Expert Home Monitoring Warranty Providers: A Lifesaver for Landlords

Published Feb 24, 23
8 min read

What is a home warranty?

Home warranties are agreements that provide for the repair or replacement of the appliances and systems in your home if they fail because of normal wear and tear. Home warranties aren't the same as home insurance which covers your home's structure from natural disasters or theft however they do safeguard your home's systems and appliances. They are available for all kinds of homes and can be used to lower the cost of repairs and replacements, making them perfect for both new and existing landlords. The service call cost is an expense that is paid to the warranty provider each time a claim gets put in. While most providers provide coverage for older homes, a few may not cover items in existing conditions.

What are the advantages of having a home warranty in order for rental properties?

1. Protection against high repair costs

Using a home warranty for rental properties can help protect against high repair costs through fast service, the convenience of a one-stop shop and no service charge. This reduces the amount of time and cost needed to fix your property and will provide financial security for unexpected repairs and replacements. Additionally, the protection of regular maintenance aids in increasing client and tenant retention because tenants are able to solicit service without the need for approval from landlords and covered appliances and systems are repaired quickly, reducing the possibility of negative reviews. All of this can help landlords save money while charging higher rent, increasing the amount of money they can put in their pockets.

2. Common household appliances are covered

What are the appliances covered under a home warranty for rental properties ? And what exactly do they cover? [Expanded List] Refrigerators and dishwashers, clothes dryers and washers for clothes; trash compactors; cooktops and rangesor ovens; microwaves with built-in ovens with built-in food centers heating systems; air conditioning, water heaters; electrical systems garbage disposals, central vacuums, smoke detectors smoke alarms, plumbing systems. Doorbells ceiling fans, exhaust fans, septic tanks, sump pumps spas and garage door openers.

3. You can rest assured that repairs will be made

Making repairs through a home warranty for rental properties can provide landlords with a myriad of advantages. By covering repairs, maintenance, and repairs, landlords are able to be protected from having to pay cash when there is a problem. Additionally, a home warranty plan simplifies the home repair procedure for all involved by making a claim with the warranty company. The provider then sends someone to their rental property to address the problem. In addition, since many repairs and replacements are easily covered and resolved, property management companies can expect reduced costs for contractors hired by third parties as well as insurance costs. A home warranty for rental properties also helps in enhancing client and tenant retention by addressing the most common reason why tenants quit: maintenance problems. Tenants can request service from their landlords and not need to be approved. This lets them repair their appliances and systems swiftly. This also decreases the chance of tenants complaining about the service. Home warranties provide landlords with an affordable and effective solution for repairs to rental properties.

4. Saves time and hassle of the search for a contractor.

A home warranty can be a time-saver when searching for an expert contractor. Rather than having to go out and search for an experienced contractor with a good reputation on very short notice, the landlord simply needs to send a claim to their home warranty provider , and they will send an individual to the rental property to take care of the problem as quickly as possible. This could be more efficient than having to contact multiple contractors to find the right one to complete the task.

Property managers can cut down on time and effort by deploying an experienced and reliable vendor to oversee the property. They know the pricing, work and the history of the company. There is no need to search for the perfect contractor. Furthermore, trained vendors tend to be more ethical and considerate of tenants, which is crucial to the tenant's satisfaction.

Sometimes, it can take days to receive assistance from a home warranty provider. Tenants might be unhappy if they aren't satisfied with the speed at the time repairs are made. Property managers must act as a mediator between tenants and the homeowner warranty company, adding to the stress.

Overall, using a home warranty on rental properties can be advantageous because it will save the time and effort of searching for a contractor. Property managers can assign reliable vendors they know to homes they manage, while homeowners can file a claim to their home warranty company and have the issue resolved in a short time.

5. Budget for repairs

Renters are able to save money using an insurance plan for home repairs and replacements of their appliances at home and mechanical systems. The plan for home warranties will make repairs easier and can help tenants feel more comfortable. It also improves the bottom line. It also provides more convenience by providing an all-in-one solution for all maintenance and replacement requirements, and not having to change money during service calls. Additionally having a home warranty can reduce the annual cost of ownership by covering the majority or all of the cost of repairing and replacing aging or malfunctioning appliances and systems.

6. Added protection against landlord liability

A home warranty for landlords protects against landlord liability. It provides skilled repairs to equipment and systems that have failed due to normal wear and tear or old age. Tenants are less likely to sue landlords for hability because repairs and replacements to appliances and systems are completed promptly. Covered repairs reduce the need to seek approval from landlords, and also resolve disputes. This also decreases the liability of landlords. In addition, having a homeowner's warranty in place may serve as an additional level of financial security since it is tax-deductible, helping to pay for rental costs.

7. You can choose among a variety of warranty companies.

It's not easy to select a home warranty service for rental homes. It is important to consider costs, industry reputation, customer service, as well as other features. When choosing a home warranty company it is recommended to consider the different plans and additional options available, price, industry reputation and customer support services in addition to other options. Also, be aware of the option to select the contractor of your choice, increase your protection package, change your policy to another owner, and protect your roof from leaks, high-end appliances exhaust and ceiling fans, and faucets and fixtures.

Our research shows that plan coverage is most crucial factor, followed by customer service. Reputation in the industry, availability of plans and other features must be equally rated and the price should not be the primary factor in choosing the right home warranty provider to suit your needs.

For example, if your rental property features a saltwater swimming pool, pro-series appliances, or a reverse osmosis system, Liberty Home Guard has a range of accessories that could interest you. AFC Home Club provides additional security in the event that you're unable to make repairs within the 30 day workmanship guarantee. HomeServe's specialized plans can be a great option for people who are concerned about the lines of electricity of their rental property. American Home Shield is the best option for those seeking more protection.

We recommend that you request an estimate from at least three different home warranty companies and thoroughly reviewing the policy's terms to make sure you're aware of the limitations and exclusions from the policies. Doing so will help you make an informed decision and find the best home warranty provider for your rental property.

8. Ability to take advantage of discounts and other incentives

A home warranty plan could be a fantastic method to reduce the cost of rental homes. First, these plans can provide a more convenient, affordable solution to fix major appliances and systems in the home as they inevitably break down. This could save landlords cash on repairs that are routinely required. Additionally, based on the manner in which a landlord is registered, the entire premium and service charges of the home warranty plan can be declared as an operating expense on a tax return which will reduce the total amount of income they earn, and therefore their tax burden.

9. Ability to send and track repair claims online

Renters can find home warranty plans to be extremely beneficial since they make it easier to fix their home. If a covered product fails or breaks the landlords only have to make a claim with their warranty provider. The warranty provider will dispatch an expert to the rental property to address the problem as quickly as they can. This saves landlords time and effort finding a trustworthy contractor who can be reached on the shortest notice. The Home Warranty plans permit landlords to ensure the rental property they lease is taken care of by providing rapid service and ease of use.

10. Greater tenant satisfaction

Utilizing the HomePRO Warranty could provide a variety of benefits for tenants, both with regards to service and satisfaction. HomePRO Warranty helps to reduce customer service calls because tenants are able to make requests directly, without waiting for approval from the landlord the request. This enhances the relationship between landlords and tenants. HomePRO Warranty also eliminates the requirement to maintain a connection with multiple vendors. The warranty covers repairs and replacements of various systems and appliances. Tenants can be assured that they will receive speedy and effective service. Additionally the home warranty can also help to increase the rental cost of the house, allowing landlords to earn more each month.