As a rental property owner in Homestead, it’s important to understand your responsibilities in the likelihood of major storms and natural disasters happening that can provoke extensive damage. This involves knowing well 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 singularly the property owner’s responsibility. But really, both renters and rental property owners have liabilities with reference to property damage. Determining these liabilities is a salient part of being prepared for and recovering from misfortune.
Take one example, certain 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 destroys a vehicle belonging to a resident, whose responsibility is it to cover the cost of repairs? In this circumstance, paying for the damage is not your responsibility. Rather, the resident’s auto or renter’s insurance should cover the cost of totally fixing 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 every once in a while. In the unfortunate event of a natural disaster damaging a rental property, it is the legal obligation of the property owner to make certain that the living conditions of the property are safe and habitable for the tenants. Not only that, the property owner is furthermore financially responsible for sorting and covering the expenses related to the repair work required to restore the property to a habitable state.
That being said, the resident’s personal property, such as vehicles, the cost of transportation as a result of an evacuation, lodging, food, and other expenses are all the resident’s responsibility. As long as the property is aptly rehabilitated to a habitable state within a short period, the resident may still be responsible for the lease terms. They must have sufficient renter’s insurance to cover temporarily needing alternative accommodations and for suitable protection of their personal belongings in case of damage or loss. Motivating your tenants to do so may save you both a great deal of added headache in the event of a disaster.
How to stay prepared as a landlord
As a landlord, it is critical to prioritize disaster preparedness. Impending disasters can massively impact your rental properties and tenants. To nail down the safety and security of your properties, assess executing a large-scale property risk assessment, acquiring complete insurance coverage, running preventative measures particularly reinforcing vulnerable areas, securing loose objects, and putting together surge protectors.
Creating a comprehensive disaster preparedness plan and properly communicating evacuation routes and emergency contacts to your tenants are key steps. Having protocols for securing the property particularly contributes to efficient disaster preparedness, effectively safeguarding your rental properties and the security of your tenants, ultimately.
At Real Property Management Dade, we have totally committed to help Homestead rental property owners like you navigate the difficult challenges of natural disasters and other weather-related incidents. Contact us online or call us at 305-501-1511 today to comprehend more regarding how we can endow you with the suitable guidance and support you are searching for.
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