaction. The HomePRO Warranty reduces service calls since tenants can make demands directly, without waiting for approval from the landlord. This helps improve the relationship between tenants and landlords. In addition, HomePRO Warranty eliminates the need for landlords to have to maintain a relationship with several vendorssince the warranty will cover repairs and replacements for various systems and appliances. In turn tenants have the security of knowing that their requirements will be met quickly and effectively. A home warranty, which may boost the rent of the house as well, is a fantastic option for landlords who want to earn more every month.