Home Warranty Insurance For Rental Property – Affiliate Disclosure: This Old Home Review Team is dedicated to providing honest, objective, and independent reviews of home products and services. To support this business model, This Old House may be compensated if you purchase through links on our website.
Landlords can benefit from warranty coverage for their rental properties, as they save time and money when repairs are needed. Keep reading for a breakdown of the top four home rental warranty providers.
Home Warranty Insurance For Rental Property
When we talk about home warranties, we usually think of homeowners. However, because home warranties protect the budget of those responsible for repairing and replacing major systems and appliances in a home, they also benefit homeowners.
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If you own a rental property, there are several reasons why a home warranty could benefit you. In this review, we’ll discuss some of those reasons and explore our top home warranty companies to protect your rent.
Liberty Home Guard (LHG) is relatively new to the home warranty business, but the company stands out with high ratings from the Better Business Bureau, Trustpilot, and Google Reviews, as well as a long list of coverage options. In addition, LHG offers solid basic system and device coverage, as well as a 60-day manufacturer’s warranty.
As a homeowner, you want to entrust your investment to a company you can trust, and Liberty Home Guard fits that bill. It offers over 30 unique add-on options for a fully customizable plan, as well as a 60-day manufacturer’s warranty on every repair performed. Liberty Home Guard also includes coverage for secondary air conditioning and heating systems in its standard plans, which is ideal for larger properties with multiple heating and cooling units.
Like some other companies, Liberty Home Guard plans are divided into systems, devices, and combinations of the two. As for the $65 to $125 callout fee, a Liberty Home Guard representative told us that your callout fee is chosen based on the type and size of your home, your location, and your options for plans and add-ons. Here are some examples of pricing:
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Fill out this form or call 866-452-9107 to speak with a Liberty Home Guard representative about a home warranty plan in your area.
American Home Shield (AHS) provides home warranty protection for 50 years. The company provides coverage in all states except Alaska and Hawaii. It allows you to customize your service charges. American Home Shield also covers a wide range of home systems and appliances and offers unmatched coverage limits for each covered item.
AHS covers the types of damage that many other companies do not cover. In addition to coverage against breakage, American Home Shield also covers damage caused by rust, corrosion, sediment, etc. Additionally, if your lease is a guest unit on your property that is less than 750 square feet, you can simply add it to your existing home warranty for an additional fee.
AHS offers its ShieldSilver, ShieldGold, and ShieldPlatinum plans. With either, you can choose a $100 or $125 service fee. The higher your service charges, the lower your monthly premium. Here are some sample pricing for plans with a $75 service fee:
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First American Home Warranty is another provider we recommend. First American includes coverage for systems and devices in working order, regardless of age, making it a solid choice if your rental includes older devices. The company also has unlimited caps on HVAC coverage, which is probably one of the most expensive repairs.
First American bundles its First American Advantage upgrade into two of its standard plans. This surcharge covers improperly installed or improperly maintained systems or appliances, as well as other maintenance-related costs such as licensing and refrigerant recovery and disposal. This warranty is useful for rentals that have been abused by previous tenants or rentals that you are renovating. Additionally, First American offers a generous coverage cap of $3,500 for appliances on its Starter and Essential plans, as well as unlimited coverage caps for heating, air conditioning, electrical, and plumbing. First American is increasing its device limit to $7,000 on its Premium plan.
First American offers a Starter plan, an Essential plan, and a Premium plan. The Starter and Essential plans cover appliances and systems, and the Premium plan adds coverage for luxury appliances, showers and more. The company also offers three service call charges, which are $75, $100, and $125. Here are some sample rates we’ve taken for First American coverage combined with a $75 service call charge:
To find out how much a plan costs in your area, call First American Home Warranty at 800-891-9778 or fill out First American’s quick form.
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Garantie Habitation Select offers comprehensive rental property coverage at a competitive price. All of their plans cost less than $50 per month. It also includes roof leak protection, up to $400 per year. No other provider on this list includes roof leak coverage in all of their standard plans.
Select provides affordable coverage for major appliances and systems. HVAC systems, in particular, have a high coverage cap of $3,000. Some policies also include free roof leak coverage. The $75 service call fee is among the lowest in the industry, making it a solid choice for owners who don’t have a lot of cash to spend.
Select Home Warranty offers three plan options: Bronze Care, Gold Care, and Platinum Care. Bronze Care covers devices and Gold Care covers systems. Platinum Care combines coverage from both major plan options into one comprehensive package. A $75 service call fee will be charged each time you file a claim.
America’s First Choice Home Club (AFC Home Club) is our final recommendation for rental property owners. AFC Home Club offers plan flexibility through its four coverage plans and three service call rates. It also offers affordable device and system-only plans for owners who only need basic coverage. As a bonus, AFC Home Club includes security benefits like identity protection and free credit monitoring.
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AFC Home Club offers the longest workmanship warranty of any home warranty company on this list. Depending on the length of your plan, the manufacturer’s warranty can be up to three years. AFC Home Club also offers extended coverage limits for appliances and HVAC systems. It offers a coverage limit of $3,000 per covered device and an unlimited coverage limit per heating and cooling system. Other home systems, such as ductwork, plumbing, indoor electrical, and water heaters, receive a lower coverage limit. AFC Home Club’s extensive manufacturing warranty, plan flexibility and additional benefits make it a supplier to consider.
AFC Home Club offers four coverage plans: Silver Plan, Systems Plan, Gold Plan and Platinum Plan. The Silver and Systems plans cover basic devices and systems respectively. The Gold plan combines home system and appliance coverage. Finally, the Platinum plan covers everything in the Gold plan with a mix of systems and appliances, including built-in microwaves and plumbing stops.
AFC Home Club offers three service call rates ranging from $75, $100 and $125. You can lower your monthly premium by choosing a higher service call rate. Here are some sample rates we pulled from quotes with a $75 service call charge.
We named Liberty Home Guard our top rental coverage provider because of its solid coverage cap and impressive range of additional coverage options. However, we’ve also included other providers that will protect your rental property, including American Home Shield, which offers coverage for rust, sediment and corrosion damage. Our final recommendation is the First American Home Warranty, for homeowners with older properties.
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We recommend that you obtain custom quotes from some of the vendors in this review and read their sample contracts before making a final purchasing decision.
An in-home warranty is an in-home service contract that covers systems and devices that fail due to normal wear and tear. If you have an in-home warranty and the covered item is damaged, contact your supplier who will dispatch a technician to diagnose and correct the problem. If the problem is covered, you will only have to bear the cost of the service charge rather than the cost of a full repair or replacement.
In addition to saving you money, your warranty provider will also take care of much of the repair logistics for you, including finding a licensed and reliable contractor and sometimes even scheduling appointments. you directly with the tenant. Most providers don’t impose an age limit on the systems or devices they cover, which makes residential warranties ideal for older rental properties. In addition, the cost of a home warranty is deductible as an operating expense of your business. Finally, a home warranty makes your life easier, especially if you balance the value of your home and several rental properties at the same time.
A home warranty covers items in your home that fail due to normal wear and tear. A home insurance policy covers items in your home that are lost or damaged by theft, fire, storm or water. Having both policies can save you thousands of dollars in repairs.
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Residential warranties cover most household items in other types of properties such as condos, townhouses, and mobile homes. Most suppliers cover washers and dryers, cooktops and ranges, refrigerators, dishwashers, plumbing systems, HVAC systems, central vacuums, electrical systems and
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