Texas is almost always ranked in the top five states that have the highest frequency of natural disasters in the U.S. Disasters that include flooding, tornadoes, wildfires, hurricanes, and as we have experienced recently, pandemics and extreme winter weather! If you own a rental property in Dallas, Texas, here are some tips on how to prepare your rental properties for natural disasters.
Review Your Insurance
As a rental owner, you must carefully read your home’s insurance policy to ensure you know exactly what is and is not covered in the event of a natural disaster. You may, for example, be faced with an exclusion of the property that is being used for business purposes. Also, check stipulations regarding liability claims and whether you are covered for clean-up costs after a disaster. Insurance experts suggest that planning in advance for worst-case scenarios (and ensuring you have the appropriate insurance) is the best way to protect your property investment in a natural disaster.
Create a Home Inventory
Ensure that you have a current inventory of everything that is in your property, including appliances, furniture, electronics, and other items so that you can claim them on your insurance. Without documented proof, you may have difficulty getting reimbursed properly for any losses.
Prepare for a Variety Of Disasters
As we have recently experienced with the COVID-19 pandemic, and now with extreme winter weather, those who wait until that last minute to prepare, are going to struggle.
As a landlord, you can invest in equipment and features that can help protect your home and tenants. Consider having a generator, hurricane doors, and windows, any other items or equipment that might help protect the property from water, fire, snow, and wind damage.
Communication
Communicate with your tenant regarding potential hazards or disasters that they might encounter, with instructions about how to turn off utilities if needed. Provide a checklist with important contact information on how they can be prepared personally. A checklist might include:
- Have a 2 week supply of water and shelf-stable food.
- Have extra warm clothes, blankets, and an indoor safe heater for cold temperatures
- Have batteries, a flashlight, and a first-aid kit readily accessible
- Have a reserve of special need items such as prescription medications.
- Have an extra supply of personal hygiene items
- Keep a small amount of cash in small bills on hand, to be used in an emergency only.
With the COVID-19 pandemic and the recent extreme winter weather, we have seen how disruptive these events can be for those who are not prepared. If you need help managing your rental property or properties, please contact Specialized Property Management Dallas. We can help you make any last-minute preparations when a disaster is looming and can help advise tenants of the steps they need to take. Once the danger has passed, we can help document any damage caused to help with insurance claims.
For more information, contact us online or call us at 214-233-7572.
