Protect Your Building with Top-Quality Building Management Service Warranty Providers

Published Jan 24, 23
8 min read

What is a home warranty?

A home warranty is a kind of service agreement that covers the cost of repairing or replacing your home's system and appliances when they fail due to normal wear and tear. Home warranties aren't identical to home insurance , which shields the structure of your home from natural disasters and burglaries however they do protect your home's systems and appliances. All types of housing are eligible for home warranties. They can reduce the cost of repairs or replacements, and can be affordable for landlords both new and old. The cost of service is an amount that is charged to the home warranty company for each claim. A majority of the providers will offer coverage for older homes, however certain providers do not provide coverage for home appliances with preexisting conditions.

What are the advantages of using a home warranty for rental properties?

1. Protection against high repair costs

A home warranty is used to protect rental properties from high repair cost. It gives quick service, ease of use, and zero service charges. This reduces the amount of time and expense required to repair your property and will provide financial security in the event of unexpected repairs or 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 possibility of having negative reviews. All of this helps landlords save money and charge higher rents, putting more money in their pockets.

2. Common household appliances covered

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

3. Relax knowing that repairs will be completed

Repairs made under the warranty of a home for rental properties provides landlords with many benefits. With the coverage of repairs, maintenance appointments, and repairs, landlords are able to be protected from having to shell out cash at any time there is a problem. A home warranty program will make it simpler for everyone who are involved in repairing their property by submitting a claim to the warranty company who will then send a technician to address the issue at the rental property. Furthermore, because most repairs and replacements can be addressed and solved quickly, property management companies can expect reduced invoices for third-party contractors as well as insurance expenses. The home warranty offered for rental homes will help tenants and clients retain their clients by solving the most common reason for tenants to leave: maintenance problems. When tenants are able to seek service without landlord approval as covered, the appliances and systems are fixed swiftly, which reduces the opportunity for negative reviews from unhappy tenants. Overall the home warranty provides landlords with an affordable and efficient solution for rental property repairs.

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

A home warranty can be an efficient way to find a contractor. Instead of having to head out and search for an experienced contractor with a good reputation on very short notice, the landlord simply needs to submit a claim to their home warranty provider and they will send someone to their rental property to take care of the problem as quickly as they can. This can be much more convenient that having to call several contractors to determine the most suitable one for the job.

Property managers however are able to save time and stress by bringing a trusted vendor they have already worked with to a managed home. They are familiar with the cost, work schedule and background of the company. This eliminates the need to spend time researching and selecting the best contractor for the task. In addition, trained contractors tend to be more honest and respectful to tenants which is essential to ensure the satisfaction of tenants.

Additionally, getting service from a home warranty company may take longer than you expected and can take a few days. Tenants may be dissatisfied when they are not satisfied by the speed at the time repairs are made. Property managers must act as a middleman between the tenants and the homeowner warranty company, which adds to the burden.

Overall, having the home warranty option for rental properties is beneficial as it can save the time and effort of searching for an expert. Property managers can use trusted vendors they already know to manage homes, and homeowners can make an inquiry to their warranty company and get the issue fixed in no time.

5. The ability to budget repairs

Utilizing a home warranty plan to help with repairs and replacements of home mechanical systems and appliances will make planning operating expenses much easier for landlords of rental properties. A home warranty can help to make repairs easier to predict, keeping tenants happier, and improving the overall bottom line. The home warranty plan is convenient because it provides a single source for all household maintenance and repair needs. It can also reduce the requirement to change money when making service calls. A home warranty can reduce the owner's annual costs by covering the full repair or replacement costs of damaged appliances or systems.

6. Additional protection from landlord liability

Using a home warranty for landlords helps protect against landlord liability through prompt, professional repairs for systems and appliances that fail due to wear and tear. Tenants are less likely to sue landlords for hability because repairs and replacements to appliances and systems are done quickly. Covered repairs reduce the need to get approval from the landlord and can also settle disputes. This also reduces landlord liability. Furthermore, having a home warranty in place can serve as an additional protection against financial loss, as it qualifies as tax-deductible, allowing you to reduce rental costs.

7. You can choose from a variety of warranty providers

It can be difficult to pick a home insurance service for rental homes. It's crucial to look at the plans, costs, industry reputation, customer support, and any additional features. It is recommended to consider the various plans for service, additional coverage options, the depth of coverage, plan cost, the reputation of the company, its customer service infrastructure, and additional features when selecting the right home warranty company. Also, think about whether you are able to choose your own contractor and upgrade the coverage you have. Additionally, consider how simple it is to transfer your plan from one owner to the next.

Based on our research, plan coverage should carry the most weight in the customer support department as the second most significant factor. Industry reputation, plan availability, and additional features should be evaluated equally as well as price. Price is not the main factor in choosing a home warranty provider for your home's needs.

If, for instance, your rental property features a saltwater swimming pool, pro-series appliances, or reverse osmosis system, Liberty Home Guard has a collection of additional features that might be appealing to you. AFC Home Club provides additional assurance if you're not able to repair the issue within the 30 day workmanship guarantee. HomeServe special plans could be an ideal option for those who are worried about their rental's utility lines as well as American Home Shield may be the best option for those looking to choose an insurance provider for home repairs that has greater coverage limits.

We suggest seeking quotes from at least three companies for home warranties and reading through the terms carefully to be aware of any restrictions or exclusions. This will help you make educated decisions and assist you select the best home warranty provider for the rental properties you own.

8. You can take advantage of discounts and other benefits

A home warranty plan can be an excellent way to save money on rental properties. They provide a cost-effective and affordable method of fixing major household appliances as they fail. This can save landlords money on regular repairs. Secondly, depending on how a landlord is registered, the entire premium and service costs of the home warranty plan can be included as an operating expense on tax returns and thus reduce their income total and thus their tax burden.

9. Online submission and tracking of repair claims

Warranty plans for home owners can prove useful for rental properties due to simplifying the repair process. When a covered item fails or breaks and needs to be repaired, landlords must submit a claim with their warranty company. The warranty provider will dispatch a technician to the rental property to address the problem as quickly as is possible. This will save landlords time and energy in searching for a trustworthy contractor that is available on short notice. By providing expedited service and ease of use Home warranty plans can help landlords to ensure the rental property they lease is looked after quickly and efficiently.

10. Greater tenant satisfaction

Tenants can enjoy many benefits from the HomePRO Warranty, including enhanced service and greater customer satisfaction. The HomePRO Warranty reduces service calls since tenants can make requests directly without waiting for approval from the landlord. This can improve the relationship between landlord and tenant. HomePRO Warranty also eliminates the requirement to maintain a connection with several suppliers. The warranty covers repairs and replacements of various systems and appliances. Tenants can rest assured that they will receive speedy and effective service. A house warranty, which can boost the rent of the house, can be a great opportunity for landlords to earn more each month.