Being a landlord comes with its share of risks, some of which are unavoidable, others can be reduced by simply asking your tenants to do their fair share when it comes to protecting your investment. You might think most of these are common sense, but your tenants might not realize these are things they can easily do and should be taking care of on a regular basis. Consider these examples:
Common Fire Risks
Damage or destruction by fire is one of the most common causes of damage to any home. Here are five examples of fire hazards that are easily overcome:
It only takes minutes to reduce or eliminate these risks, but they can save everyone, including your insurance company a fortune, and they could save lives.
Both you and your tenants are responsible for keeping your property free from water damage. Some of the most common places to look for signs of water leaks inside of your home are:
No matter what kind of water leak you or your tenant discover, they need to be fixed as soon as possible to reduce the risk of severe damage.
No matter what type of rental property you own, there is always the risk that it could become damaged or destroyed by fire, water, or any number of other disastrous events. The only thing you can do is teach your tenants to keep an eye on things, perform routine inspections, and have the best possible insurance coverage just in case. Beyond this, the only other thing you can do is keep your fingers crossed and do your best to make sure you have tenants who truly care about the home they are living in.
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