Professional Home Monitoring Service Warranty Providers: A Lifesaver for Landlords thumbnail

Professional Home Monitoring Service Warranty Providers: A Lifesaver for Landlords

Published Aug 21, 22
8 min read

What is a home warranty?

Home warranties are a type of service agreement that will pay for the cost of fixing or replacing your home's system and appliances when they fail due to normal wear and wear and tear. Home warranties are not identical to insurance for your home, which protects the structure of your home from natural disasters and burglaries however they do ensure the security of your home's systems as well as appliances. All kinds of homes are qualified to be covered by home warranties. They can help reduce the cost of repairs or replacements and are feasible for landlords of both types, new and old. Service call fees are an expense that is due to the home warranty company each time a claim is made into. The majority of providers provide coverage for older homes, however some do not provide coverage for home appliances with preexisting conditions.

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

1. Protection against high repair costs

A home warranty is used to protect rental properties from high repair expenses. It provides fast service, ease of use and has no charges for service. This can reduce the amount of time and expense that is spent on repair work and offers financial protection against repair and replacement costs that are unexpected. Furthermore, the coverage of regular maintenance can increase the likelihood of the retention of clients and tenants, because tenants are able to make requests for service with no landlord approval and protected appliances and systems can be repaired quickly, reducing the possibility of negative reviews. All of this can help landlords save money and charge higher rents, increasing the amount of money they can put in their pockets.

2. Common household appliances covered

What appliances are covered by the warranty on homes for rentals and what do they cover? [Expanded List] Refrigerators and dishwashers, clothes dryers and washers for clothes; trash compactors; cooktops/ ovens; built-in microwave ovens; built-in food centers; HVAC systems, heating, electrical systems, water heaters; garbage disposals, central vacuums, smoke detectors smoke alarms, plumbing systems. Doorbells and ceiling fans, exhaust fans, sump pumps, septic tanks, spas and garage door openers.

3. You can rest assured that repairs will be done

Repairs made under the home warranty offered to rental properties provides landlords with many benefits. Through covering repairs, maintenance appointments, and replacements, landlords can save themselves from having pay out money when there is a problem. A home warranty program allows everyone affected to fix their property by submitting an inquiry to the warranty provider who will then send an individual to fix the problem at the rental property. Additionally, since the majority of repairs and replacements are covered and resolved quickly and efficiently, property management companies can anticipate a reduction in charges for contractors from third parties and insurance costs. A home warranty for rental properties also helps to increase client and tenant retention by dealing with the primary reason that causes tenants to move out: maintenance issues. Tenants can seek assistance from their landlords without needing to get approval. This permits them to fix systems and appliances quickly. It also reduces the possibility of tenants complaining about the service. In the end homeowners' warranties provide landlords with a cost effective and effective solution for repairs for rental properties.

4. Reduces the time and effort involved in hiring a contractor.

A home warranty could be a time-saver when searching for an expert contractor. Instead of having to go out and search for a reputable contractor on an emergency basis, a landlord just needs to make a claim with their home warranty provider and they will send someone to their rental home to resolve the problem as quickly as possible. This could be more convenient that having to call several contractors to find the right one for the job.

Property managers can reduce time and hassle by sending an experienced and reliable vendor to oversee the home. They are familiar with the costs, workmanship and how the vendor has behaved over the years. This makes it unnecessary to research and selecting the best contractor to do the task. Furthermore, trained vendors tend to be more ethical and considerate of tenants, which is essential for tenant satisfaction.

Sometimes, it can take some time to receive service from a company that offers home warranties. This can result in dissatisfied tenants, who want their repairs to be completed quickly. This adds to the discontent. Property managers serve as intermediaries between the tenants, the home warranty provider, and property owners.

In the end, a home warranty for rental properties can be advantageous since it saves time and hassle of finding contractors. Property managers can refer trusted vendors to manage properties. Homeowners can file a claim with their home warranty provider to resolve the issue promptly.

