As a rental property owner in Madison, it’s vital to understand your responsibilities in expectation of major storms and natural disasters that can set off extensive damage. This integrates understanding how to handle the potential damage or ruin 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 clearly the property owner’s responsibility. As a matter of fact, both renters and rental property owners have liabilities in terms of property damage. Grasping well these liabilities is an essential part of being prepared for and recovering from misfortune.
As an example, a 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 damages a vehicle belonging to a resident, whose responsibility is it to cover the cost of repairs? In such a case, paying for the damage is not your responsibility. But instead, the resident’s auto or renter’s insurance should cover the cost of patching up or 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 at times. In the unfortunate event of a natural disaster damaging a rental property, it is the legal obligation of the property owner to nail down that the living conditions of the property are safe and habitable for the tenants. Moreover, the property owner is equally financially responsible for fixing and covering the expenses related to the repair work required to restore the property to a habitable state.
Having said that, the resident’s personal property, such as 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 returned to a habitable state within a short period, the resident may still be responsible for the lease terms. They must have a good deal of renter’s insurance to cover briefly needing alternative accommodations and to safeguard their personal belongings in case of damage or loss. Persuading 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 very important to prioritize disaster preparedness. Prospective disasters can considerably impact your rental properties and tenants. To warrant the safety and security of your properties, look into performing an extensive property risk assessment, possessing ample insurance coverage, and performing preventative measures like for example reinforcing vulnerable areas, securing loose objects, and providing surge protectors.
Bringing about a comprehensive disaster preparedness plan and efficiently communicating evacuation routes and emergency contacts to your tenants are imperative steps. Organizing protocols for securing the property, on top of that, contributes to proactive disaster preparedness, ultimately safeguarding your rental properties and the safety of your tenants.
At Real Property Management Greater Madison Metro, we are serious about helping Madison rental property owners like you navigate the challenges of natural disasters and other weather-related incidents. Contact us online or give us a call at 608-310-1290 today to know more on the subject of how we can give you the proper directions and support you are looking for.
Originally Published on October 5, 2018
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