Why Every Building Manager Requirements an Extensive Warranty Strategy thumbnail

Why Every Building Manager Requirements an Extensive Warranty Strategy

Published Feb 17, 23
8 min read

What is a home warranty?

A home warranty is a type of service agreement that will pay for the cost of fixing or replacing your home's system and appliances in the event that they fail due to wear and tear. They are not a substitute for home insurance that protects your home from theft and natural catastrophes. They are designed to safeguard your home's appliances and systems. All types of housing are suitable to be covered by home warranties. They are able to help lower the costs of repairs or replacements and make it affordable for landlords both new as well as old. The cost of service is an amount that is due to the warranty company per claim. A majority of the providers will cover older homes, but some do not cover home items that have preexisting issues.

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

1. Protection against high repair costs

A home warranty is used to protect rentals from expensive repair costs. It offers quick service, ease of use and has no charges for service. This can reduce the cost and time used on repairs and offers financial protection against unplanned repairs and replacements. In addition, the insurance coverage for regular maintenance can increase the likelihood of tenant and client retention, since tenants can make requests for service with no landlord approval and the covered appliances and systems are fixed quickly, which reduces the possibility of negative reviews. This can allow landlords to charge less rent and save more.

2. Common household appliances covered

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

3. Relax knowing that repairs will be made

Landlords have many benefits from having repairs covered by the home warranty. By covering repairs, maintenance appointments and replacements, landlords can be protected from having to pay out money when there is a problem. A home warranty program allows everyone affected to fix their house by sending an claim to the warranty provider , who will then send an individual to repair the issue at the rental property. Property management companies will see an improvement in the amount of invoices from third-party contractors and insurance costs due to the fact that many repairs and replacements are completed quickly. A home warranty for rental properties helps tenants and clients retain their clients by resolving the main reason that tenants leave: maintenance problems. When tenants are able to seek service without the approval of their landlord, covered appliances and systems are fixed quickly, resulting in less chances of receiving negative reviews from frustrated tenants. Overall the home warranty provides landlords with a cost-effective and effective solution for repairs to rental properties.

4. It helps you save time as well as making it easy to locate contractors.

A home warranty that covers rental properties can help reduce time and stress when it comes to finding an expert. Instead of having to look on for a reliable contractor in a hurry, landlords can submit a claim at their home warranty company. They will send someone to their rental property to address the problem as soon as is possible. This can be much easier than needing to call multiple contractors to determine the most suitable one for the job.

Property managers can cut down on time and hassle by sending an experienced and reliable vendor to oversee a home. They are familiar with the cost, work schedule and history of the company. This means that they don't have to spend time researching and selecting the best contractor to do the job. Additionally, vendors who have received training will be more tolerant and ethical towards tenants. This is essential to ensure the satisfaction of tenants.

Furthermore, getting assistance from a home warranty provider could take longer than anticipated, sometimes taking a few days. Tenants may be dissatisfied when they are not satisfied by the speed at when repairs are finished. Property managers are required to serve as the middleman between tenants and the homeowner warranty provider, adding to the hassle.

Overall, using the home warranty option for rental properties can be advantageous since it saves the time and effort of searching for a contractor. Property managers can recommend reliable vendors to manage their properties. Homeowners can submit a claim to their warranty company for the issue to be resolved quickly.

5. Budget for repairs

Renters are able to save money using an insurance plan for home repairs and replacements to their home appliances as well as mechanical equipment. The warranty for homes ensures that repairs are more predictable and makes tenants happier. It also improves the bottom line. The home warranty is advantageous since it offers a single provider for all household maintenance and replacement needs. It is also a way to not swap money in service calls. Additionally, having a home warranty could help reduce the annual cost of ownership 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 helps protect against the risk of liability for landlords by offering prompt, professional repairs for systems and appliances that fail due to wear and tear. This reduces the chance of lawsuits arising from hability claims by tenants as repairs and replacement of appliances and systems are taken care of promptly. Repairs covered by the warranty also decrease the need for landlord approval and disputes to be resolved and reduces the possibility of landlord liability. In addition, having a homeowner's warranty in place may serve as an additional layer of financial protection since it is tax-deductible and can help offset rental expenses.

7. You can choose from a variety of warranty providers

The selection of a warranty company for your home for a rental home is a difficult decision. It's crucial to look at the plans, costs and reputation of the company, as well as customer support and other features. We recommend looking at the various plans for service, additional coverage options, the depth of coverage, plan cost, brand reputation, customer support infrastructure, and additional options when choosing the right home warranty company. In addition, be aware of the option to select your own contractor, increase your coverage package and change your policy to another owner, and cover roof leaks, top-of-the-line appliance brands, exhaust and ceiling fans, and fixtures and faucets.

Based on our findings, plan coverage should carry the most weight and customer service should be the second most important aspect. The reputation of the company, its availability and other features must be evaluated equally as well as price. Price is not the main basis for choosing a home warranty provider for your home's needs.

If, for instance, your rental features a saltwater swimming pool, pro-series appliances, or reverse osmosis device, Liberty Home Guard has a range of accessories that could appeal to you. AFC Home Club provides additional assurance if you're not able to make repairs within the timeframe of the 30-day workmanship warranty. HomeServe special plans could be an ideal option for those most concerned about their rental's utilities, and American Home Shield may be the best option for those who'd rather choose a home warranty provider with greater coverage limits.

In the end, we suggest requesting the quotes of at least three different home warranty companies and carefully reviewing the terms of the plan to be sure that you're aware of the limitations and exclusions in the policies. This will enable you to make educated decisions and assist you select the best home warranty provider for rental properties.

8. You can benefit from discounts and other benefits

A home warranty plan could be an excellent option to save money on rental properties. The plans provide a simple and inexpensive method to repair major appliances that fail. This can save landlords money on regular repairs. Secondly, depending on how a landlord is registered the total premium and service charges from the home warranty plan can be claimed as an operating expense on tax returns and thus reduce their income total and tax burden.

9. Online submission and monitoring of repair claims

Home warranty plans for renters are plans extremely helpful as they help repair their property. If an item covered by the warranty fails or breaks and needs to be repaired, landlords have to make an insurance claim with their warranty provider. The warranty provider will dispatch an expert to your rental property to fix the problem as quickly as they can. This will save landlords time and effort in finding a trustworthy contractor who is available on short notice. Home warranty plans allow owners to be sure the rental property they lease is properly taken care of with prompt service and convenience.

10. Greater tenant satisfaction

Tenants can enjoy many benefits of the HomePRO Warranty, including better service and satisfaction of customers. HomePRO Warranty helps to reduce the number of service calls since tenants can send their requests directly without waiting for the landlord's approval the request. This helps improve the relationship between landlords and tenants. HomePRO Warranty also eliminates the requirement to maintain a connection with multiple suppliers. The warranty covers repairs and replacements of various appliances and systems. Therefore tenants will have the assurance that their needs will be met promptly and effectively. Lastly having a home warranty is also a way in increasing the rent of the house, allowing landlords to make more money each month.