Shield Your Rental Property with All-Inclusive Property Management Warranty

Published Nov 09, 21
8 min read

What exactly is an insurance policy for homes?

Home warranties are service agreements that provide for the costs of replacing or fixing your home's appliances and systems if they fail because of normal wear and wear and tear. Warranty plans are not a substitute for home insurance that protects your home from damage caused by theft or natural disasters. They're designed to protect the home's appliances and systems. Every type of home is suitable to be covered by warranty for homes. They can reduce the costs of repairs or replacements and make it affordable for landlords both new and old. The cost of service is the amount paid to the home warranty provider per claim. While the majority of providers provide coverage for older homes, a few might not cover certain items with preexisting conditions.

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

1. Protection against high repair costs

A home warranty is used to shield rentals from expensive repair expenses. It gives quick service, ease of use and no service fees. This can reduce the amount of time and expense required to repair your property and also provide financial protection for unexpected repairs and replacements. Regular maintenance helps improve the retention of tenants and clients. Tenants are able to request services without landlord approval. Systems and appliances that are covered are also repaired swiftly, which lowers the likelihood of receiving negative reviews. This can allow landlords to charge less rent and save more.

2. The coverage is for appliances used in the common household

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

3. You can rest assured that repairs will be made

Landlords can benefit of having repairs covered under a warranty on their home. By covering repairs, maintenance appointments and repairs, landlords are able to save themselves from having pay out money on demand whenever there is a problem. A home warranty policy makes it easier for all involved to repair their property by submitting a claim to the warranty provider who will then send an individual to repair the issue at their rental property. Property management companies will see an improvement in third-party contractor invoices as well as insurance costs because of the fact that many repairs and replacements can be completed in a short time. The home warranty offered for rental homes can help clients and tenants keep their clients by resolving the most common reason for tenants to quit: maintenance issues. Tenants can seek assistance from their landlords without needing to get approval. This allows them to repair systems and appliances quickly. This also decreases the likelihood of tenants complaining about it. Home warranties give landlords an affordable and effective solution for repairs to rental properties.

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

Utilizing a home warranty on rental properties could save time and hassle in the search for the right contractor. Instead of having to head out and find an experienced contractor with a good reputation on short notice, a landlord just needs to send a claim to their home warranty company and they will send someone to their rental home to resolve the problem as quickly as they can. This can be much more efficient than needing to call multiple contractors to determine the most suitable one to complete the task.

Property managers on the other hand are able to save time and hassle by sending a trusted vendor that they know to manage a home. They know the price, workmanship and how the vendor has conducted themselves over the years. This means that they don't have to do a lot of research before choosing the best contractor for the task. Additionally, vendors who have been properly trained are more likely to be friendly and ethical to tenants. This is essential to ensure the satisfaction of tenants.

Sometimes, it may take days to receive assistance from a home warranty company. Tenants can become dissatisfied if they are not satisfied with the speed with the time repairs are made. This adds to the discontent. Property managers are an intermediary between tenants, the homeowner warranty company, and the property owners.

A home warranty is an excellent method to reduce time and avoid the hassle of hiring an expert contractor. Property managers can use reliable vendors they know to managed homes, while homeowners can submit a claim to their home warranty provider and have the issue resolved within a matter of minutes.

5. Budget for repairs

Renters can save money by utilizing the home warranty plan to cover repairs and replacements to their home appliances as well as mechanical equipment. The home warranty plan will make repairs easier and can help tenants feel more comfortable. This also increases the bottom line. The home warranty plan is convenient since it offers a single provider for all household maintenance and replacement requirements. It also eliminates the need to change money when making service calls. Furthermore, having a home warranty can help lower the owner's annual expenses by covering all or a large portion of the costs of fixing and replacing malfunctioning or old appliances and systems.

6. Protection against landlord liability

A home warranty for landlords helps protect against the risk of liability for landlords by offering prompt, professional repairs for appliances and systems that break due to age or normal wear and wear and tear. Tenants are less likely claim hability from landlords because the repairs and replacements of appliances and systems are completed promptly. Covered repairs reduce the need to seek approval from landlords as well as resolve disputes. This lowers the risk of liability for landlords. A home warranty may offer additional financial protection since it's tax-deductible and can help in reducing rental costs.

7. Ability to choose between different warranty providers

It can be difficult to choose a home warranty provider for rental properties. You should consider cost, industry reputation, customer service and other features. When choosing a home warranty company, we recommend considering the plans for service and add-ons offered, their cost as well as the reputation of the company and its support systems for customers, as well as other features. Also, be aware of the option to select your own contractor, upgrade your protection package, transfer your plan to a different owner, and protect your roof from leaks, top-of-the-line appliance brands ceiling and exhaust fans, and fixtures and faucets.

Our research has shown that coverage for plans is the most crucial factor, then customer service. The industry reputation as well as plan availability and other features should be considered equally. Price range should not be the main basis for selecting a home warranty provider that is able to meet your requirements.

For example, if your rental features a saltwater swimming pool, pro-series appliances, or reverse osmosis system, Liberty Home Guard has a suite of add-ons that may appeal to you. If you're unavailable to follow up on repairs within the standard 30-day guarantee on workmanship, AFC Home Club offers the option of a plan-length warranty that can give you additional security. The HomeServe plans that are tailored to your needs can be a great alternative for those who are worried about the utilities in their rental property. American Home Shield is a better option for those seeking a higher level of coverage.

We recommend that you request an estimate from at three providers for home warranties and carefully reading the policy's terms to be sure that you're aware of any limitations or exclusions that are in the policy. By doing this, you can make an informed decision and find the best home warranty provider for your rental property.

8. The ability to benefit from discounts and incentives

Using a home warranty plan for rental properties can help reduce costs in two ways. They provide a cost-effective and affordable method of fixing major appliances that fail. This can save landlords cash on repairs that are routinely required. In addition, depending on the way a landlord is registered the whole premium and costs of the home warranty plan can be claimed as operating expenses in a tax return and thus reduce their income total and thus their tax burden.

9. Online submission and tracking of repair claims

Renters can find home warranty plans very beneficial as they allow them to repair their home. When a covered item is damaged or fails, landlords just have to make an insurance claim to their warranty company. The provider will then send an expert to the rental property to fix the problem as quickly as possible, which saves landlords the time and effort in searching for a trustworthy contractor on very short notice. The Home Warranty plans permit landlords to ensure the rental property they lease is properly taken care of by providing prompt service and convenience.

10. Greater tenant satisfaction

Tenants will benefit of the HomePRO Warranty, such as enhanced service and greater customer satisfaction. The HomePRO Warranty reduces service calls because tenants are able to submit requests directly without waiting for the approval of the landlord. This improves the relationship between landlord and tenant. Furthermore, HomePRO Warranty eliminates the need for landlords to have to keep up with multiple vendorssince the warranty includes repairs and replacements of various appliances and systems. Therefore tenants will have the assurance that their needs will be taken care of quickly and effectively. The home warranty, which can increase the property's rental price as well, is a fantastic opportunity for landlords to earn more every month.