The Top Advantages of Home Monitoring Service Warranty genuine Estate Investors

Published Feb 24, 23
8 min read

What exactly is a home warranty?

Home warranties are agreements that cover the costs of replacing or fixing your home's appliances and systems in the event of failure due to normal wear and wear and. Home warranties aren't the same as insurance for your home, which protects your home's structure from natural disasters or theft and damage, instead they ensure the security of your home's systems as well as appliances. All kinds of homes are qualified to be covered by warranty for homes. They are able to help lower the cost of repairs and replacements and are affordable for landlords new and old. A service call fee is a fee which is paid to the warranty provider every time a claim is put into. Most providers do provide coverage for older homes, however some do not provide coverage for home appliances that have preexisting issues.

What are the advantages of using a home warranty for rental properties?

1. Protection against high repair costs

Using a home warranty for rental properties can protect against costly repairs through fast service, the convenience of one stop shop, and no service charge. This can reduce the amount of time and money needed to repair your home and also provide financial protection for unexpected repairs and replacements. Regular maintenance can help increase client and tenant retention. Tenants are able to request services without landlord approval. The covered appliances and systems are also fixed swiftly, which lowers the likelihood of receiving negative reviews. All of this helps landlords save money while charging higher rent, increasing the amount of money they can put in their pockets.

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

What appliances are covered by the warranty on homes for rental properties ? And what exactly are they covered for? [Expanded List] Refrigerators and dishwashers, dryers for clothes and washers for clothes; garbage compactors; ranges/ cooktops/ ovens; built-in microwave ovens and built-in food centres; HVAC systems, heating water heaters; electrical systems garbage disposals; smoke detectors, central vacuums 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 done

Landlords have many benefits of having repairs covered under the home warranty. The landlords don't have to pay cash on demand for maintenance and repairs. A home warranty policy will make it simpler for everyone who are involved in repairing their house by sending a claim to the warranty company who will then send an individual to repair the issue at the rental property. Additionally, since many repairs and replacements are easily covered and resolved, property management companies can expect reduced invoices for third-party contractors as well as insurance expenses. A home warranty for rental properties is also a way in enhancing client and tenant retention by addressing the primary reason that causes tenants to leave: maintenance issues. Tenants can request service from their landlords without needing to get approval. This lets them repair their appliances and systems swiftly. This also decreases the possibility of tenants complaining about it. Overall, home warranties provide landlords with an affordable and efficient solution to repairs to rental properties.

4. It helps you save time as well as making it easier to find contractors.

Utilizing a home warranty on rental properties can save time and hassle when it comes to finding a contractor. Instead of searching the internet to find a reliable contractor in the nick of time, landlords can make a claim with their home warranty company. They will send someone to their rental home to fix the issue as fast as possible. This is a lot easier than having to contact several contractors to find the best contractor.

Property managers, on the other hand they can cut down on time and effort by bringing a reliable vendor they have already worked with to a managed home. They are familiar with the costs as well as the quality of work and how the vendor has conducted themselves over the years. It's no longer necessary to look around for the right contractor. In addition, trained contractors are more likely to be ethical and respectful to tenants which is essential to ensure the satisfaction of tenants.

In addition, receiving service from a home warranty company could take longer than anticipated, sometimes taking a few days. Tenants may be dissatisfied when they aren't satisfied by the speed at when repairs are finished. This adds to the frustration. Property managers act as a middleman between tenants, the homeowner warranty provider, and property owners.

A home warranty could be a great way to save time and avoid the hassle of hiring an expert contractor. Property managers can assign trusted contractors they have already worked with to homes they manage, while homeowners can submit an inquiry to their home warranty provider and get the issue fixed in no time.

5. Budget for repairs

A home warranty that can cover the costs of repairs and replacements to appliances and mechanical systems at home can make budgeting for operating expenses easier for rental property owners. A home warranty plan helps to make repairs easier to predict, keeping tenants happy and increasing the financial results. It also provides more convenience by providing an one-stop shop for all household maintenance repairs and replacement needs, while eliminating the necessity to change money during service calls. In addition having a home warranty can reduce the annual cost of ownership by covering all or most of the expense of repairing and replacing old or damaged appliances and systems.

6. Additional protection from landlord liability

Using a home warranty for landlords protects them from landlord liability through quick, professional repairs of systems and appliances that fail due to age or normal wear and tear. Tenants are less likely sue landlords for hability because repairs and replacements to appliances and systems can be completed swiftly. The covered repairs also reduce the requirement for approval from landlords and the need for disputes to be resolved as well as reducing the risk of landlord liability. Additionally, having a home warranty in place may serve as an additional protection against financial loss, as it qualifies as tax-deductible, allowing you to pay for rental costs.

7. You can pick from a variety of warranty companies.

It can be difficult to choose a home warranty service for rental homes. It is important to think about coverage options, cost and reputation of the company, as well as customer support system, and any additional features. It is recommended to consider the plans available for service and extensions, coverage depth, plan cost, the reputation of the company, its customer service infrastructure, and other options when choosing a home warranty provider. You should also think about whether you are able to choose your own contractor and then upgrade the coverage you have. Also, how easy to transfer your policy from one person to another.

Based on our research, plan coverage will be the main factor in the customer support department as the second most significant factor. The reputation of the company, its availability, and additional features should be evaluated equally as well as price. Price should not be the primary basis for choosing a home warranty provider to meet your home's requirements.

Liberty Home Guard offers a assortment of additional options to meet your requirements, such as saltwater pools, reverse osmosis systems, and pro-series appliances. If you're not able to attend to repairs within the normal 30-day workmanship guarantee period, AFC Home Club offers the option of a plan-length warranty that can give you additional security. HomeServe Specialized plans are an ideal option for those most worried about their rental's electric lines, and American Home Shield may be the best option for those who prefer an insurance provider for home repairs that has more coverage limits.

Ultimately, we recommend requesting the quotes of at least three different home warranty companies and carefully reviewing the terms of the plan to ensure you are aware of all limitations and exclusions in the policies. Doing so will help you make an informed decision and find the best warranty for your home rental property.

8. You can take advantage of discounts and other benefits

A home warranty program can be a great way to reduce the cost of rental homes. The first is that these plans offer a convenient, cost-effective solution to repair major household appliances and systems because they are likely to break. This can save landlords cash on repairs that are routinely required. Another benefit is that the premium and service fees associated with the home warranty can be included on tax returns as operating expenses, depending on the landlord's registration. This will decrease their total income and tax burden.

9. Online submission and tracking of repair claims

Warranty plans for home owners can be extremely helpful for rental properties by simplifying repairs. The landlord only has to file claims with their warranty provider if the covered item fails or breaks. The warranty provider will send an expert to the rental property to address the problem as quickly as they can, saving landlords the time and effort in searching for a trustworthy contractor at the shortest notice. Home warranty plans enable landlords to make sure the rental property they lease is taken care of through rapid service and ease of use.

10. Greater tenant satisfaction

Tenants will benefit from a HomePRO Warranty, which includes enhanced service and greater customer satisfaction. HomePRO Warranty helps to reduce the number of service calls since tenants can submit requests directly, without waiting for the landlord to approve the request. This improves the relationship between landlord and tenant. HomePRO Warranty also eliminates the necessity of maintaining a relationship with numerous vendors. The warranty will cover repairs and replacements for various systems and appliances. As a result, tenants can enjoy the peace of mind knowing that their needs are met promptly and efficiently. Lastly the home warranty can also help to increase the rental cost of the property, allowing landlords to make more money every month.