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Maximize Your Rental Income with Trustworthy Home Management Service Warranty Solutions

Published Feb 21, 23
8 min read

What exactly is an insurance policy for homes?

Home warranties are agreements that provide for the cost of replacing or repairing your home's appliances and systems when they fail due to normal wear and wear and. Home warranties are not the same as home insurance which covers your home's structure from natural disasters and burglaries, but instead protect your home's systems and appliances. All kinds of homes are eligible for warranty for homes. They are able to help lower the cost of repairs or replacements and are affordable for landlords both new as well as old. Service call fees are a fee which is paid to the home warranty provider each time a claim gets put in. A majority of the providers will offer coverage for older homes, however certain ones don't cover items in the home that have preexisting issues.

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

1. Protection against high repair costs

A home warranty that covers rental properties can help protect against the high cost of repairs by providing expedited service, the convenience of one stop shop, and no service charge. This reduces the time and money that is spent on repair work and also provides financial protection from unplanned repairs and replacements. Additionally, the protection of regular maintenance helps increase client and tenant retention as tenants are able to make requests for service with no landlord approval and protected appliances and systems can be fixed quickly, which reduces the chance of having negative reviews. This allows landlords to charge lower rent and save more.

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

What kinds of appliances are covered under a home warranty for rental properties? (Extended list) Refrigerators, dishwashers and clothes dryers, clothes washers, trash compactors, ranges/ cooktops/ ovens, built-in microwave ovens with built-in food centers heating systems water heaters, air conditioning electrical systems, garbage disposals, central vacuums, smoke detectors plumbing systems, doorbells, exhaust and ceiling fans, the sump pump, septic tank spa, pool as well as garage door openers.

3. You can rest assured that the repairs will be done

Landlords can benefit of having repairs covered under the warranty on their home. Landlords can avoid having to pay cash on demand for repairs and maintenance. In addition, a home-warranty plan simplifies the home repair process for everyone involved by submitting a claim to the warranty provider, who then sends someone to their rental property to fix the issue. Property management companies will experience a decrease in third-party contractor invoices and insurance expenses due to the fact that a lot of repairs and replacements can be done quickly. The home warranty offered for rental homes helps clients and tenants keep their clients by resolving the most common reason for tenants to leave: maintenance problems. Tenants are able to request assistance from their landlords and not need to get approval. This lets them repair their appliances and systems quickly. It also reduces the possibility of tenants complaining about it. Home warranties provide landlords with the most cost-effective and efficient option for repairs to rental properties.

4. Saves time and hassle of hiring a contractor.

A home warranty that covers rental properties could to reduce the time and effort when it comes to finding an expert. Instead of having to look on the internet to find a reliable contractor in a hurry, landlords can submit a claim at their home warranty provider. They will send someone to their rental property to resolve the issue as fast as possible. This is much simpler than having to call numerous contractors to find the right contractor.

Property managers, on the other hand are able to save time and hassle by bringing a reliable vendor they have already worked with to a managed home. They know the prices, the workmanship and the way the vendor has conducted themselves over the years. This eliminates the need to spend time researching and finding the right contractor for the task. Furthermore, trained vendors tend to be more trustworthy and respectful to tenants which is crucial to ensure the satisfaction of tenants.

Sometimes, it can take days to receive service from a home warranty provider. This can lead to unhappy tenants, who want their repairs to be addressed promptly. This adds to the anger. Property managers serve as an intermediary between tenants, the home warranty company, and property owners.

In the end, a home warranty on rental properties is beneficial as it can save time and trouble of finding an expert. Property managers can send reliable vendors they know to manage homes, and homeowners can make a claim to their home warranty provider and have the issue resolved in a short time.

5. Budget for repairs

A home warranty that can pay for repairs and replacements of home mechanical systems and appliances can make budgeting for operating costs easier for property owners who own rental properties. The home warranty plan ensures that repairs are more predictable and helps tenants be happier. It also improves the bottom line. The home warranty plan is convenient since it offers a single source for all household maintenance and replacement needs. It also eliminates the need to exchange money during service calls. In addition, having a home warranty can help lower the cost of homeowner's insurance by covering all or most of the expense of repairing and replacing aging or malfunctioning appliances and systems.

6. Additional protection from liability of landlords

A home warranty for landlords protects them from landlord liability by providing quick, professional repairs of appliances and systems that fail due to wear and tear. This helps reduce the risk of lawsuits arising from hability claims by tenants as repairs and replacement of appliances and systems are taken care of promptly. The covered repairs can also lessen the requirement for approval from landlords and disputes to be resolved as well as reducing the chance of liability for landlords. Furthermore, having a home warranty may act as an additional layer of financial protection, as it qualifies as tax-deductible, allowing you to pay for rental costs.

7. Ability to choose between different warranty providers

The selection of a warranty company for your home for a rental home can be a tricky endeavor. It is important to consider costs and reputation in the industry, customer service system, and many other aspects. When choosing a home warranty company, we recommend considering the different plans and add-ons offered, their cost, industry reputation and customer support infrastructure, as well as other features. Additionally, you should also pay attention to the ability to choose your own contractor, upgrade your coverage package, transfer your plan to another owner, and protect your roof from leaks, high-end appliance brands, exhaust and ceiling fans and fixtures and faucets.

Based on our research, coverage of plans will be the main factor in the customer support department as the second most important aspect. The reputation of the company, its availability, and additional features should be rated equally as well as price. Price is not the main basis for choosing the best home warranty company for your home's needs.

If, for instance, your rental property features a saltwater swimming pool, pro-series appliances, or reverse osmosis system 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 fix the problem within the 30 day workmanship guarantee. The HomeServe plans that are tailored to your needs are an excellent alternative for those concerned about the lines of electricity that are connected to their rental home. American Home Shield is a better choice for those who prefer greater coverage.

Ultimately, we recommend requesting an estimate from at three providers for home warranties and thoroughly reviewing the policy's terms to be sure that you're aware of any limitations or exclusions from the policies. This will allow you to make educated decisions and assist you choose the right home warranty company for your rental properties.

8. You may take advantage of discounts and other benefits

A home warranty plan for rental properties could help reduce costs in two ways. In the first place, these plans provide a more convenient, low-cost solution for fixing important household appliances and systems because they are likely to break. This could help landlords save from having to pay for regular repairs. In addition, depending on the way a landlord is registered, the whole premium and charges from the home warranty plan could be included as operating expenses on tax returns and thus reduce the total amount of income they earn, and therefore their tax burden.

9. Ability to make repairs and submit them online

Home warranty plans for renters are plans extremely helpful as they allow them to repair their home. When a covered item is damaged or fails the landlords only have to make an claim to their warranty provider. The company will then send an expert to the rental property to address the issue as soon as they can, saving landlords the time and effort of searching for a reputable contractor on the shortest notice. The Home Warranty plans permit owners to be sure the rental property they lease is properly taken care of through quick service and convenience.

10. Greater tenant satisfaction

Utilizing a HomePRO Warranty can bring many benefits for tenants, both with regards to customer service and satisfaction. HomePRO Warranty helps to reduce service calls as tenants can submit requests directly, without waiting for the landlord's approval them. This improves the relationships between tenants and landlords. HomePRO Warranty also eliminates the necessity of maintaining a relationship with multiple suppliers. The warranty covers repairs and replacements of various appliances and systems. In turn, tenants can enjoy the peace of mind knowing that their needs will be taken care of quickly and effectively. The home warranty, which could increase the property's rental price and is a good way for landlords to make more money each month.