The Advantages of Property Monitoring Warranty for Rental Residences

Published Feb 21, 23
8 min read

What is a home warranty?

Home warranties are a service agreement that covers the cost of repairing or replacing your home's systems and appliances in the event that they fail due to wear and tear. Home warranties do not replace home insurance that protects your home from theft as well as natural disasters. They're designed to protect your home's appliances as well as systems. Home warranties are available for all types of housing and are able to minimize the cost of replacements and repairs and are therefore ideal for both existing and new landlords. The cost of service is an amount that is paid to the home warranty company for each claim. Most providers do cover older homes, but certain providers do not cover home items that have preexisting issues.

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

1. Protection against high repair costs

Using a home warranty for rental properties can protect against high repair costs through fast service, convenience of one stop shop, and there is no charge for service. This reduces the amount of time and expense used on repairs and provides financial protection against repair and replacement costs that are unexpected. Regular maintenance helps retain tenants and clients. Tenants can ask for service without the need for approval from landlords. Covered appliances and systems are also repaired quickly, which reduces the chance of negative reviews. All of this can help landlords save money and charge higher rent, making more money for their pockets.

2. Common household appliances covered

What kinds of appliances are covered by the home warranty in rental properties? [Expanded List] Refrigerators and dishwashers, clothes dryers and clothes washers; trash compactors; cooktops and rangesor ovens; microwaves with built-in ovens with built-in food centers HVAC systems, heating, electric systems; water heaters; garbage disposals, central vacuums, smoke detectors and 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 completed

Repairs made under a home warranty for rental properties can provide landlords with many benefits. Through covering repairs, maintenance, and even replacements, landlords be protected from having to shell out cash at any time there is a problem. In addition, a home-warranty program makes it easier to complete the home repairs process for everyone involved . submitting a claim to the warranty company. The provider will then send a person to their rental home to resolve the issue. Property management companies can expect a decrease in the amount of invoices from third-party contractors and insurance costs because of the fact that most repairs and replacements can be completed quickly. A home warranty for rental properties can help tenants and clients retain their clients by resolving the primary reason why tenants abandon their homes: maintenance issues. Tenants can request service from their landlords and not need to get approval. This permits them to fix appliances and systems swiftly. This also decreases the likelihood of tenants complaining about the service. Home warranties provide landlords with a cost-effective and efficient solution for repairs to rental properties.

4. It saves time and effort of finding a contractor

Using a home warranty for rental properties can help to reduce the time and effort when it comes to finding the right contractor. Rather than having to go out and search for a reputable contractor on an emergency basis, a landlord simply needs to send a claim to their home warranty provider and they will dispatch an individual to the rental property to resolve the issue as soon as possible. This is a lot easier than having to call numerous contractors to find the right contractor.

Property managers can reduce time and effort by deploying a trusted vendor to manage a home. They are familiar with the costs, the workmanship and the way the vendor has conducted themselves over the years. This makes it unnecessary to spend time researching and finding the right contractor to do the job. Furthermore, trained vendors tend to be more ethical and considerate of tenants, which is crucial to ensure the satisfaction of tenants.

Sometimes, it may take several days to get help from a home warranty company. This can result in dissatisfied tenants, who want their repairs to be dealt with quickly. Property managers must act as a mediator between tenants and the home warranty company, adding to the stress.

A home warranty can be a great method to reduce time and avoid the expense of hiring a contractor. Property managers can recommend reliable contractors to manage the homes. Homeowners are able to make a claim through their home warranty provider to have the problem resolved quickly.

5. Budget for repairs

Renters can save money by using an insurance plan for home repairs and replacements of their home appliances and mechanical systems. A home warranty program helps in making repairs easier to predict, keeping tenants happy and increasing the overall bottom line. The home warranty plan is beneficial because it provides a single source for all household maintenance and repair needs. It is also a way to not change money when making service calls. A home warranty can reduce the annual expenses of the homeowner by covering the entire repair or replacement costs of malfunctioning appliances or systems.

6. Additional protection from landlord liability

The use of a home warranty by landlords can help protect them from landlord liability through prompt, professional repairs for appliances and systems that break due to wear and tear. Tenants are less likely to be able to sue landlords due to repairs and replacements for appliances and systems are completed promptly. The covered repairs also reduce the requirement for approval from landlords and disputes that need to be settled, which further reduces the risk of landlord liability. A home warranty can offer additional financial protection since it is tax-deductible and helps in reducing rental costs.

7. Ability to choose between different warranty providers

It's not easy to pick a home insurance provider for rental properties. You must consider costs as well as the reputation of the company, its customer service system, as well as other features. When choosing a home warranty company it is recommended to consider the different plans and add-ons offered, their cost, reputation in the industry and the customer support services in addition to other options. Also, consider the possibility to choose your own contractor, change your protection package or change your policy to another owner, and cover roof leaks, premium appliances exhaust and ceiling fans, and faucets and fixtures.

Based on our research, plan coverage should carry the most weight, with customer support as the second most significant factor. The reputation of the company, its availability, and additional features should be evaluated equally and the price shouldn't be the sole base for selecting the right home warranty provider for your home's needs.

Liberty Home Guard offers a range of add-ons to suit your requirements, such as a saltwater pool reverse osmosis system and appliances from the pro-series. AFC Home Club provides additional protection if you are unable to repair the issue within the timeframe of the 30-day workmanship warranty. HomeServe's special plans can be a great alternative for those who are concerned about the utility lines in their rental property. American Home Shield is a better option for those seeking a higher level of protection.

We recommend having quotes from at minimum three home warranty companies and reading through the terms carefully to be aware of any restrictions or exclusions. Doing so will help you make an informed decision and choose the best home warranty provider for your rental property.

8. You may take advantage of discounts and other offers

A home warranty program can be a great option to save money on rental properties. The first is that these plans provide a more convenient, cost-effective solution to repair important household appliances and systems because they are likely to break. This could save landlords from having to pay for regular repairs. Secondly, depending on how a landlord is registered the whole premium and charges of the home warranty plan can be declared as operating expenses on a tax return, thus reducing their total income and thus their tax burden.

9. Ability to make repairs and submit them online

Warranty plans for home owners can prove helpful for rental properties by simplifying the repair process. Landlords need to submit claims with their warranty provider if an item covered by warranty malfunctions or fails to function. The company will send a technician to your rental property to resolve the issue as soon as possible. This can save landlords time and effort in finding a reliable contractor who is available on very short notice. The Home Warranty plans permit owners to be sure the rental property they lease is properly taken care of by providing rapid service and ease of use.

10. Greater tenant satisfaction

Utilizing the HomePRO Warranty can provide many benefits to tenants with regards to service and satisfaction. The HomePRO Warranty reduces service calls because tenants can submit their requests directly without waiting for the approval of the landlord. This can improve the relationship between landlords and tenant. Furthermore, HomePRO Warranty eliminates the requirement for landlords to deal with multiple vendorssince the warranty includes repairs and replacements of various appliances and systems. In turn tenants will have the assurance that their needs are met quickly and effectively. Lastly having a home warranty is also a way to increase the rental cost of the home, which allows landlords to earn more every month.