Specialist Building Management Service Warranty Services: The Secret to Effective Building Ownership

Published Feb 21, 23
8 min read

What is a home warranty?

Home warranties are service agreements that provide for the costs of replacing or fixing your home's appliances and systems if they fail because of normal wear and wear and tear. These warranties are not like insurance for your home, which protects your home's structure from natural disasters and burglaries and damage, instead they protect your home's systems and appliances. Home warranties are offered for all types of housing and can be used to minimize the costs of repairs and replacements and are therefore ideal for both current and new landlords. Service call fees are an amount which is paid to the warranty provider every time a claim is put in. Although most companies offer coverage for older homes, some may not cover items in preexisting conditions.

What are the benefits of using a home warranty for rental properties?

1. Protection against high repair costs

A home warranty can be used to protect rental properties from high repair expenses. It offers quick service, convenience and has no charges for service. This can reduce the amount of time and cost needed to fix your property and also provide financial protection for unexpected repairs and replacements. In addition, the insurance coverage for regular maintenance helps increase the retention of clients and tenants, since tenants can solicit service without the need for approval from landlords and covered appliances and systems are fixed quickly, which reduces the possibility of negative reviews. This can help landlords save money while charging higher rents, increasing the amount of money they can put in their pockets.

2. Common household appliances are covered

What types of appliances are covered by an insurance policy for rental properties? Refrigerators, dishwashers, clothes dryers and washers for clothes; garbage compactors; cooktops and ranges/ ovens; built-in microwave ovens with built-in food centers heating systems; air conditioning; electric systems; water heaters; garbage disposals, central vacuums, smoke detectors, smoke alarms; plumbing systems. Doorbells, ceiling fans, exhaust fans, septic tanks, sump pumps, spas and garage door openers.

3. You can rest assured that repairs will be made

Landlords enjoy many advantages when they have repairs covered by the home warranty. With the coverage of repairs, maintenance appointments, and repairs, landlords are able to protect themselves from having to pay out money when there is a problem. A home warranty plan allows everyone involved to repair their property by submitting an claim to the warranty provider who will then send an individual to address the issue at their rental property. Furthermore, because most repairs and replacements can be addressed and solved quickly and efficiently, property management companies can anticipate a reduction in invoices for third-party contractors as well as insurance expenses. A home warranty for rental properties will help tenants and clients retain their clients by solving the primary reason why tenants quit: maintenance issues. When tenants are able to request service without the approval of their landlord the covered appliances and systems can be repaired swiftly, which reduces the chances of receiving negative reviews from frustrated tenants. 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 can be an important time saver when looking for an expert contractor. Instead of having to go out to find a reputable contractor on very short notice, the landlord can simply submit a claim to their home warranty provider and they will send someone to their rental property to resolve the problem as quickly as possible. This is much easier than having to contact multiple contractors to locate the best contractor.

Property managers can cut down on time and hassle by sending an established vendor to handle the home. They are familiar with the prices, the work, and background of the company. This means that they don't have to spend time researching and choosing the best contractor to do the task. In addition, contractors who have been trained will be more tolerant and trustworthy to tenants. This is crucial to ensure that tenants are satisfied.

Furthermore, getting assistance from a home warranty company could take longer than anticipated and can take a few days. Tenants might be unhappy if they are not satisfied with the speed with the time repairs are made. Property managers are required to serve as a mediator between tenants and the home warranty company, which adds to the burden.

Overall, using a home warranty on rental properties can be advantageous as it can save the time and effort of searching for contractors. Property managers can recommend reliable contractors to manage the homes. Owners of homes can submit a claim to their warranty company to resolve the issue promptly.

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 rental property owners. The plan for home warranties will make repairs easier and makes tenants happier. It also boosts the bottom line. The home warranty plan is convenient as it is a one-stop provider for all household maintenance and replacement needs. It can also reduce the requirement to exchange money during service calls. A home warranty could reduce the owner's annual costs by covering the total expense of replacing or fixing broken appliances or systems.

6. Additional protection from landlord liability

The use of a home warranty by landlords helps protect against the risk of liability for landlords by offering quick, professional repairs of systems and appliances that fail due to wear and wear and tear. This reduces the chance of hability lawsuits from tenants, as the repair and replacement of the appliances and systems are completed quickly. Repairs covered by the warranty reduce the need to obtain landlord approval and can also settle disputes. This also reduces landlord liability. Furthermore, having a home warranty in place can serve as an additional layer of financial protection, as it qualifies as tax-deductible, allowing you to reduce rental costs.

7. You can choose from different warranty companies.

It can be difficult to select a home warranty provider for rental properties. It is important to think about coverage options, cost and reputation of the company, as well as customer support system, and other features. When selecting a provider for your home warranty, we recommend considering the plans for service and add-ons available, cost, industry reputation and support systems for customers, as well as other options. You should also think about whether you are able to choose your own contractor and upgrade your coverage package. Also, how easy it is to transfer your policy from one person to another.

Our research suggests that coverage for plans is the most importantfactor, followed by customer support. The reputation of the company, its availability as well as additional features should be equally rated, and price range should not be the primary basis for choosing a home warranty provider to meet your home's requirements.

Liberty Home Guard offers a range of add-ons to suit your requirements, such as saltwater pools, reverse osmosis systems, and pro-series appliances. If you're unavailable to attend to repairs within the standard 30-day guarantee on workmanship, AFC Home Club offers a plan-length guarantee that may offer additional protection. HomeServe Specialized plans are a good choice for those who are most worried about their rental's utility lines and American Home Shield may be the best option for those who'd rather choose an insurance provider for home repairs that has more coverage limits.

In the end, we suggest requesting an estimate from at least three different home warranty companies and carefully reviewing the policy's terms to be sure that you're aware of all limitations and exclusions in the policies. This will enable you to make informed decisions and help you select the best home warranty provider for rental properties.

8. Possibility to avail discounts and incentives

A home warranty plan can be a fantastic method to save money on rental properties. In the first place, these plans provide a more convenient, low-cost solution for fixing important household appliances and systems since they will eventually break. This could save landlords from having to pay for regular repairs. The second benefit is that the service and premium fees from the home warranty plan could be claimed on a tax return as an operating expense, dependent on the registration of the landlord. This can reduce their overall income and tax burden.

9. Ability to make repairs and submit them online

Home warranty plans can prove useful for rental properties due to simplifying repairs. Landlords need to submit a claim with their warranty provider if an item covered by warranty malfunctions or fails to function. The company will then send an expert to the rental property to fix the issue as fast as is possible, saving landlords the hassle of finding a reliable contractor on short notice. With their speedy service and convenience, home warranty plans help landlords make sure their rental property is taken care of quickly and efficiently.

10. Greater tenant satisfaction

Tenants can benefit from a variety of benefits of a HomePRO Warranty, such as improved service and customer satisfaction. The HomePRO Warranty reduces service calls since tenants can make demands directly, without waiting for approval from the landlord. This helps improve the relationship between landlords and tenants. In addition, HomePRO Warranty eliminates the requirement for landlords to maintain a relationship with several vendors, as the warranty covers repairs and replacements for different appliances and systems. In turn tenants will have the security of knowing that their requirements will be met promptly and efficiently. The home warranty, which may boost the rent of the house and is a good way for landlords to make more money each month.