The Duty of Warranty Providers in Building Repair And Maintenance thumbnail

The Duty of Warranty Providers in Building Repair And Maintenance

Published Sep 08, 22
8 min read

What is a home warranty?

Home warranties are a kind of service agreement that will cover the cost of fixing or replacing your home's system and appliances in the event that they fail due to normal wear and tear. Home warranties are not a substitute for home insurance, which protects your home from theft and natural disasters. They are designed to protect your home's appliances and systems. All kinds of homes are suitable to be covered by home warranties. They can help reduce the cost of repairs or replacements, and can be feasible for landlords of both types, new and old. The cost of service is the amount paid to the home warranty company for each claim. The majority of providers provide coverage for older homes, however certain providers do not cover home items with existing conditions.

What are the advantages of using a home warranty to lease properties?

1. Protection against high repair costs

A home warranty that covers rental properties can guard against costly repairs through fast service, the convenience of a one-stop shop and no service charge. This can reduce the cost and time used on repairs and offers financial protection against unexpected repairs and replacements. In addition, the insurance coverage for regular maintenance can increase the likelihood of the retention of clients and tenants, since tenants can make requests for service with no landlord approval and protected appliances and systems can be repaired swiftly, reducing the possibility of negative reviews. All of this can help landlords save money while charging higher rent, putting more money in their pockets.

2. Common household appliances are covered

What appliances are covered by the warranty on homes for rentals and what are they covered for? (Expanded List) Refrigerators and dishwashers, clothes dryers and washers for clothes; garbage compactors; cooktops and ranges/ ovens; built-in microwave ovens and built-in food centres; HVAC systems, heating; water heaters; electrical systems garbage disposals; smoke detectors, central vacuums and smoke alarms; plumbing systems. Doorbells ceiling fans, exhaust fans sump pumps, septic tanks, spas and garage door openers.

3. Peace of mind knowing repairs will be made

Making repairs through the warranty of a home for rental properties provides landlords with numerous benefits. The landlords don't have to pay cash on demand for maintenance and repairs. A home warranty policy will make it simpler for everyone involved to repair their home by sending a claim to the warranty company who will then send a technician to address the issue in their rental property. Property management companies will see less third-party contractor invoices as well as insurance costs due to the fact that a lot of repairs and replacements can be completed quickly. The home warranty offered for rental homes can help clients and tenants retain their customers by addressing the main reason that tenants abandon their homes: maintenance issues. Tenants are able to request assistance from their landlords without having to get approval. This permits them to fix appliances and systems swiftly. Also, it reduces the chance of tenants complaining about the service. Home warranties provide landlords with the most cost-effective and efficient option for repairs to rental properties.

4. Saves time and hassle of the search for a contractor.

A home warranty that covers rental properties could save time and hassle when it comes to finding a contractor. Instead of having to head out to find a reputable contractor on an emergency basis, a landlord can simply make a claim with their home warranty provider and they will dispatch someone to their rental property to address the issue as soon as possible. This is more efficient than having to call several contractors to determine the most suitable one for the job.

Property managers on the other hand, can save time and effort by bringing a trusted vendor that they know to a house they manage. They know the price, workmanship and how the company has performed in the past. There is no need to search for the perfect contractor. In addition, contractors who have received training are more likely to be friendly and trustworthy to tenants. This is essential for tenant satisfaction.

Furthermore, getting assistance from a home warranty company can take longer than expected in some cases, taking several days. This can result in dissatisfied tenants as they expect that their issues will be completed promptly. This can cause discontent. Property managers serve as a middleman between tenants, the homeowner warranty provider, and property owners.

A home warranty could be an ideal option to cut down on time and eliminate the hassle of hiring an expert contractor. Property managers can send trusted contractors they have already worked with to managed homes, while homeowners can submit an claim to their home warranty company and have the problem fixed in a short time.

5. Budget for repairs

Renters can save money by utilizing the home warranty plan to cover repairs and replacements to their home appliances as well as mechanical equipment. A home warranty program helps in making repairs easier to predict, keeping tenants content and improving the bottom line. It also offers more convenience, as it provides an one-stop shop for all household maintenance repairs and replacement requirements, as well as eliminating the necessity to change money during service calls. A home warranty can reduce the cost of ownership by covering the entire expense of replacing or fixing malfunctioning appliances or systems.

6. Additional protection from liability of landlords

A home warranty for landlords guards against liability for landlords. It offers expert repairs for equipment and systems that are failing due to normal wear and tear or aging. Tenants are less likely to claim hability from landlords because the repairs and replacements of appliances and systems are completed quickly. Repairs covered by the warranty also decrease the requirement for approval from landlords and disputes that need to be settled as well as reducing the risk of landlord liability. A home warranty can provide additional financial protection as it's tax-deductible, and aids to reduce rental costs.

7. Ability to choose between different warranty providers

Choosing a home warranty provider for rental properties isn't an easy task. It's crucial to look at the choices for coverage, the cost, industry reputation, customer support, and other features. We recommend looking at the various plans for service, add-ons, depth of coverage plans, cost of plan, brand reputation, customer support infrastructure, as well as additional features when selecting a home warranty provider. In addition, pay attention to the ability to select the contractor of your choice, upgrade your coverage package and change your policy to another owner, and cover roof leaks, premium appliance brands exhaust and ceiling fans and fixtures and faucets.

Based on our research, plan coverage should carry the most weight, with customer support as the second-most important factor. The reputation of the company, its availability as well as additional features should be rated equally, and price range should not be the primary factor in choosing a home warranty provider to meet your home's requirements.

For instance, if your rental property includes a saltwater pool appliances from the pro-series, or a reverse osmosis system Liberty Home Guard has a collection of additional features that might appeal to you. AFC Home Club provides additional security in the event that you're unable to repair the issue within the timeframe of the 30-day workmanship warranty. HomeServe's specialized plans are an excellent alternative for those who are concerned about the lines of electricity in their rental property. American Home Shield is the best choice for those who prefer a higher level of coverage.

We recommend seeking quotes from at least three home warranty companies and reviewing the contract carefully to be aware of any exclusions or limitations. This will enable you to make informed decisions and help you choose the right home warranty company for the rental properties you own.

8. You may take advantage of discounts and other benefits

Utilizing a home warranty for rental properties could help to save money by two methods. First, these plans can give you a more convenient and cost-effective solution to repair major appliances and systems in the home because they are likely to break. This can save landlords cash on repairs that are routinely required. The other benefit is that the service and premium fees associated with the home warranty can be included on tax returns as an operating expense, subject to the landlord's registration. This can lower their income overall and reduce tax burden.

9. Ability to send and track repair claims online

Warranty plans for home owners can prove helpful for rental properties by simplifying repairs. If a covered product breaks or malfunctions and needs to be repaired, landlords have to make a claim with their warranty provider. The warranty provider will send a technician to the rental property to address the issue as soon as they can, saving landlords the hassle of finding a reliable contractor at very short notice. Through providing speedy service and convenience the home warranty plan helps landlords make sure the rental property they lease is taken care of quickly and efficiently.

10. Greater tenant satisfaction

The use of a HomePRO Warranty could provide a variety of benefits for tenants, both with regards to customer service and satisfaction. The HomePRO Warranty reduces service calls because tenants can submit their requests directly without waiting for the approval of the landlord. This helps improve the relationship between landlords and tenants. Additionally, HomePRO Warranty eliminates the need for landlords to have to deal with multiple vendorssince the warranty includes repairs and replacements of different appliances and systems. Tenants can rest assured they will receive prompt and efficient service. The house warranty, which could raise the rental value of the home, can be a great opportunity for landlords to earn more each month.