As a rental property owner in Forest, it’s essential to understand your responsibilities in anticipation of major storms and natural disasters that can set off extensive damage. This integrates ascertaining how to handle the potential damage or devastation of your residents’ personal property.
Who is responsible for damage resulting from a disaster?
It’s a common misconception that any damage caused by a storm or natural disaster is plainly and entirely the property owner’s responsibility. In actuality, both renters and rental property owners have liabilities in terms of property damage. Being informed of these liabilities is a necessary part of being prepared for and recovering from misfortune.
As an example, several rental properties feature one or more large trees around the home’s exterior. If a tree on your rental property falls down during a storm and damages a vehicle belonging to a resident, whose responsibility is it to cover the cost of repairs? In such a case, paying for the damage is not your responsibility. But instead, the resident’s auto or renter’s insurance should cover the cost of totally repairing the resident’s car.
What about other types of damage caused by a natural disaster?
Floods, wildfires, tornados, and more are all potential events that rental property owners and residents may face at times. In the unfortunate event of a natural disaster damaging a rental property, it is the legal obligation of the property owner to check and make certain that the living conditions of the property are safe and habitable for the tenants. Together with that, the property owner is likewise financially responsible for determining and covering the expenses related to the repair work required to restore the property to a habitable state.
Having said that, the resident’s personal property, for example vehicles, the cost of transportation because of an evacuation, lodging, food, and other expenses are all the resident’s responsibility. As long as the property is suitably returned to a habitable state within a short period, the resident may still be responsible for the lease terms. They must have more than sufficient renter’s insurance to cover, at least temporarily, needing alternative accommodations and to completely protect their personal belongings in case of damage or loss. Prompting your tenants to do so may save you both a whole lot more headache in the event of a disaster.
How to stay prepared as a landlord
As a landlord, it is focal to prioritize disaster preparedness. Threatening disasters can very much impact your rental properties and tenants. To warrant the safety and security of your properties, look into accomplishing a comprehensive property risk assessment, getting suitable insurance coverage, and putting into effect preventative measures such as reinforcing vulnerable areas, securing loose objects, and adding surge protectors.
Formulating a comprehensive disaster preparedness plan and efficiently communicating evacuation routes and emergency contacts to your tenants are critical steps to take. Implimenting protocols for securing the property, on top of everything else, hugely contribute to proactive disaster preparedness, essentially safeguarding your rental properties and the security of your tenants, when all is said and done.
At Real Property Management Cairn, we are serious about helping Forest rental property owners like you navigate the tough challenges of natural disasters and other weather-related incidents. Contact us online or call us at 434-215-3028 today to discover more on the subject of how we can grant you the proper guidance and support you aim and look for.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.