A home warranty for rental properties does not just protect your appliances. It gives you a guarantee that you will not have to pay for the miscellaneous repairs in case of defunct appliances. Usually, home warranty companies send their own technicians for repairs. However, they seldom replace depleted appliances, especially if the appliance was in poor shape before the homeowner started paying their warranty premiums or if the item wasn’t in sound shape during installation.

What home warranty for rental property covers

Home warranty for rental property covers basic items such as electrical systems, home appliances, heating, plumbing and cooling systems. In some instances, property owners pay a premium fee to cover pools, lighting fixtures, roofs, lawn mowers and sprinkler systems.

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

With various types of property insurance on offer today, it is hard to determine what works best for you. 

Here are some of the must-have insurance policies that every property owner must have:

1. Terrorism Insurance

Manufactured home insurance is for insuring homes that have been manufactured or factory built and then transported to the site where they are installed. Insuring them is similar to insuring other ordinary homes, except for some few differences. It contains the same coverage for dwelling, personal possessions and liability. The policy also has limits and deductibles. The home is insured using the conventional homeowners insurance though some insurance companies are starting to offer specific manufactured home insurance. However, the cost of insuring a home that is manufactured is more than insuring a conventional home. This is because the homes are prone to more damage from frozen pipes, storms and fire.
Some of the steps you can take to ensure you pay lower premiums are:

•    Ensure the home you are buying complies with the HUDs standards.
•    Insulate the home well to prevent freezing pipes damage
•    Minimize storm damage by buying a double wide home instead of a single wide. You should also secure it with ground anchors and tie-downs.

You should note that manufactured homes depreciate as they age, with their value reducing. This may mean that you have higher limits on liability coverage and dwelling protection than you should have. You should therefore reevaluate your home often to ensure you have the right coverage amount.

Additional coverage

Apart from the standard coverage, you may decide to include additional coverage to your home. Some of the areas you can cover that are not present in conventional homes include:

Known as the sunshine state, South Florida home insurance is something else. The state has one of the highest homeowner’s insurance rates with an average of $2,000 more than twice the national average. Despite the other benefits associated with South Florida such as the good weather, low property taxes and no income tax, most homeowners are finding it difficult to sustain their homes due to the high levels of home insurance.

When purchasing South Florida home insurance, it is important to ensure that you are covered for the perils that are likely to take place. Do not jeopardize your coverage for the low rates because you may end up spending money if a disaster occurs. For instance, if you take a policy without windstorm coverage, when it strikes, you will end up getting money from your pocket to finance or repair your home. However, you can still get lower rates and at the best coverage by shopping around and comparing different insurers.

What is causing the high insurance rates?

Various factors determine the insurance rates, such as the value of the home, the location, levels of crime and disasters that are likely to occur. In the case of South Florida, the biggest contributor is its proximity to the coastal line. This puts it at risk of extreme weather conditions such as windstorms and hurricanes. Some of the causes of high rates of South Florida home insurance are:

•    Water damage