As a rental property owner in Mundelein, it’s significant to understand your responsibilities in case of major storms and natural disasters that can stir up extensive damage. This includes having an understanding of 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 sole responsibility. But in reality, as a matter of fact, both renters and rental property owners have liabilities related to property damage. Ascertaining these liabilities is a vital part of being prepared for and recovering from misfortune.
Like for instance, almost all 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 utterly destroys a vehicle belonging to a resident, whose responsibility is it to cover the cost of repairs? Under this condition, paying for the damage is not your responsibility. In actuality, the resident’s auto or renter’s insurance should cover the cost of 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 time and again. In the unfortunate event of a natural disaster damaging a rental property, it is the legal obligation of the property owner to see to it that the living conditions of the property are safe and habitable for the tenants. At the same time, the property owner is also financially responsible for determining and covering the expenses related to the repair work required to restore the property to a habitable state.
But keep in mind, the resident’s personal property like 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 securely returned 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 needing alternative accommodations, for a short period, and suitable protection for their personal belongings in case of damage or loss. Influencing your tenants to do so may save you both any more headache in the event of a disaster.
How to stay prepared as a landlord
As a landlord, it is so important to prioritize disaster preparedness. Potential disasters can markedly impact your rental properties and tenants. To make absolute sure of the safety and security of your properties, choose to perform an extensive property risk assessment, procure more than enough insurance coverage, and fulfill preventative measures including reinforcing vulnerable areas, securing loose objects, and putting up surge protectors.
Properly formulating a comprehensive disaster preparedness plan and effectively communicating evacuation routes and emergency contacts to your tenants are necessary steps. Bringing on protocols for securing the property likewise contributes to proactive disaster preparedness, efficiently safeguarding your rental properties and the well-being of your tenants, ultimately.
At Real Property Management NW Chicago Suburbs, we are keen on helping Mundelein rental property owners like you navigate the tough challenges of natural disasters and other weather-related incidents. Contact us online or call us at 847-737-4800 today to know more when it comes to how we can bestow you with the helpful guidance and support you are 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.
