5 Surprising Facts about Home Warranty Insurance
Owning and managing rental properties is a stressful and oftentimes unpredictable business. There are inevitable expenses associated with managing facilities that other people are occupying – and those expenses can add up at the most inopportune times. A home warranty insurance solution is meant to ease the financial burden and the overwhelming exertion of unexpected repairs.
Though not all home warranty solutions offer the most convenient services, the right insurance can make or break managing properties. Most people think home warranty coverage is mainly for significant events such as fires or floods. Believe it or not, the right insurance covers a lot more than meets the eye. Let’s dive into five examples of how home warranty can benefit landlords and property managers in surprising ways.
1. Repair expenses can be predictable
Unpredictable events happen. For instance, you can’t really know for sure when any major home appliance is going to stop working. In the unfortunate event that something unexpected happens, a home warranty has you and your property covered.
With a home warranty policy, you have planned for such events in advance and the expense for repairs is set ahead of time. This takes out the sticker shock of the cost and allows you to manage your budget accordingly. The right home warranty solution will provide options for fixed-cost home warranty contracts that cover the hassle and price of unit repairs and replacements.
2. Trusted service providers are not guaranteed
Not all service providers offer the same benefits. Being limited by which service provider you have access to can change how much coverage you have. If your coverage doesn’t meet all your needs, then what is the point?
The right home warranty solution allows you access to an entire network of trusted service providers. You won’t be locking into a plan without having a network of options to choose from. As a property manager or landlord, you know what kind of insurance solution you need to feel secure, so don’t limit your benefits with narrow service providers.
3. Claims can be convenient
Let’s be honest, the claims process can be a nightmare. Filing paperworks, being transferred from one customer service representative to another, then waiting to ensure that what you filed is correct, all while still waiting to find out if your claims will be accepted. Claims filing is not for the faint of heart, but for most, this is the standard way of doing business.
However, there are convenient and hassle-free claims when you work with the right home warranty solution. Some of the benefits of having insurance should be seamless filing, access to user friendly portals, and the ability to manage claims efficiently. Filing claims can (and should) be convenient.
4. More repairs equals lower cost
It’s true. Paying for individual repairs out of pocket can be more expensive than the cost of several repairs with insurance. Fixed-cost home warranty contracts cover the hassle and price of unit repairs and replacements, so that your cost to fix something is lessened regardless of how much it would be as a singular repair. Because of an agreed upon fixed home warranty, you can ultimately save money by managing more repairs.
5. Home warranty insurance can be tax deductible
Yes, you read that right. Home warranty insurance can, in fact, be a deduction on your taxes. Every landlord will face the expenses that come with repairs and maintenance at some point. Imagine being able to write-off an insurance solution that is already benefiting your business in so many other ways? Certain home warranty insurance products can be written off, but not all of them. Make sure to check ahead of time if a tax write-off is a priority for your property management process.
The right insurance will benefit your property management business so that the unexpected, and perhaps unwelcome, events can be within your control. Sure’s Connect home warranty simplifies property management tasks, offers an unmatched network of providers, and creates a fully integrated digital home warranty experience.