** Is there a reset button on them? **
No but it wouldn't affect operation of a separate water heater even if it did.
** the hot water and dryer elements have both gone out. Coincidence? **
Probably not.
If electric, both should heat using 240 volts. One leg of that power supply could be out, check their fuses/breakers.
If gas, there may be a problem in their gas supply.
JMO
Dan O.
www.Appliance411.com/parts/?ref411=GE+Dryer
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