Buying property means protecting the investment, especially if the buyer is a landlord. Rental protection for real estate is important when properties are inhabited by tenants. A rental property can also include an individual’s private residence. Landlords may want to address the following:
Landlords Need Insurance to Protect their Properties
Obtaining a sound insurance policy is of the utmost importance for protecting investments from natural disasters. Basic insurance policies cover general issues, including damages occurring caused by lightning and wind. Since these policies do not typically cover earthquakes and floods, landlords may want to obtain extra coverage.
Obtaining Additional National Disaster Coverage
Homeowners and apartment complex owners should make sure they purchase additional coverage that includes protection from damages caused by tornadoes, blizzards, and hurricanes. Consulting with an insurance agent may clarify important coverage details.
Updated Records Help When Landlords Need to File Claims
A landlord needs to keep records of the property’s basic condition and content. Updating these records regularly can help a landlord in case it becomes necessary to file an insurance claim. Taking photographs of the building and content creates a good record of the property. It is also helpful to make extra copies of the record.
Landlords Should Try to Persuade Tenants to Purchase Insurance Policies
Renter’s insurance policies are affordable and easy to procure. A renter’s insurance policy protects the tenant by insuring their personal possessions and providing them with temporary shelter during extensive repairs. Some landlords do not rent properties to tenants unless they sign agreements requiring them to buy renter’s insurance.
Work with Trustworthy Builders
Compile a list of trustworthy contractors who know how to repair properties after a natural disaster takes place. For example, mold restoration experts understand how to remove mildew safely so that the tenants do not become ill from exposure to mold spores. It is also useful to include names of reliable plumbers, electricians, and handymen on the same list.
Include Safety Features for Tenants
Landlords should provide tenants with escape routes in case of a fire. Plus, tenants need to know how to shut off their utilities during natural disasters and where to go during a tornado, earthquake, hurricane, or dangerous storm.