As a rental property owner in Larimer County, it’s key to understand your responsibilities in preparing for major storms and natural disasters that can lead to extensive damage. This implies knowing exactly how to handle the potential damage or wreckage 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 wholly the property owner’s responsibility. But as a mater of fact, both renters and rental property owners have liabilities as regards property damage. Comprehending these liabilities is a critically important part of being prepared for and recovering from misfortune.
Take one example, quite 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 crashes into a vehicle belonging to a resident, whose responsibility is it to cover the cost of repairs? In this regard, paying for the damage is not your responsibility. But instead, the resident’s auto or renter’s insurance should cover the cost of totally restoring 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 sporadically. In the unfortunate event of a natural disaster damaging a rental property, it is the legal obligation of the property owner to guarantee that the living conditions of the property are safe and habitable for the tenants. And on top of that, the property owner is, as well, financially responsible for determining and covering the expenses related to the repair work required to restore the property to a habitable state.
Although, on the flip side, the resident’s personal property, for exmple vehicle, 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 suitably returned to a habitable state within a short period, the resident may still be responsible for the lease terms. They must have suitable renter’s insurance to cover short-term needs for alternative accommodations and to protect their personal belongings in case of damage or loss. Motivating your tenants to do so may save you both an added headache in the event of a disaster.
How to stay prepared as a landlord
As a landlord, it is essential to prioritize disaster preparedness. Impending disasters can substantially impact your rental properties and tenants. To establish the safety and security of your properties, implement an exhaustive property risk assessment, obtain excellent insurance coverage, and execute preventative measures, for instance reinforcing vulnerable areas, securing loose objects, and putting up surge protectors.
Having a comprehensive disaster preparedness plan and effectively communicating evacuation routes and emergency contacts to your tenants are focal steps to follow. Implementing protocols for securing the property contributes to correct and proactive disaster preparedness, and in the long run, successfully safeguarding your rental properties and the safety of your tenants.
At Real Property Management of the Rockies, we are passionate about helping Larimer County rental property owners like you navigate the ordeals of natural disasters and other weather-related incidents. Contact us online or call us at 970-658-0410 today to ascertain more when it comes to how we can properly provide you the wise guidance and support you are certainly looking 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.
