Knowing that your properties are safe is one of the most important things for all landlords, however sometimes no matter how hard you try you could find yourself in the midst of a property disaster. The fact is that even if you are extremely careful there are things that you just can’t account for, and so you need to have a plan set up for if the worst happens. So here we look at three of the most common property disasters all landlords should wary of, and the best way to tackle them if they ever happen to you:
Fire
Possibly one of the biggest fears for a landlord is that one of their properties will catch on fire, especially as the damage can leave the building completely uninhabitable for an extensive period of time. Fires can spread exceedingly quickly, and can be started easier than most people think, which is why by law all landlords must fit a fire alarm into each level of their properties as a minimum. However, you don’t just have to install fire alarms, these days you can also find smoke detectors that are even more sensitive than traditional fire alarms, meaning your tenants can be warned as quickly as possible if something is wrong.
If there is a fire in your property obviously the first thing you need to do is make sure that all your tenants are safe, and then talk to the fire brigade in order to try and decipher how the fire started. This is extremely important as if the fire started due to faulty wiring for example, as you could be accused of not keeping your property up to the required safety standards. You should also call your landlord insurance provider straight away to let them know what happened, as not only will you need their help when it comes to repairing the property, but also finding your tenants a new home and maybe dealing with legal issues.
Flood
Most people think that floods are not as dangerous as fires, however if you remember the pictures in the newspapers last year of whole villages practically underwater you will soon think twice about how damaging floods can be. If your property becomes flooded not only will there be extensive water damage to all your furnishings, but also the carpets, wallpaper, and even electrics. This can all add up to be extremely expensive, especially if your tenants’ contents are covered on your landlord insurance policy as well.
If you let out a property in an area that is prone to flooding you need to make sure that your explain this to your landlord insurance provider and see whether it will cost you more to protect your property. While you may not initially be too pleased about paying extra, if your property is ever affected by a flood at least you can be safe in the knowledge that all the costs will be covered and you won’t be left out of pocket.
Burglary
This is probably one of the most common property disasters that landlords come across, and it is more than likely that at one point or another you will find that one of your properties is targeted by thieves. If your property is currently occupied then you will need to find out how the burglars managed to get into the property in the first place, as if it is due to a tenant not locking a door properly or leaving a window open then you can hold them responsible. On the other hand if a thieve smashed a window or broke down a door then you will be able to cover the damage yourself with your insurance, and also learn how to keep your property safer in the future!
If one of your properties is currently unoccupied it is at even more of a risk of being broken into, which is why many landlords invest in specialist unoccupied property insurance in order to compensate for this. In order to keep your unoccupied property safe you should also make sure that your house is locked up properly, and if you are really concerned you could even think about adding bolts to the doors so it’s harder for thieves to get in.
While no-one will ever welcome a property disaster, if you know how to deal with the situation you will not have to worry about how they will affect your finances, and be safe in the knowledge that you can have your property back up and running in no time.
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