The Advantages of Professional Maintenance Service Warranty Providers for Landlords thumbnail

The Advantages of Professional Maintenance Service Warranty Providers for Landlords

Published Jan 02, 23
8 min read

What exactly is an insurance policy for homes?

A home warranty is a service agreement that will cover the cost of fixing or replacing your home's system and appliances when they fail due to wear and wear and tear. These warranties are not like insurance for your home, which protects your home's structure from natural disasters and theft, but instead protect your home's systems and appliances. They are available for all types of housing and can help minimize the costs of replacements and repairs and are therefore ideal for both new and existing landlords. A service call fee is a fee which is paid to the home warranty provider each time a claim gets put into. While most providers provide coverage for older homes, a few might not cover certain items with preexisting conditions.

What are the advantages of having a home guarantee for rental properties?

1. Protection against high repair costs

A home warranty that covers rental properties can help protect against costly repairs by providing expedited service, the convenience of one stop shop, and no service charge. This reduces the time and money used on repairs and provides financial protection against unplanned repairs and replacements. Additionally, the protection of regular maintenance aids in increasing client and tenant retention since tenants can request service without landlord approval and protected appliances and systems can be fixed quickly, which reduces the risk of negative reviews. This can help landlords save money and charge higher rents, putting more money in their pockets.

2. Common household appliances covered

What appliances are covered by the warranty on homes for rental properties ? And what exactly are they covered for? 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 and garbage disposals, electrical systems, central vacuums, smoke detectors doorbells, plumbing systems, ceiling and exhaust fans, the sump pump, septic tank spa, pool and garage door openers.

3. You can rest assured that repairs will be made

Having repairs made through a home warranty for rental properties offers landlords numerous benefits. By covering repairs, maintenance appointments, and replacements, landlords can protect themselves from having to pay out money when there is a problem. A home warranty policy allows everyone involved to repair their home by sending a claim to the warranty provider who will then send a technician to repair the issue at their rental property. Property management companies will experience a decrease in third-party contractor invoices as well as insurance costs because of the fact that most repairs and replacements are completed quickly. The home warranty offered for rental properties is also a way to increase client and tenant retention by tackling the primary reason that causes tenants to leave: maintenance issues. Tenants are able to request assistance from their landlords without having to get approval. This lets them repair their systems and appliances quickly. It also reduces the possibility of tenants complaining about it. Home warranties offer landlords a cost-effective and efficient solution to repair rental properties.

4. It saves time and effort of finding a contractor

A home warranty is a time-saver when searching for an expert contractor. Rather than having to go out and find a reputable contractor on short notice, a landlord simply needs to send a claim to their home warranty company and they will send someone to their rental property to resolve the problem as quickly as possible. This could be easier than needing to call multiple contractors to determine the most suitable one to complete the task.

Property managers can save time and stress by hiring a trusted vendor to manage a home. They are familiar with the pricing, work and background of the vendor. This eliminates the need to do a lot of research before finding the right contractor for the task. Additionally, vendors who have been properly trained are more likely to be friendly and trustworthy to tenants. This is essential to ensure the satisfaction of tenants.

In addition, receiving service from a home warranty provider could take longer than anticipated in some cases, taking several days. Tenants might be unhappy if they are not satisfied by the speed at the time repairs are made. Property managers are required to serve as the middleman between tenants and the home warranty company, which adds to the burden.

Overall, having a home warranty on rental properties can be beneficial since it saves time and hassle of finding contractors. Property managers can use trusted contractors they have already worked with to homes they manage, while homeowners can make a claim to their warranty company and have the problem fixed within a matter of minutes.

5. Budget for repairs

Renters are able to save money using a home warranty to cover repairs and replacements of their appliances at home and mechanical systems. A home warranty can help to make repair costs more predictable, making tenants happy and increasing the bottom line. The home warranty plan is convenient because it provides a single source for all household maintenance and replacement needs. It also eliminates the need to exchange money during service calls. A home warranty can reduce the annual expenses of the homeowner by covering the entire cost of replacing or repairing broken appliances or systems.

6. Protection against landlord liability

A home warranty for landlords protects 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 tear. This can reduce the possibility of lawsuits for hability from tenants, as the repair and replacement of appliances and systems are handled quickly. Repairs covered by the warranty reduce the need to seek approval from landlords as well as resolve disputes. This lowers the risk of liability for landlords. In addition, having a homeowner's warranty may act as an additional layer of financial protection since it is tax-deductible, helping to pay for rental costs.

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

Choosing a home warranty provider for a rental home can be a tricky endeavor. It's important to consider the choices for coverage, the cost and industry reputation, the customer support, and any additional features. We suggest considering the various plans for service, additional coverage options, the depth of coverage, plan cost, the reputation of the company, its customer service infrastructure, as well as additional features when selecting a provider for your home warranty. Also, be aware of the possibility of choosing your own contractor and upgrade the coverage you have. Also, how easy to transfer your plan from one person to the next.

Based on our research, plan coverage is the one that should be considered most important and customer service should be the second most important aspect. The reputation of the company, its availability, and additional features should be evaluated equally and the price should not be the primary basis for choosing a home warranty provider for your home's needs.

For instance, if your rental property has a saltwater pool, appliances from the pro-series, or a reverse osmosis device, Liberty Home Guard has a collection of additional features that might interest you. If you're unavailable to follow up on repairs within the typical 30 days of the workmanship guarantee, AFC Home Club offers a plan-length guarantee that may offer additional protection. HomeServe's specialized plans are an excellent alternative for those concerned about the lines of electricity of their rental property. American Home Shield is a better option for those seeking more coverage.

In the end, we suggest requesting a quote from at least three different home warranty companies and thoroughly reviewing the plan terms to make sure you're aware of any limitations or exclusions in the policies. Doing so will help you make an informed choice and determine the most suitable home warranty company for your rental property.

8. You may take advantage of discounts and other offers

A home warranty program can be a great way to save money on rental properties. The first is that these plans provide a more convenient, low-cost solution for fixing important household appliances and systems as they inevitably break down. This can help landlords save cash on regular repairs. Additionally, based on the manner in which the landlord is registered, the entire premium and service charges of the home warranty plan could be declared as an operating expense in a tax return and thus reduce their income total and thus their tax burden.

9. Ability to send and track repair claims online

Warranty plans for home owners can be extremely helpful for rental properties by simplifying repairs. When a covered item fails or breaks and needs to be repaired, landlords have to make a claim to their warranty provider. The company will then send technicians to the rental property to fix the problem as quickly as possible, which saves landlords the hassle in searching for a trustworthy contractor on the shortest notice. By providing expedited service and convenience the home warranty plan helps landlords ensure that their rental property is looked after quickly and effectively.

10. Greater tenant satisfaction

Tenants can enjoy many benefits of the HomePRO Warranty, such as improved service and 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 can 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 appliances and systems. Tenants can be assured that they will receive speedy and effective service. A home warranty, which can boost the rent of the house and is a good opportunity for landlords to earn more every month.