As a rental property owner in Memphis, it’s necessary to understand your responsibilities in the event of major storms and natural disasters that can create extensive damage. This comprises ascertaining how to handle the potential damage or detriment 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 the property owner’s responsibility. In actuality, both renters and rental property owners have liabilities for property damage. Assimilating or knowing these liabilities is an essential part of being prepared for and recovering from misfortune.
For instance, a lot of 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 such circumstances, paying for the damage is not your responsibility. But 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 so often. 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. Aside from that, the property owner is furthermore financially responsible for sorting out 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, in particular vehicles, the cost of transportation considering an evacuation, lodging, food, and other expenses are all the resident’s responsibility. As long as the property is returned to a habitable state within a short period, the resident may still be responsible for the lease terms. They must have effective renter’s insurance to cover momentarily needing alternative accommodations and to properly protect their personal belongings in case of damage or loss. Pressing 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 primal to prioritize disaster preparedness. Possible disasters can hugely impact your rental properties and tenants. To secure the safety and security of your properties, take into account accomplishing a complete property risk assessment, acquiring enough insurance coverage, and carrying out preventative measures for instance reinforcing vulnerable areas, securing loose objects, and incorporating surge protectors.
Bringing about a comprehensive disaster preparedness plan and effortlessly communicating evacuation routes and emergency contacts to your tenants are relevant steps. Taking on protocols for securing the property, over and above that, contribute to suitable and proactive disaster preparedness, basically safeguarding your rental properties and the security of your tenants.
At Real Property Management Investor’s Choice, we are devoted to helping Memphis rental property owners like you navigate the troubles of natural disasters and other weather-related incidents. Contact us online or give us a call at 615-810-9578 today to ascertain more on how we can bestow you with the wise guidance and support you wish and look for.
Originally Published on October 5, 2018
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