As a rental property owner in Winston-Salem, it’s pertinent to understand your responsibilities especially when there are major storms and natural disasters that can engender extensive damage. This counts knowing exactly how to handle the potential damage or wreckage 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 for real though, both renters and rental property owners have liabilities regarding property damage. Finding out these liabilities is a basic part of being prepared for and recovering from misfortune.
For instance, various 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 wrecks a vehicle belonging to a resident, whose responsibility is it to cover the cost of repairs? In this event, paying for the damage is not your responsibility. In fact, the resident’s auto or renter’s insurance should cover the cost of 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 every now and again. In the unfortunate event of a natural disaster damaging a rental property, it is the legal obligation of the property owner to guarantee that the living conditions of the property are safe and habitable for the tenants. Plus, the property owner is additionally financially responsible for determining and covering the expenses related to the repair work required to restore the property to a habitable conditon.
But remember, the resident’s personal property, that is to say, 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 repaired to a habitable state within a short period, the resident may still be responsible for the lease terms. They must have more than adequate renter’s insurance to cover momentarily needing alternative accommodations and to foster protection for their personal belongings in case of damage or loss. Coaxing your tenants to do so may save you both additional headache in the event of a disaster.
How to stay prepared as a landlord
As a landlord, it is principal to prioritize disaster preparedness. Likely disasters can essentially impact your rental properties and tenants. To really make sure of the safety and security of your properties, think about enacting a sweeping property risk assessment, acquiring appropriate insurance coverage, and realizing preventative measures, take for example reinforcing vulnerable areas, securing loose objects, and attaching surge protectors.
Producing a comprehensive disaster preparedness plan and comprehensively communicating evacuation routes and emergency contacts to your tenants are pertinent steps. Creating protocols for securing the property likewise contributes to proactive disaster preparedness, and in the final analysis, safeguarding your rental properties and the well-being of your tenants.
At Real Property Management of the Triad, we are resolute in helping Winston-Salem rental property owners like you navigate the dilemmas of natural disasters and other weather-related incidents. Contact us online or call us at 336-355-6666 today to find out more so far as it concerns how we can offer you the suitable guidance and support you are clearly seeking 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.
