A home warranty covers the service, repair, or replacement of a home’s critical systems and appliances. While homeowners’ insurance will protect a home from natural disasters and accidents, a home warranty takes care of what’s inside. The items that a landlord is responsible for providing to their tenants and keeping in good working order.
You don’t have to live in a home to have a home warranty for it. For properties you own but don’t live in, a home warranty will protect the systems and appliances that you own. However, if a tenant brings their own washer or dryer and one or both break, that would be covered by their renter’s insurance, not your home warranty. But for the appliances owned by you and belonging to the property, a rental property home warranty can help save homeowners money when the unexpected happens.
A home warranty doesn’t just cover properties rented to long-term tenants. They can also provide coverage for beach houses, cabins, ski lodges, and more.
If you have a beach house listed as an Airbnb, you want the folks who stay with you to enjoy themselves and feel at home. Their comfort is essential to repeat business, positive reviews, and frequent tenants. Having the air conditioning go out in a beach house in the middle of summer isn’t just a massive inconvenience. It could also potentially affect your future income.
Because beach houses withstand higher temperatures, the appliances in these residences are used more and work harder. And with people going in and out so frequently, they never get a break. A rental property home warranty can save you money on frequent repairs and entire system replacements.
How Does a Home Warranty Save Money?
A home warranty can cost between $350 and $600 annually. Depending on the company and plan, a deductible or service fee can cost up to $100 per repair. In return, you know that if something breaks, you’re covered and will be back up and running in no time.
Home warranty coverage can benefit most rental property owners. Older buildings may begin to require more frequent repairs to the plumbing or electrical. An old roof may start leaking, but a replacement can still be far off. First Premier Home Warranty has an optional add-on covering limited roof leaks.
If you don’t live locally to your rental property, getting out to look at a problem and arrange a solution can be a real hassle. Not to mention how expensive it can get, between traveling expenses and repair costs. When you have a rental property home warranty, they can take care of the problem locally while keeping you informed and in the loop.
Getting a Home Warranty for Your Rental Property
Maintaining one home is hard enough. When you’re responsible for your residence and separate rental property, the costs will only multiply. Depending on the type of rental property you have, and the renters you cater to, a home warranty for a rental property can be well worth the money.
First Premier Home Warranty has provided excellent home warranty plans for repairs and service for over 30 years. With Premier and Premier Platinum plans and optional add-ons, First Premier Home Warranty makes it easy to compare plans side-by-side and choose the right one for your property’s unique needs. Get a free home warranty quote and get started today!