3 Things Landlords Should Have in Order Before a Natural Disaster Occurs
Natural disasters can happen at any time without warning. That’s why it’s important for landlords to be prepared before one hits. If you’re not sure what you should do to get ready, don’t worry! We’ve put together a list of three things every landlord should have in order before a natural disaster strikes.
#1. Make sure you have insurance.
The first thing you need to do is make sure your property is properly insured. For example, if a natural disaster damages your rental unit, you’ll want to be sure that your insurance policy will cover the cost of repairs. Check with your agent to make sure you have the right amount of coverage and that it includes protection from natural disasters.
If you don’t have insurance or if your policy doesn’t cover natural disasters, now is the time to get it. Don’t wait until a storm is on its way to try to find coverage; by then, it will be too late. Instead, contact an insurance agent today and ask about getting a policy that protects against natural disasters.
#2. Create an emergency fund.
No matter how well-insured you are, there’s always a chance that you’ll have to pay out of pocket for some repairs after a natural disaster. That’s why it’s a good idea to create an emergency fund that you can tap into if needed.
Start by setting aside a few hundred dollars every month into a savings account. Then, if you do need to make any repairs after a storm, you’ll have the money available to do so without having to go into debt.
If you don’t have an emergency fund, now is the time to start one. A little bit of savings can go a long way when it comes to repairing damage caused by a natural disaster.
Remember that an insurance company won’t pay the property damage claim until the repairs are completed. This can often take weeks or even months. During this time, your emergency fund will come in handy to help you cover the cost of repairs.
#3. Know your evacuation route.
If a natural disaster is heading your way, you may need to evacuate your rental property. That’s why it’s important to know your evacuation route in advance.
Please familiarize yourself with the safest route out of town and make sure all of your tenants know it as well. If possible, print out a map of the evacuation route and post it in a common area for everyone to see.
In the event that you have to evacuate, pack a bag ahead of time with essential items like clothes, food, water, and medicine. Keep this bag in an easily accessible place so you can grab it quickly if you need to leave in a hurry.
And finally, make sure you have a plan for where you’ll go if you have to evacuate. If possible, arrange to stay with family or friends who live out of town. Or, look into booking a hotel room in advance.
In conclusion, these are three things every landlord should have in order before a natural disaster occurs: insurance, an emergency fund, and an evacuation route. By taking these steps, you’ll be better prepared to weather the storm and get your rental property back up and running as quickly as possible.