Determining what poses a risk to your properties largely depends on the location. While it is particularly important as a landlord and property owner to identify these risks to the best of your ability, keep in mind that every situation differs from the next. Your property is a large financial asset that you should strive to protect in the event of a natural disaster or damages incurred by your renters.
Basic Problems
When issues with your rented property spring up suddenly, the responsibility can vary between the landlord and tenant. Some of these include pest control, minor water leaks, defective appliances, etc. Quite often these are not considered an immediate threat and can be addressed during business hours.
Tenants
Yes! Some landlords have rented to tenants who damaged their property. Require your tenant to purchase renter’s insurance. Since it is not always easy to find and keep good tenants, research your tenants before renting your home.
Natural Disasters and Hazards
Earthquakes
Being located in California means your risk of structural damage due to earthquakes is common. If you haven’t purchased earthquake insurance, then perhaps you might want to rethink that decision. Just because your home survived the last one does not mean it will make it through the next one damage-free.
Trees
Trees provide cool shade in the summer and add to the landscaping features but sometimes they pose a risk to your property. If a tree hangs over your house or fence onto your neighbor’s property then it stands to cause injury or property damage. Reinforce trees and trim limbs so they do not hang over onto your roof or onto the neighbor’s property.
Fires
California has experienced less rainfall for quite some time now, leading to extremely dry conditions. Trying to increase the distance between the home and tree line is not the most effective method of protection against fire. A house fire can be started from a wind-blown ember traveling over a mile away. Identify the weakest link on or around your home, such as gutters and wood stacks, because fire spreads rapidly.
Flooding and Landslides/Mudslides
Flooding can come on without much warning, especially flash floods. Be prepared with an evacuation route and an emergency supply kit. Encourage your tenants to do the same. Landslides occur after heavy rains, earthquakes, etc. Mudslides tend to be triggered by a large amount of water that has quickly collected, causing rapid erosion of the soil on a slope. Keep in mind that areas burned by wildfire tend to be more susceptible to landslides and mudslides.
Protect Your Investments
It is imperative to protect your investments by procuring the proper insurance, such as Landlord Insurance, in advance to safeguard against possible damage by natural disasters or otherwise. Insurance by Castle offers a variety of choices when it comes to insuring your property. For more information, speak with one of our professional representatives at 800-644-6443 today!
