As a rental property owner in Frisco, it’s relevant to understand your responsibilities as a provision for major storms and natural disasters that can provoke extensive damage. This involves grasping 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 completely the property owner’s responsibility. But in reality, it is a fact that both renters and rental property owners have liabilities with reference to property damage. Seriously considering these liabilities is a principal part of being prepared for and recovering from misfortune.
By way of illustration, 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 ruins 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 servicing 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 ascertain that the living conditions of the property are safe and habitable for the tenants. Besides that, the property owner is also definitely financially responsible for setting up and covering the expenses related to the repair work required to restore the property to a habitable state.
But conversely, the resident’s personal property, such as vehicles, the cost of transportation traceable to an evacuation, lodging, food, and other expenses are all the resident’s responsibility. As long as the property is restored to a habitable state within a short period, the resident may still be responsible for the lease terms. They must have more than enough renter’s insurance to cover briefly needing alternative accommodations and to hedge-in their personal belongings in case of damage or loss. Encouraging your tenants to do so may save you both an extra headache in the event of a disaster.
How to stay prepared as a landlord
As a landlord, it is wise to prioritize disaster preparedness. Potential disasters can certainly impact your rental properties and tenants. To nail down the safety and security of your properties, think of completing an all-encompassing property risk assessment, securing more than enough insurance coverage, undertaking preventative measures particularly reinforcing vulnerable areas, securing loose objects, and adding surge protectors.
Constituting a comprehensive disaster preparedness plan and appropriately communicating evacuation routes and emergency contacts to your tenants are salient steps. Putting together protocols for securing the property in particular contributes to suitable proactive disaster preparedness, and in the long run, safeguarding your rental properties and the complete well-being of your tenants.
At Real Property Management Pioneer, we have totally committed to help Frisco rental property owners like you navigate the challenges of natural disasters and other weather-related incidents. Contact us online or call us at 940-435-2526 today to comprehend more regarding how we can impart to you the proper guidance and support you aim 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.
