As the owner of residential rental property, you are likely well aware that items may be damaged or broken in your investment home(s) and/or units. In some cases, it could be the fault of the tenant(s). However, in other instances, it could be that a particular piece of equipment simply stops working properly due to normal wear and tear.
For this reason, it might make sense for rental property owners to obtain a homeowner’s warranty plan. Although each policy may be “customized” a bit differently, generally home warranty insurance protection works by covering part of the cost of repairs – or pays for replacements – on covered systems such as the water heater, HVAC, and appliances.
Home warranties – which are sometimes also referred to as home protection or home service plans – are actually a type of service agreement between the property owner and the warranty provider. These contracts will typically run for 12-month periods of time.
Like many other forms of insurance, there is usually an out-of-pocket deductible required on home warranty insurance claims. However, oftentimes, this may run in the range of $150 – or even less – which is typically just a fraction of what you would otherwise have to pay for a repair or replacement.
With that in mind, because these costs can add up – and in turn, they could impact your bottom line – it may be beneficial for you to consider obtaining a homeowner’s warranty on the home(s) or unit(s) that you own and rent out.
In order to reduce the time that you spend responding to your tenants’ maintenance requests – as well as other scenarios like marketing vacancies, collecting rent, and possibly even evicting individuals who may not be following the guidelines set forth in the lease – you could also bring a professional, experienced property management team on board.
So, if you own residential rental home(s) or unit(s) in Orlando or the surrounding Central Florida area, contact us and we will be happy to provide you with more details on how our property management services work – and how they could work for you!