The math behind hot water tanks and their warranties is not something to overlook. Here is a brief explainer about some water heater facts and why you should check on your warranty today.
Common Water Tank Warranty
Water tanks usually come with 6, 10, or 12-year warranties, with the price increment at $100 to $250 at most.
Many of our landlords want an additional four years from a hot water tank, but here’s the truth about it. Even at years 6 to 9, it’s not like you get a brand-new hot water tank.
Sellers see how much time is left on your warranty and will give you a pro-rated amount. Let’s use a $1000 example for a hot water tank. If that hot water tank has a 10-year warranty and you are already in your 9th year, the warranty will only give you $100.
You are not getting an entire brand-new tank for anything at year nine; you must pay another $900.
Most landlords think their water tank is covered or that it is under warranty. Worse, they think they don’t have to pay for it!
The warranty does not pay for labor. The plumber still has to return the tank and get a new one. Not all plumbing companies will go to Home Depot to return and get you a new water tank.
What Makes a Better Water Tank Warranty?
When it comes to warranty, there are hot water tank companies that guarantee a full value. It is amazing how companies will make it a little nicer to extend longer because you are paying for it.
Some hot water tanks last a long time. You want to be proactive about hot water tank maintenance, especially if they are located on higher floors.
A damaged hot water tank can flood an entire unit with 40 to 50 gallons of water. If located somewhere upstairs, water can flood the rest of the floors beneath it. The damage might be more manageable if the water tank is in the basement.
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