Professional Property Administration Guarantee Solutions for Hassle-Free Building Upkeep

Published Jan 02, 23
8 min read

What is a home warranty?

Home warranties are service agreements that provide for the repair or replacement of your home's appliances and systems when they fail due to normal wear and wear and tear. These warranties are not like home insurance which covers your home's structure against natural disasters and burglaries however they do safeguard your home's systems and appliances. All kinds of homes are eligible for warranty for homes. They can reduce the cost of repairs or replacements and are affordable for landlords new and old. The cost of service is an amount that is due to the warranty provider for each claim. A majority of the providers will provide coverage for older homes, however certain ones do not cover home items that have preexisting issues.

What are the benefits of a home warranty for rental properties?

1. Protection against high repair costs

A home warranty is used to shield rental properties from high repair cost. It gives quick service, convenience and has no charges for service. This can reduce the time and money spent on repair jobs and also provides financial protection from unexpected repairs and replacements. Furthermore, the coverage of regular maintenance aids in increasing the retention of clients and tenants, because tenants are able to request service without landlord approval and protected appliances and systems can be repaired swiftly, reducing the chance of having negative reviews. This allows landlords to charge less rent and save on.

2. Common household appliances covered

What are the appliances covered under a home warranty for rentals and what do they cover? (Extended list) Refrigerators, dishwashers, clothes dryers, clothes washers, trash compactors, ranges/ cooktopsand ovens, microwaves with built-in ovens and built-in food centers heating systems air conditioning, water heaters, garbage disposals, electrical systems, central vacuums, smoke detectors doorbells, plumbing systems, exhaust and ceiling fans, septic tank, sump pump, spa, pool, and garage door openers.

3. You can rest assured that repairs will be completed

Having repairs made through the warranty of a home for rental properties can provide landlords with many benefits. With the coverage of repairs, maintenance appointments and even replacements, landlords protect themselves from having to pay out money on demand whenever something goes wrong. A home warranty plan will make it simpler for everyone involved to repair their home by sending an claim to the warranty provider who will then send a technician to fix the problem in their rental property. Property management companies will see less third-party contractor invoices and insurance costs because of the fact that most repairs and replacements are done quickly. Having a home warranty for rental properties also helps to increase client and tenant retention by addressing the number one reason tenants quit: maintenance problems. In allowing tenants to request service without landlord approval the covered appliances and systems can be repaired swiftly, which reduces the chance of negative reviews from frustrated tenants. In the end homeowners' warranties provide landlords with a cost effective and efficient solution to rental property repairs.

4. It helps you save time and makes it easier to find a contractor.

A home warranty can be an efficient way to find an expert contractor. Instead of having to go out and search for a reliable contractor with short notice, a landlord can simply send a claim to their home warranty provider and they will send an individual to the rental property to address the problem as quickly as they can. This is more convenient that having to contact multiple contractors to find the right one to complete the task.

Property managers can save time and hassle by sending an established vendor to handle the property. They are familiar with the pricing, work and the history of the vendor. This makes it unnecessary to research and selecting the best contractor for the job. Furthermore, trained vendors are more likely to be honest and considerate of tenants, which is important for tenant satisfaction.

Additionally, getting service from a home warranty company could take longer than anticipated, sometimes taking a few days. Tenants might be unhappy if they aren't satisfied by the speed at when repairs are finished. This causes discontent. Property managers are intermediaries between the tenants, the home warranty company, and property owners.

A home warranty can be an excellent way to save time and avoid the hassle of hiring contractors. Property managers can use trusted contractors they have already worked with to homes they manage, while homeowners can submit an inquiry to their home warranty company and have the problem fixed in a short time.

5. Budget for repairs

Utilizing a home warranty plan to pay for repairs and replacements to appliances and mechanical systems in your home can make budgeting for operating costs easier for rental property owners. The warranty for homes ensures that repairs are more predictable and makes tenants happier. It also boosts the bottom line. The home warranty plan is beneficial because it provides a single source for all maintenance and replacement requirements. It is also a way to not change money when making service calls. Additionally having a home warranty can help lower the cost of homeowner's insurance by covering the majority or all of the costs of fixing and replacing aging or malfunctioning appliances and systems.

6. Additional protection against landlord liability

Using a home warranty for landlords can help protect them from the risk of liability for landlords by offering quick, professional repairs of systems and appliances that fail due to age or normal wear and wear and tear. This reduces the chance of lawsuits for hability from tenants as repairs and replacement of the systems and appliances are taken care of promptly. The covered repairs can also lessen the requirement for approval from landlords and the need for disputes to be resolved as well as reducing the possibility of landlord liability. A home warranty may give additional financial security as it's tax-deductible and can help in reducing rental costs.

7. You can choose among a variety of warranty providers

It isn't easy to pick a home insurance provider for rental properties. It is important to think about choices for coverage, the cost and reputation of the company, as well as customer support, and additional 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 a provider for your home warranty. It is also important to be aware of the possibility of choosing your own contractor and then upgrade your coverage package. Additionally, consider how simple to transfer your plan from one person to the next.

Based on our research, plan coverage should carry the most weight and customer service should be the second-most important factor. The company's reputation as well as plan availability and other features should all be evaluated equally. The price range shouldn't be the main basis for selecting a home warranty company that is able to meet your requirements.

For example, if the rental property you are renting has a saltwater pool, appliances from the pro-series, or a reverse osmosis system Liberty Home Guard has a suite of add-ons that may appeal to you. AFC Home Club provides additional assurance if you're not able to make repairs within the timeframe of the 30-day workmanship warranty. HomeServe's special plans are an excellent 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 protection.

In the end, we suggest requesting the quotes of at least three different home warranty companies and thoroughly reviewing the plan terms to ensure you are aware of any limitations or exclusions in the policies. This will allow you to make an informed choice and find the best home warranty provider for your rental property.

8. You can take advantage of discounts or other incentives

Using a home warranty plan for rental properties can save money by two methods. These plans offer a convenient and affordable method of fixing important appliances in the home when they fail. This can save landlords cash on regular repairs. In addition, depending on the way the landlord is registered, the entire premium and service charges of the home warranty plan can be claimed as operating expenses on a tax return, thus reducing their income total and tax burden.

9. Ability to make repairs and submit them online

Warranty plans for home owners can be incredibly beneficial for rental properties, by simplifying the repair process. The landlord only has to file an claim with their warranty provider if a covered item malfunctions or breaks. The company will then send an expert to the rental home to resolve the problem as quickly as is possible, saving landlords the time and effort of finding a reliable contractor on the shortest notice. By providing expedited service and convenience, home warranty plans help landlords ensure that the rental property they lease is maintained quickly and effectively.

10. Greater tenant satisfaction

The use of a HomePRO Warranty can bring many advantages for tenants both in terms of customer service and satisfaction. The HomePRO Warranty reduces service calls since tenants can make requests directly without waiting for the approval of the landlord. This can improve the relationship between landlords and tenant. HomePRO Warranty also eliminates the requirement to maintain a connection with several suppliers. The warranty will cover repairs and replacements for various systems and appliances. Tenants can rest assured that they will receive prompt and efficient service. A house warranty, which could raise the rental value of the home, can be a great option for landlords who want to earn more money each month.