So, what is the home warranty plan? The answer to this question is that it works as a service contract that repairs and maintains different systems found in the homes. This can also include important have mechanicals and appliances like as electrical and plumbing, heating and cooling etc. Here the contracts are mainly renewed on a yearly basis.
For the landlords, the home warranty plans are really beneficial. In case something breaks down, the property owner doesn’t have to worry about finding or scheduling a repairman, plumber or electrician. All he/she needs to do is to call the home warranty company and the experts of that company will take care of the entire details. Besides, the inexpensive home warranty coverage can also be the answer to avoid some surprise expenses.
But in case you are looking for a home warranty insurance plan for a rental property, then here come some important things that you need to check out before investing:
- Learn about the things that are covered: Not all the home warranty insurance is same. Each has its own limitations, inclusions and exclusions. Besides, majority of these policies don’t cover any outdoor repairs, permit fees, garage door openers or disposal fees for the old appliances. So, you must take time to go through the fine print and to understand the things that are actually covered.
- Have proper coverage for the rental property: It is necessary to purchase home warranty insurance for every property that you want to cover. The coverage level can be of different types. For instance: some landlords choose policies, which just cover the major systems of their rental property. Or some can also choose policies that include just the major appliances like stoves, dishwashers and refrigerators. Besides, it is also possible to opt for extended home warranty insurance depending on the requirements.
- Cost: Depending on the coverage and package, the annual cost of home warranty insurance can differ. But one thing you also need to be aware of and it is that you will be charged some feeds for each service call. So, before signing up, ask for the breakdown of all the possible costs.
- Shop around: Take your time and collect several quotes before selecting the final home warranty plan. But keep in mind one thing that price is not everything. All you need is a reliable service provider to save all the headaches down the road.