As a rental property owner in Wilmington, it’s necessary to understand your responsibilities in preparation for major storms and natural disasters that can bring on extensive damage. This covers comprehending how to handle the potential damage or loss 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. In point of fact, both renters and rental property owners have liabilities as to property damage. Assimilating these liabilities is an imperative part of being prepared for and recovering from misfortune.
By way of illustration, a large number 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 destroys a vehicle belonging to a resident, whose responsibility is it to cover the cost of repairs? In such instances, paying for the damage is not your responsibility. In actuality, the resident’s auto or renter’s insurance should cover the cost of fixing up 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 occasionally. 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. Also, the property owner is indeed financially responsible for sorting out and covering the expenses related to the repair work required to restore the property to a habitable state.
With that said, the resident’s personal property, like vehicles, the cost of transportation owing to an evacuation, lodging, food, and other expenses are all the resident’s responsibility. As long as the property is appropriately rehabilitated 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, at least for short time, needing alternative accommodations and for suitable protection for their personal belongings in case of damage or loss. Prompting your tenants to do so may save you both lots of added headache in the event of a disaster.
How to stay prepared as a landlord
As a landlord, it is primal to prioritize disaster preparedness. Likely disasters can highly impact your rental properties and tenants. To guarantee the safety and security of your properties, consider seriously bringing about an extensive property risk assessment, taking good insurance coverage, and carrying out preventative measures namely reinforcing vulnerable areas, securing loose objects, and outfitting surge protectors.
Formulating a comprehensive disaster preparedness plan and competently communicating evacuation routes and emergency contacts to your tenants are relevant steps to implement. Taking on protocols for securing the property, over and above that, contribute to proper proactive disaster preparedness, effectively safeguarding your rental properties and the safety of your tenants in the long run.
At Real Property Management Champion, we are dedicated to helping Wilmington rental property owners like you navigate the conflicts troubles of natural disasters and other weather-related incidents. Contact us online or call us at 910-638-0190 today to comprehend more concerning how we can impart you with the needed guidance and support you search 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.