5. Budget for repairs

Utilizing a home warranty plan to cover the costs of repairs and replacements to home mechanical systems and appliances can help budget operating expenses easier for landlords of rental properties. A home warranty program helps in making repairs more predictable, keeping tenants happier, and improving the financial results. The home warranty plan is convenient as it is a one-stop provider for all household maintenance and repair needs. It also eliminates the need to change money when making service calls. In addition, having a home warranty can reduce the owner's annual expenses by covering all or a large portion of the cost of repairing and replacing malfunctioning or old appliances and systems.

6. Protection against landlord liability

A home warranty for landlords protects them from landlord liability through rapid, professional repairs to systems and appliances that fail due to age or normal wear and wear and tear. Tenants are less likely to sue landlords for hability because repairs and replacements to appliances and systems are completed swiftly. Covered repairs reduce the need to get approval from the landlord and can also settle disputes. This further decreases the liability of landlords. A home warranty can offer additional financial protection since it's tax-deductible, and aids to offset rental costs.

7. You can choose from different warranty providers

It isn't easy to pick a home insurance provider for rental properties. You should consider cost and reputation in the industry, customer service, and other features. When selecting a home warranty provider, we recommend considering the different plans and additional options available, price, industry reputation and support systems for customers and other options. In addition, consider the possibility to select your own contractor, increase your protection package or change your policy to a different owner, and protect your roof from leaks, high-end appliance brands exhaust and ceiling fans and faucets and fixtures.

Based on our research, coverage of plans should carry the most weight, with customer support as the second most important aspect. Industry reputation, plan availability, and additional features should be equally rated as well as price. Price should not be the primary basis for choosing the right home warranty provider to suit your needs.

If, for instance, your rental includes a saltwater pool pro-series appliances, or reverse osmosis system Liberty Home Guard has a suite of add-ons that may be appealing to you. If you're unavailable to take care of repairs within the typical 30-day workmanship guarantee period, AFC Home Club offers a plan-length guarantee that may offer an additional level of protection. HomeServe's special plans can be a great alternative for those who are concerned about the lines of electricity that are connected to their rental home. American Home Shield is the best option for those looking for greater coverage.

Ultimately, we recommend requesting an estimate from at three providers for home warranties and thoroughly reviewing the plan terms to be sure that you're aware of any limitations or exclusions that are in the policy. This will allow you to make an informed choice and choose the best home warranty provider for your rental property.

8. You can take advantage of discounts and other offers

A home warranty plan for rental properties can save money by two methods. In the first place, these plans give you a more convenient and cost-effective solution to repair important household appliances and systems as they inevitably break down. This could save landlords money on regular repairs. In addition, depending on the way a landlord is registered the total premium and service charges of the home warranty plan could be claimed as operating expenses on tax returns, thus reducing their total income and thus their tax burden.

9. Ability to send and track repair claims online

Home warranty plans for renters are plans very beneficial as they allow them to repair their property. The landlord only has to file claims with their warranty provider when a covered item malfunctions or fails to function. The warranty provider will dispatch an expert to your rental property to fix the problem as quickly as possible. This will save landlords time and energy in searching for a trustworthy contractor that can be reached on short notice. By providing expedited service and convenience, home warranty plans help landlords make sure their rental property is looked after quickly and efficiently.

10. Greater tenant satisfaction

The use of the HomePRO Warranty can provide many benefits for tenants, both in terms of customer service and satisfaction. HomePRO Warranty helps to reduce service calls as tenants can submit requests directly, without having to wait for the landlord to approve them. This helps to improve the relationship between landlord and tenant. Additionally, HomePRO Warranty eliminates the need for landlords to have to maintain a relationship with several suppliers, since the warranty includes repairs and replacements of various systems and appliances. Therefore, tenants can enjoy the assurance that their needs will be met quickly and efficiently. In addition, having a home warranty can also help to boost the rent of the property, allowing landlords to earn more every month.