The Benefits of Expert Building Monitoring Guarantee for Landlords

Published Nov 12, 22
8 min read

What exactly is an insurance policy for homes?

Home warranties are agreements which cover the cost of replacing or repairing your home's appliances and systems when they fail due to normal wear and tear. Home warranties aren't the same as insurance for your home, which protects your home's structure against natural disasters and burglaries however they do protect your home's systems and appliances. They are available for all kinds of homes and can be used to reduce the costs of repairs and replacements, making them perfect for both new and existing landlords. A service call fee is an expense that is paid to the warranty provider each time a claim is put in. A majority of the providers will offer coverage for older homes, however some do not cover home items with preexisting conditions.

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

1. Protection against high repair costs

A home warranty can be used to shield rental properties from costly repair expenses. It offers quick service, convenience and has no charges for service. This reduces the cost and time that is spent on repair work and offers financial protection against unplanned repairs and replacements. Additionally, the protection of regular maintenance helps increase the retention of clients and tenants, because tenants are able to solicit service without the need for approval from landlords and protected appliances and systems can be fixed quickly, which reduces the risk of negative reviews. This can allow landlords to charge less rent, and also save money.

2. Common household appliances covered

What appliances are covered by the home warranty of rentals and what do they cover? [Expanded list] Refrigerators, dishwashers dryers, clothes washers trash compactors, ranges / cooktopsor ovens, microwave built-in ovens and built-in food centers heating systems air conditioning, water heaters, electrical systems, garbage disposals, smoke detectors, central vacuums doorbells, plumbing systems ceiling and exhaust fans sump pumps, septic tanks, spa, pool, as well as garage door openers.

3. Peace of mind knowing repairs will be completed

Landlords can benefit from having repairs covered by the warranty on their home. With the coverage of repairs, maintenance appointments, and even replacements, landlords protect themselves from having to shell out cash at any time something goes wrong. Additionally, a home warranty plan makes the home repair procedure for all involved by sending a claim to the warranty company, who then sends someone to their rental property to address the problem. Furthermore, because most repairs and replacements can be easily covered and resolved, property management companies will see a decrease in charges for contractors from third parties as well as insurance expenses. The home warranty offered for rental homes will help tenants and clients retain their customers by addressing the main reason that tenants leave: maintenance problems. When tenants are able to make requests for service with no permission from the landlord, covered appliances and systems are repaired swiftly, which reduces the chances of receiving negative reviews from frustrated tenants. Home warranties provide landlords with a cost-effective and efficient solution for repairs to rental properties.

4. Saves time and hassle of hiring a contractor.

A home warranty can be a time-saver when searching for a contractor. Instead of having to search the internet for a reliable contractor in the nick of time, landlords can make a claim with their home warranty company. They will send a person to their rental property to resolve the problem as soon as is possible. This can be much more convenient that needing to call multiple contractors to find the right one for the job.

Property managers can cut down on time and stress by hiring an experienced and reliable vendor to oversee a home. They know the cost, work schedule and history of the vendor. This eliminates the need to do a lot of research before choosing the best contractor to do the task. Furthermore, contractors who have been trained are more likely be kind and ethical to tenants. This is important for tenant satisfaction.

Furthermore, getting assistance from a company that offers home warranties could take longer than anticipated in some cases, taking several days. Tenants might be unhappy if they are not satisfied with the speed at when repairs are finished. Property managers are required to serve as the middleman between tenants and the homeowner warranty company, adding to the burden.

Overall, using a home warranty for rental properties can be advantageous since it saves the time and effort of searching for an expert. Property managers can refer trusted vendors to manage homes. Owners of homes can submit a claim to their warranty company to resolve the issue promptly.

5. Budget for repairs

A home warranty that can pay for repairs and replacements to appliances and mechanical systems in your home can make budgeting for operating costs easier for property owners who own rental properties. A home warranty program helps to make repair costs easier to predict, keeping tenants content and improving the financial results. It also provides more convenience as it is an all-in-one solution for all home maintenance repairs and replacement requirements, as well as eliminating the necessity to exchange money at service calls. A home warranty could reduce the cost of ownership by covering the full expense of replacing or fixing damaged appliances or systems.

6. Additional protection from landlord liability

The use of a home warranty by landlords helps protect against the risk of liability for landlords by offering rapid, professional repairs to systems and appliances that fail due to age or normal wear and tear. Tenants are less likely sue landlords for hability because the repairs and replacements of appliances and systems are done swiftly. The covered repairs also reduce the need for landlord approval and disputes that need to be settled, which further reduces the risk of landlord liability. In addition, having a homeowner's warranty may act as an additional protection against financial loss because it's tax-deductible, allowing you to pay for rental costs.

7. You can choose from a variety of warranty providers

The selection of a warranty company for your home for a rental home can be a tricky endeavor. It's crucial to look at the choices for coverage, the cost and reputation of the company, as well as customer support and any additional features. It is recommended to consider the plans available for service and add-ons, depth of coverage plans, cost of plan, brand reputation, customer support infrastructure, and other options when choosing a provider for your home warranty. Additionally, you should also consider the possibility to choose the contractor of your choice, increase your coverage plan and change your policy to a different owner, and cover roof leaks, top-of-the-line appliance brands, exhaust and ceiling fans, and fixtures and faucets.

Our research suggests that plan coverage is most crucial factor, followed by customer support. Reputation in the industry, availability of plans as well as additional features should be equally rated, and price range is not the main factor in choosing a home warranty provider to suit your needs.

Liberty Home Guard offers a assortment of additional options to meet your requirements, including saltwater pools reverse osmosis system, and appliances from the pro-series. AFC Home Club provides additional assurance if you're not able to make repairs within the 30 day workmanship guarantee. HomeServe special plans could be an ideal option for those most concerned about their rental property's electric lines, and American Home Shield may be the ideal choice for those who'd rather choose an insurance provider for home repairs that has more coverage limits.

Ultimately, we recommend requesting a quote from at three providers for home warranties and carefully reviewing the terms of the plan to ensure you are aware of any limitations or exclusions from the policies. Doing so will help you make an informed choice and determine the most suitable home warranty provider for your rental property.

8. Ability to take advantage of discounts and incentives

A home warranty plan for rental properties can save money in two ways. The first is that these plans give you a more convenient and affordable solution to fix important household appliances and systems because they are likely to break. This can help landlords save cash on regular repairs. Another benefit is that the service and premium fees associated with the home warranty can be claimed on a tax return as an operating expense, subject to the registration of the landlord. This can reduce their overall income and tax burden.

9. Online submission and monitoring of repair claims

Home warranty plans can be incredibly helpful for rental properties by simplifying repairs. If an item covered by the warranty fails or breaks, landlords just have to make an insurance claim to their warranty company. The company will send an expert to the rental property to address the issue as soon as is possible. This will save landlords time and energy in finding a reliable contractor who is available on short notice. Home warranty plans allow owners to be sure that their rental property is properly taken care of with prompt service and convenience.

10. Greater tenant satisfaction

Tenants can benefit from a variety of benefits from a HomePRO Warranty, such as improved service and customer satisfaction. HomePRO Warranty helps to reduce the number of service calls since tenants can submit requests directly, without having to wait for approval from the landlord the request. This helps to improve the relationship between landlord and tenant. HomePRO Warranty also eliminates the need to maintain a relationship with several vendors. The warranty will cover repairs and replacements for various systems and appliances. Tenants can be assured that they will receive speedy and effective service. Additionally the home warranty is also a way in increasing the rent of the property, allowing landlords to make more money every month.