Lender · Asheville, NC · Member since 2016 · 1k+ posts · 1k+ votes
I know there are mixed opinions about home warranties for rental properties. However, most of them seem to be based on the experiences people have had with bad home warranty companies (i.e, non-responsive, they deny a lot of claims, send out bad contractors for repairs, etc.) so I'm questioning whether the problem is with the home warranty concept or the home warranty company one chooses? We're just finishing up what has turned out to be a total gut remodel and will be keeping the SFR as a rental. All the big ticket items are brand new: electrical, plumbing, HVAC, water heater, and so are the appliances. So I don't really expect problems any time soon but with a tenant, you just never know. I'm still considering the cost/benefit, but my question is, does anyone have a home warranty company they really LIKE and would recommend?
In my opinion if you properly save for future repairs they are a waste of money.
My only experience is on the opposite side of most here as I'm an electrical contractor as well as looking to invest in my next property.
The company I did work for did everything in their power to try amd screw their clients out of the repairs. They would constantly ask me about the cause of every problem I called about to get them to approve the repair needed.
It got so bad I actually told them I no longer wanted to do business with them.
I'm not a negative Nancy however I haven't heard much good about any home warranty companies.