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Here are the Reasons why Home Warranty for Landlords is Worth It

Here are the Reasons why Home Warranty for Landlords is Worth It

Home warranty companies may have strict terms and conditions, but they do a good job if everything is right from the beginning. However, they offer different kinds of packages and a property owner should weigh his options and understand what works best for him. Foe a home warranty contract to work in your favor, you must understand the terms of the contract. 

Here is how you should comb through the fine print:

1. Review and understand

This is the surest way to minimize any form of misunderstanding that may occur as you sign the contract with the home warranty company. Just the way you shop around and read the ingredients of your favorite spice, you should apply the same vigor when searching for home warranty. Some service providers try to conceal clever terms in between. You should ask questions and seek clarity. If something does not feel right, look for another provider. 

2. Differentiate between home warranty and insurance policy

Many property owners cannot tell between the two. A home warranty does not exactly cover you against losses. Rather, it provides you with a guarantee that the repairs and replacements in your property will be catered for. 

3. Duration of the contract and the charges

Most home warranty companies roll out their contracts for a whole year and the most important thing is to check out the charges rolled out alongside the contract. While a good number of property owners can afford a service contract, they cannot afford a new HVAC unit. Home warranty charges reflect on the coverage as well as the service provider’s loss history. The number of appliance breakdowns determines the charges.

4. Additional Benefits and extra costs

When you are weighing your options for the home warranty, look out for extra benefits for special items such as the swimming pool or well pump. Enquire about the extra cost and see whether it is worth it. Most service providers offer extra benefits at a slight cost. 

Home warranty companies regulations

While some home warranty companies do not extend their services beyond a given region, the consumer protection laws in various states control the home warranty industry. It is important for a property owner to ensure that the service provider of choice is licensed and validated. 

A home warranty company worth its value will go out of its way to ensure that their clients have received satisfactory services and comprehensive coverage. In some instances, some claims end up unattended and this could create mistrust between the service provider and the customers. This is inevitable, but it should be resolved amicably.

As a property owner, you should clarify what needs to be covered in the contract. Most misunderstandings arise from such. Note that the service provider will only repair what is covered in the contract. If you wish to cover more, you can always talk to your provider and have them adjust the contract. This will come at an extra fee of course, but it will clear the air as far as replacement or repairs go. 

When you weigh the pros and cons of paying for home warranty, the pros outweigh the cons. This is enough reason why every property owner should sign up for coverage.

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