Why Property Managers Must Focus On Building Monitoring Warranty

Published Feb 14, 23
8 min read

What is an insurance policy for homes?

A home warranty is a kind of service agreement that will pay for the cost of fixing or replacing your home's system and appliances when they fail because of normal wear and tear. Home warranties are not a substitute for home insurance that protects your home from damage caused by theft or natural catastrophes. They're designed to safeguard your home's appliances and systems. All kinds of homes are suitable for home warranties. They can reduce the costs of repairs or replacements, and can be feasible for landlords of both types, new as well as old. The service call cost is an amount which is paid to the warranty provider each time a claim is put in. Most providers do provide coverage for older homes, however certain providers do not provide coverage for home appliances with preexisting conditions.

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

1. Protection against high repair costs

A home warranty can be utilized to safeguard rentals from expensive repair expenses. It offers quick service, convenience, and zero service charges. This can reduce the time and money used on repairs and also provides financial protection from unplanned repairs and replacements. Additionally, the protection of regular maintenance helps increase the retention of clients and tenants, as tenants are able to solicit service without the need for approval from landlords and protected appliances and systems can be repaired swiftly, reducing the possibility 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 are covered

What kind of appliances are covered under an insurance policy for rental properties? Refrigerators, dishwashers, clothes dryers and clothes washers; trash compactors; cooktopsor ovens; microwaves with built-in ovens and built-in food centres; heating systems; air conditioning electrical systems, water heaters garbage disposals; smoke detectors, central vacuums smoke alarms, plumbing systems. Doorbells, ceiling fans, exhaust fans, sump pumps, septic tanks, spas and garage door openers.

3. Relax knowing that repairs are being made

Repairs made under a home warranty for rental properties offers landlords a myriad of advantages. With the coverage of repairs, maintenance appointments and even replacements, landlords be protected from having to pay cash when there is a problem. A home warranty plan makes it easier for all involved to repair their home by sending a claim to the warranty provider , who will then send a technician to address the issue at their rental property. Furthermore, because many repairs and replacements are easily covered and resolved and efficiently, property management companies can expect reduced invoices for third-party contractors as well as insurance expenses. The home warranty offered for rental properties also helps to improve tenant and client retention by addressing the number one reason tenants leave: maintenance issues. By allowing tenants to request service without the approval of their landlord as covered, the appliances and systems are repaired quickly, resulting in less opportunity for negative feedback from angry tenants. Overall, home warranties provide landlords with an affordable and efficient solution for repairs for rental properties.

4. Reduces the time and effort involved in hiring a contractor.

Utilizing a home warranty on rental properties could reduce time and stress in the search for the right contractor. Rather than having to go out and search for a reliable contractor with very short notice, the landlord can simply make a claim with their home warranty provider , and they will dispatch someone to their rental property to take care of the problem as quickly as possible. This is much easier than having to contact numerous contractors to find the most suitable contractor.

Property managers can save time and effort by deploying an experienced and reliable vendor to oversee the home. They are familiar with the costs as well as the quality of work and how the vendor has conducted themselves in the past. It is no longer necessary to look around for the perfect contractor. Additionally, experienced contractors tend to be more honest and kind to tenants, which is essential to the tenant's satisfaction.

Sometimes, it may take some time to receive service from a home warranty company. This could result in unhappy tenants who expect their repairs to be completed promptly. This causes anger. Property managers are an intermediary between tenants, the homeowner warranty company, and property owners.

Overall, using the home warranty option for rental properties can be beneficial as it can save time and hassle of finding an expert. Property managers can use reliable vendors they know to manage homes, and homeowners can make an inquiry to their home warranty company and have the problem fixed in a short time.

5. Budget for repairs

Renters are able to save money using the home warranty plan to cover repairs and replacements for their appliances at home as well as mechanical equipment. The warranty for homes will make repairs easier and makes tenants happier. It also improves the bottom line. The home warranty plan is beneficial as it is a one-stop source for all household maintenance and repair needs. It also eliminates the need to exchange money during service calls. A home warranty can reduce the cost of ownership by covering the total cost of replacing or repairing malfunctioning appliances or systems.

6. Protection against landlord liability

Using a home warranty for landlords helps protect against landlord liability by providing prompt, professional repairs for appliances and systems that fail due to wear and tear. Tenants are less likely to sue landlords for hability because the repairs and replacements of appliances and systems can be completed quickly. Repairs covered by the warranty also decrease the requirement for approval from landlords and disputes to be resolved, which further reduces the risk of landlord liability. In addition, having a homeowner's warranty in place may serve as an additional protection against financial loss because it's tax-deductible and can help reduce rental costs.

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

It isn't easy to choose a home warranty service for rental homes. It's crucial to look at the choices for coverage, the cost, industry reputation, customer support and additional features. When choosing a provider for your home warranty We recommend looking at the different plans and add-ons available, cost, industry reputation and customer support infrastructure and other options. Additionally, you should also pay attention to the ability to choose your own contractor, change your coverage package, transfer your plan to a different owner, and also cover roof leaks, premium 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. Industry reputation, plan availability as well as 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.

Liberty Home Guard offers a assortment of additional options to meet your requirements, including a saltwater pool reverse osmosis system and pro-series appliances. AFC Home Club provides additional security in the event that you're unable to fix the problem within the 30-day workmanship guarantee. HomeServe's special plans are a good alternative for those who are worried about the utilities that are connected to their rental home. American Home Shield is an ideal option for those seeking greater protection.

We recommend that you request a quote from at three providers for home warranties and carefully reading the policy's terms to ensure you are aware of all limitations and exclusions in the policies. By doing this, you can make an informed choice and determine the most suitable home warranty company for your rental property.

8. Possibility to avail discounts and other incentives

A home warranty plan could be a great option to reduce the cost of rental homes. The first is that these plans give you a more convenient and cost-effective solution to repair major household appliances and systems because they are likely to break. This can help landlords save the expense of regular repairs. The second benefit is that the premium and service fees of the home warranty plan can be included on tax returns as operating expenses, dependent on the landlord's registration. This can decrease their total income and tax burden.

9. Online submission and monitoring of repair claims

Warranty plans for home owners can prove beneficial for rental properties, by making repairs easier. Landlords need to submit an claim with their warranty provider when an item covered by warranty malfunctions or breaks. The warranty provider will send an expert to the rental property to fix the issue as fast as is possible, saving landlords the hassle of searching for a reputable contractor with a short notice. By providing expedited service and convenience, home warranty plans help landlords ensure that the rental property they lease is maintained quickly and efficiently.

10. Greater tenant satisfaction

Utilizing a HomePRO Warranty can provide many benefits for tenants, both in terms of customer service and satisfaction. The HomePRO Warranty reduces service calls since tenants can make request directly without having to wait for the approval of the landlord. This helps to improve the relationship between landlord and tenant. In addition, HomePRO Warranty eliminates the requirement for landlords to deal with multiple vendors, as the warranty includes repairs and replacements of different appliances and systems. Tenants can rest assured that they will receive timely and efficient service. A home warranty, which can increase the property's rental price, can be a great way for landlords to make more each month.