No matter where you are located, Mother Nature always finds a way to wreak havoc. Extreme weather conditions exist all over the world and depending upon the area where your investment property is located, you could be dealing with major concerns. Protecting a property from extreme weather conditions can be a bit of a challenge thanks to the costs and hassle of maintaining a property. Issues like this are why many people are turning to property management firms to handle their investments. Extreme weather conditions do not need to devastate you. Contact Keyrenter to learn more about how to prepare your property for extreme weather conditions.
Obtain Insurance Coverage
If you are in an area with known tornados, flooding, or hurricanes, you need to review that insurance policy! It’s surprising to see just how many landlords do not have enough coverage for their needs. You need to obtain extra liability coverage that will cover costs related to damages from the weather. It’s always surprising for us to learn how many property owners do not have enough coverage to pay for repair costs related to weather damage. Consider getting an extended replacement policy for the structure of the property. Following a weather disaster, it is common for repair costs to skyrocket as contractors are trying to make repairs to hundreds or thousands of properties. There is also a high demand for materials, which can force up the cost of repair and reconstruction. A guaranteed replacement policy will pay for all of these costs, regardless of the situation.
Include Flood Insurance
While flooding may not be common in a lot of areas, flooding is one of the major reasons property owners lose their investments. Floods can cause serious damage to a property, and the water damage could lead to mold growth and serious health risks. Flood insurance normally takes 30 days to go into effect, so it is important to obtain the policy as soon as possible if you are concerned about flooding.
Create a Plan
Renters may not know what to do in the event of a serious weather situation. It is important to properly disclose to the renters what is expected of them when there is some serious weather. Discuss areas that are deemed “safe zones” and what to do about water mixed with electricity. Education and planning can save lives during extreme weather conditions.
Secure Your Property
If you want to truly help your property, take the time to secure it. Plan on making some alterations to the property that will keep it safe from flooding and other concerns. Install a flood barrier system as it is designed to reduce the risk of invasive water damage. Floor barriers can be deployed within minutes and they are reusable. A flood barrier will protect a property by keeping the floodwaters from entering the home, and essentially trapping it until the waters begin to recede.
Extreme weather conditions exist everywhere and there is no way to know if it will threaten your property. Take the time to make safety alterations to your property so you and the tenants are not caught off guard. To learn more about protecting your investment property from the weather, contact Keyrenter Franchise today.