Expert Home Management Guarantee Solutions: A Game-Changer for Landlords

Published Feb 24, 23
8 min read

What exactly is an insurance policy for homes?

Home warranties are a service agreement that covers the cost of repairing or replacing your home's system and appliances when they fail due to normal wear and tear. They are not a substitute for home insurance, which protects your home from damage caused by theft or natural catastrophes. They are designed to protect the home's appliances and systems. They are available to all types of dwellings and can be used to lower the costs of repairs and replacements and are therefore ideal for both existing and new landlords. Service call fees are an expense which is paid to the warranty company each time a claim is made into. Although most companies provide coverage for older homes, a few might not cover certain items with preexisting conditions.

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

1. Protection against high repair costs

A home warranty is used to protect rental properties from costly repair cost. It gives quick service, ease of use and has no charges for service. This can reduce the time and expense needed to repair your home and provide financial protection for unexpected repairs and replacements. Regular maintenance coverage helps to improve the retention of tenants and clients. Tenants are able to request services without the need for approval from landlords. Systems and appliances that are covered can also be repaired swiftly, which lowers the likelihood of receiving negative reviews. This allows landlords to charge less rent and save more.

2. Common household appliances covered

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

3. You can be sure that the repairs will be done

Making repairs through a home warranty for rental properties provides landlords with numerous benefits. Landlords can avoid having to pay cash-on-demand for repairs and maintenance. Additionally, a home warranty program makes it easier to complete the home repairs process for everyone involved . sending a claim to the warranty provider, who will then send a person to their rental property to address the problem. Additionally, since most repairs and replacements can be covered and resolved quickly and efficiently, property management companies will see a decrease in invoices for third-party contractors as well as insurance expenses. The home warranty offered for rental homes helps clients and tenants keep their clients by resolving the primary reason why tenants quit: maintenance issues. Tenants can seek assistance from their landlords without having to be approved. This permits them to fix systems and appliances quickly. This also decreases the possibility of tenants complaining about it. Home warranties provide landlords with the most cost-effective and efficient option to repair rental properties.

4. Saves time and hassle of finding a contractor

A home warranty can be an efficient way to find a contractor. Instead of having to search for a reliable contractor in an instant, landlords could make a claim with their home warranty company. They will dispatch someone to their rental property to resolve the issue as quickly as they can. This can be much more convenient that having to contact multiple contractors to find the right one to complete the task.

Property managers however are able to save time and stress by bringing a reliable vendor they already know to manage a home. They are familiar with the costs, workmanship and how the vendor has behaved over the years. It is no longer necessary to look around for the best contractor. Furthermore, contractors who have been properly trained are more likely be kind and trustworthy to tenants. This is essential for tenant satisfaction.

Furthermore, getting assistance from a home warranty provider could take longer than anticipated, sometimes taking a few days. Tenants might be unhappy if they are not satisfied with the speed with when repairs are finished. This causes discontent. Property managers are intermediaries between the tenants, the homeowner warranty company, and the property owners.

A home warranty is a great way to save time and eliminate the hassle of hiring contractors. Property managers can send trusted contractors they have already worked with to manage homes, and homeowners can make an claim to their home warranty company and get the issue fixed in a short time.

5. Budget for repairs

Utilizing a home warranty plan to help with repairs and replacements for appliances and mechanical systems in your home will make planning operating expenses easier for property owners who own rental properties. A home warranty can help to make repair costs more predictable, making tenants content and improving the bottom line. The home warranty is advantageous as it is a one-stop source for all maintenance and replacement needs. It can also reduce the requirement to 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 damaged appliances or systems.

6. Additional protection from liability of landlords

A landlord's home warranty protects against landlord liability. It covers expert repairs for equipment and systems that are failing due to normal wear and tear or age. Tenants are less likely sue landlords for hability because repairs and replacements to appliances and systems are completed quickly. Repairs covered by the warranty also decrease the need for landlord approval and disputes to be resolved as well as reducing the possibility of landlord liability. A home warranty could provide additional financial protection as it is tax-deductible and helps to offset rental costs.

7. Ability to choose between different warranty providers

Selecting a provider for a home warranty for a rental property can be a tricky endeavor. It's important to consider the choices for coverage, the cost and reputation of the company, as well as customer support and additional features. We recommend looking at the various plans for service, add-ons, depth of coverage, plan cost, brand reputation, customer support infrastructure, and other options when choosing a provider for your home warranty. Also, pay attention to the ability to select the contractor of your choice, increase your coverage plan and change your policy to another owner, and cover roof leaks, high-end appliance brands exhaust and ceiling fans, and fixtures and faucets.

Based on our research, plan coverage should carry the most weight and customer service should be the second most significant factor. The industry reputation, plan availability and additional features should be considered equally. Price range should not be the sole factor in choosing a provider of home warranties that meets your needs.

Liberty Home Guard offers a assortment of additional options to meet your needs, such as a saltwater pool reverse osmosis system, and pro-series appliances. AFC Home Club provides additional security in the event that you're unable to repair the issue within the 30 day workmanship guarantee. HomeServe Specialized plans are a good choice for those most worried about their rental's utility lines, and American Home Shield may be the ideal choice for those who'd rather choose a home warranty provider with higher coverage caps.

We suggest getting quotes from at least three home warranty companies , and taking the time to read the terms of the agreement to be aware of any restrictions or exclusions. By doing this, you can make an informed decision and determine the most suitable home warranty provider for your rental property.

8. You may take advantage of discounts and other benefits

Utilizing a home warranty for rental properties can save money by two methods. They provide a cost-effective and inexpensive method to repair major appliances that fail. This could save landlords cash on regular repairs. The second advantage is that the premium and service fees associated with the home warranty could be claimed on a tax return as operating expenses, subject to the registration of the landlord. This can lower their income overall and reduce tax burden.

9. Ability to send and track repair claims online

Warranty plans for home owners can prove beneficial for rental properties, by simplifying repairs. Landlords need to submit an claim with their warranty provider when a covered item malfunctions or breaks. The provider will send an expert to the rental property to address the issue as fast as possible. This can save landlords time and effort in finding a trustworthy contractor who can be reached on the shortest notice. Through providing speedy service and ease of use, home warranty plans help landlords ensure that the rental property they lease is looked after quickly and efficiently.

10. Greater tenant satisfaction

Using the HomePRO Warranty can bring many benefits for tenants, both with regards to service and satisfaction. The HomePRO Warranty reduces service calls because tenants can submit their request directly without having to wait for the approval of the landlord. This helps improve the relationship between landlords and tenants. Additionally, HomePRO Warranty eliminates the requirement for landlords to keep up with multiple vendors, as the warranty will cover repairs and replacements for different appliances and systems. Tenants can rest assured that they will receive prompt and efficient service. In addition, having a home warranty is also a way to increase the rental cost of the property, allowing landlords to earn more each month.