Why Home Managers Should Prioritize Building Monitoring Guarantee

Published Feb 21, 23
8 min read

What is a warranty for your home?

Home warranties are a kind of service agreement that covers the cost of repairing or replacing your home's system and appliances in the event that they fail due to normal wear and wear and tear. These warranties are not identical to home insurance , which shields the structure of your home from natural disasters or theft however they do ensure the security of your home's systems as well as appliances. They are available for all types of housing and are able to lower the cost of repairs and replacements, making them perfect for both current and new landlords. The cost of service is the amount paid to the home warranty company per claim. Although most companies provide coverage for older homes, a few might not be able to cover items that are in preexisting conditions.

What are the benefits of having a home guarantee to rent properties?

1. Protection against high repair costs

The use of a home warranty on rental properties can help protect against costly repairs by providing expedited service, convenience of one-stop shop and no service charge. This reduces the cost and time that is spent on repair work and also provides financial protection from unplanned repairs and replacements. Furthermore, the coverage of regular maintenance helps increase 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 risk of negative reviews. This allows landlords to charge lower rent, and also save money.

2. Common household appliances covered

What kinds of appliances are covered under the home warranty in rental properties? Refrigerators, dishwashers, dryers for clothes and washers for clothes; garbage compactors; cooktops and ranges/ ovens; built-in microwave ovens and built-in food centres; HVAC systems, heating, electric systems; water heaters garbage disposals; smoke detectors, central vacuums and smoke alarms; plumbing systems. Doorbells and ceiling fans, exhaust fans septic tanks, sump pumps spas and garage door openers.

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

Landlords enjoy many advantages from having repairs covered by the home warranty. Through covering repairs, maintenance appointments, and even replacements, landlords protect themselves from having to shell out cash when something goes wrong. A home warranty policy will make it simpler for everyone involved to repair their property by submitting a claim to the warranty company who will then send someone to repair the issue at the rental property. Property management companies can expect a decrease in the amount of invoices from third-party contractors and insurance costs due to the fact that many repairs and replacements can be done quickly. The home warranty offered for rental homes will help tenants and clients retain their customers by addressing the primary reason why tenants abandon their homes: maintenance issues. In allowing tenants to request service without permission from the landlord as covered, the appliances and systems can be repaired promptly, which means there is less opportunity for negative reviews from unhappy tenants. Home warranties provide landlords with an affordable and effective solution to repair rental properties.

4. Reduces the time and effort involved in the search for a contractor.

Utilizing a home warranty on rental properties can save time and hassle when it comes to finding the right contractor. Instead of searching the web for a reliable contractor in an instant, landlords could file a claim through their home warranty company. They will dispatch someone to their rental property to address the issue as fast as is possible. This is much simpler than having to reach out to several contractors to find the most suitable contractor.

Property managers, on the other hand they can cut down on time and hassle by sending a trusted vendor they have already worked with to a house they manage. They are familiar with the cost, work schedule and background of the company. This means that they don't have to spend time researching and finding the right contractor for the job. Additionally, vendors who have been trained are more likely to be friendly and trustworthy to tenants. This is important to ensure that tenants are satisfied.

In addition, receiving service from a home warranty provider may take longer than you expected in some cases, taking several days. Tenants may be dissatisfied when they aren't satisfied by the speed at the time repairs are made. This adds to the frustration. Property managers act as intermediaries between the tenants, the homeowner warranty company, and property owners.

In the end, the home warranty option for rental properties can be advantageous because it will save the time and effort of searching for contractors. Property managers can refer reliable vendors to manage their properties. Owners of homes can submit a claim to their warranty company to have the problem resolved quickly.

5. Budget for repairs

A home warranty that can pay for repairs and replacements to appliances and mechanical systems in your home will make planning operating expenses easier for property owners who own rental properties. A home warranty plan helps in making repairs easier to predict, keeping tenants happy and increasing the financial results. The home warranty is advantageous because it provides a single source for all maintenance and repair needs. It can also reduce the requirement to swap money in service calls. Additionally having a home warranty could help reduce the cost of homeowner's insurance by covering all or a large portion of the cost of repairing and replacing malfunctioning or old equipment and systems.

6. Additional protection against landlord liability

Using a home warranty for landlords can help protect them from the risk of liability for landlords by offering rapid, professional repairs to appliances and systems that fail due to wear and wear and tear. Tenants are less likely sue landlords for hability because repairs and replacements to appliances and systems are completed promptly. The covered repairs also reduce the need for landlord approval and disputes to be resolved and reduces the risk of landlord liability. A home warranty could offer additional financial protection since it is tax-deductible and helps to reduce rental costs.

7. You can choose among a variety of warranty providers

It isn't easy to choose a home warranty provider for rental properties. It's crucial to look at the plans, costs, industry reputation, customer support and any additional features. When selecting a provider for your home warranty it is recommended to consider the service plans and add-ons available, cost, reputation in the industry and the support systems for customers in addition to other features. In addition, consider the possibility to choose your own contractor, upgrade your protection package, transfer your plan to a different owner, and cover roof leaks, premium appliances exhaust and ceiling fans and fixtures and faucets.

Based on our research, plan coverage will be the main factor, with customer support as the second most important aspect. The reputation of the company plans, availability of plans and additional features should be considered equally. Price range should not be the main basis for choosing a provider of home warranties that can meet your needs.

For instance, if your rental includes a saltwater pool appliances from the pro-series, or a reverse osmosis device, Liberty Home Guard has a range of accessories that could be appealing to you. AFC Home Club provides additional security in the event that you're unable to make repairs within the 30 day workmanship guarantee. HomeServe specialized plans may be a good choice for those who are most concerned about their rental property's electric lines and American Home Shield may be the ideal choice for those who prefer an insurance provider for home repairs that has greater coverage limits.

We recommend getting quotes from at least three companies for home warranties and reading through the terms carefully to make sure you are aware of any exclusions or limitations. This will allow you to make an informed choice and choose the best warranty for your home rental property.

8. You can benefit from discounts and other benefits

A home warranty plan could be a great option to reduce the cost of rental homes. In the first place, these plans provide a more convenient, low-cost solution for fixing important household appliances and systems as they inevitably break down. This could help landlords save from having to pay for regular repairs. Another benefit is that the premium and service fees of the home warranty plan could be claimed on a tax return as an operating expense subject to the landlord's registration. This could decrease their total income and tax burden.

9. Online submission and tracking of repair claims

Home warranty plans for renters are plans to be extremely beneficial since they allow them to repair their property. Landlords need to submit claims with their warranty company if a covered item malfunctions or fails to function. The warranty provider will dispatch an expert to your rental property to fix the issue as soon as possible. This will save landlords time and effort in searching for a trustworthy contractor that can be reached on short notice. With their speedy service and convenience the home warranty plan helps landlords make sure the rental property they lease is taken care of quickly and effectively.

10. Greater tenant satisfaction

Tenants can benefit from a variety of benefits from the HomePRO Warranty, including enhanced service and greater customer satisfaction. HomePRO Warranty helps to reduce customer service calls because tenants are able to make requests directly, without waiting for approval from the landlord the request. This helps improve the relationships between tenants and landlords. Furthermore, HomePRO Warranty eliminates the requirement for landlords to maintain a relationship with several suppliers, since the warranty includes repairs and replacements of various appliances and systems. As a result tenants have the peace of mind knowing that their needs are met quickly and efficiently. In addition, having a home warranty can also help to boost the rent of the property, allowing landlords to make more money every month.