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Tips for Home Warranty for Rental Properties

Tips for Home Warranty for Rental Properties

While some property owners weigh their options trying to decipher the importance of getting a home warranty, many of them are now realizing that home warranty is a necessity rather than an option. 

If you weigh your options between allowing a warranty provider to take care of repairs or replacements and doing it yourself, you will realize the importance of home warranty. Getting a competent technician is quite a hassle but with a warranty company, you should not have to worry. They will take care of that, not only get a qualified technician but pay for the repairs, or replacement of appliances as well. 

Here are the tips every property owner should put in mind when looking for a home warranty:

1. Home warranties are time-based contracts

Just like any other sane contract, a home warranty has an expiry date. Usually, most contracts run for a year, but they can be renewed. In some instances, your provider may not alert you that your warranty is about to expire and it would be wise to keep checking or pay the notification fee. 

2. The charges vary from one home warranty company to another

Depending on the packages, features and the agreement, you might find that there are slight variations as far as the home warranty cost goes. The cost usually depends on the coverage while the services depend on the terms of the home warranty contract. While a good number of states have no strict regulations regarding home warranty providers, it is advisable to counter-confirm on the agency measures issued by the state authorities. 

3. Coverage varies from one company to another

Different home warranty companies have different types of coverage and that is why it is advisable to compare and contrast different contracts before settling for one. For instance, normal coverage includes major appliances, the A/C and your furnace but gold plan coverage goes an extra mile and covers beyond the basic appliances, but it comes at a higher cost. Note that coverage is usually determined by special circumstances. 

4. Forget about miscellaneous expenses

Repairs can cost you a fortune. With a home warranty in place, you can rest easy knowing that your provider will take care of the repairs and installations where necessary. 

5. Customer satisfaction is not really a guarantee

Placing a claim and having it addressed are two separate incidences as far as home warranty is concerned. If the latest reviews are anything to go by, most customers come to a rude realization that a good number of their appliances cannot be repaired or replaced. This can cause dissatisfaction and outrage. It is advisable for a property owner to state categorically what he wishes to have covered in the contract. 

6. Be ready to dig deeper when making a claim

Most property owners are oblivious of the fact that they stand to be deducted every time they place a claim. Usually, the amount ranges from 50 to 100 USD per claim based on the policy agreement. Note that your insurance policy will not come to your rescue. This is mainly because deductibles are attached to items independently. 

While property owners understand that a rental property is likely to be more marketable with a home warranty plan, logic dictates that a property that is less than ten years is less likely to have defunct appliance systems, but all the same, repairs will be inevitable.

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