Location Doesn’t Matter
Whether you own rental properties in California, Georgia, Oklahoma or Florida, storms are a normal part of our weather cycle. Along with these storms comes the fact of flooding. Flooding is a problem in every state across our country. When these storms and floods come, it only takes a few inches of water to cause damage to your investments.
Education and Resources
As property managers, it’s your responsibility to advise your tenants about flood preparation. You can find helpful hints about flood risks and preparation for your rental property from Floodsmart.gov website
You can also send this link to your tenants for a guide to flood preparation. This guide is offered by FEMA. This guide includes statistics on flooding, warning signs for bad weather and preparing for emergencies.
Knowledge and preparation will help ensure that your tenants stay safe as well as helping to protect your rental properties. Whether you are a property management company or an individual landlord, you should always prepare.
Knowledge will help your tenants know what items they need to survive a disaster. Also, where they can get common items such as sandbags. Many local fire departments offer free sandbags. You can also check your local city website for more information as well as instructions on emergency preparedness.
Don’t Forget Insurance
As a real estate property owner, it is important that you have the proper insurance to cover any flood damage that may occur., Your tenants should also have insurance that covers the properties contents. Be advise, you may have to buy special flood insurance as most home owners’ policies do not cover flood insurance. You will need additional coverage through the National Flood Insurance Program.
There are several types of flood insurance. FEMA specifies that the cause of the flood as well as the type of damage will determine whether or not your property will be covered. Be sure you get complete details on your policy.
Tenants should get flood insurance on their personal property as well. Some property management software also provide integration with insurance companies for renters insurance policies.
It’s important to understand that neither the owner’s or tenant’s insurance coverage will include vehicles, cash, or precious metals. If these items exist, additional insurance policy will probably be required.
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