Home Warranty for Rental Property – What You Need To Know

Many landlords wonder if carrying a home warranty for a rental property is worth it. Imagine your tenant calls to let you know they have been without hot water for a day. This is an urgent matter as any landlord knows, you know you have to do something, and fast! So you scramble to contact a specialist hoping they are reliable and after they conclude their diagnostic report, they will let you know whether you need a repair, or if you need an entire system replacement for the hot water heater. Either way, you’re going to have to come out of pocket. With a Liberty Home Guard home warranty plan that cost can be reduced down to just the cost of your one time service call fee!

As a landlord, you already have a enough on your plate in your own home, so any issues your rental property may incur could be a real drag. Why add more stress worrying about finding a reliable HVAC technician or appliance repairman when covered malfunctions happen at your rental property? Even though you’re not living in the home, it’s still your responsibility and you’d be covered if you had a home warranty for your rental property.

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Will My Rental Home Warranty Coverage Differ Being A Landlord?

Even though you’re not living in the home, you own it and your home is covered in the same fashion as if you were residing there. Liberty Home Guard has the best home warranty for rental property’s with three pre-built plans, and the option to custom build a plan package specifically suited to your individual needs because let’s face it, no two homes are the same.

How Do I Know If It’s Worth The Cost?

To determine whether or not a home warranty for your rental property is in your best interest there are a few things to consider first and foremost:

1. How old are the systems/appliances in my rental property? While newer units can still breakdown, it is less likely to occur in comparison to older units (5 years and older) which can breakdown more than once in a year.
2. Do you own more than one rental property? If you answered yes to that question, it is time to strongly consider a home warranty for rental property. Imagine trying to coordinate a highly rated and reliable service provider for your tenant(s) when more than one property has an issue. Let Liberty Home Guard take the worry and stress away with our dedicated team of trained dispatch service professionals who will easily arrange for a licensed technician to visit. All of this will be at your discretion and leisure, based on yours or your tenant’s schedule.
3. Time and money. As a landlord it can be very time consuming to stay on top of what your tenants needs are, especially if you have more than one rental property. With Liberty Home Guard, we take the hassle out of the equation by communicating directly (if you so choose) with your tenant alleviating the headache of multiple phone calls.  If you do not have money set aside for repairs or replacements, a home warranty plan is a good way to provide peace of mind.

Things You Should Know As A Landlord:

As a landlord, the cost of a home warranty on your rental property is tax deductible.  Not only is the annual premium tax deductible, any service fees are considered “operating expenses” and you may claim these expenses to reduce your income taxes. Like with any other tax deductible items you must not forget to save your receipts (which we’ll email you) or credit card statements! A home warranty for your rental property is usually a step in the right direction if you’re looking for peace of mind. Before you enroll in a home warranty plan for your rental property here are some tips before you buy.