Florida has long been called a tropical paradise. With the warm weather and beautiful waters also comes the risk of tropical storms and hurricanes. Here are a few suggestions regarding preparing your rental investments for hurricanes:
Safety Comes First
Most of Florida is scattered in lower elevation areas prone to flooding, aka flood zones. Living close to the water often results in mandatory evacuation zones should a storm hit. It is advisable to provide this information to tenants so they can prepare to evacuate, if required. It is also recommended to advise where to obtain local evacuation routes and emergency response numbers in addition to local resources tenants can rely upon to provide expert advice should a storm hit. As a tip, providing a cheat sheet taped to a kitchen cabinet door including local numbers, sites, and necessary information is always helpful.
Protect the Property
This information should be covered a few times. First, ensure details regarding landlord and tenant expectations should a storm hit are clear in your lease. Your lease is a contract that legally sets the stage should issues result. Tenants should be advised if it is their responsibility to pick up and secure yard and outdoor debris prior to a storm. This should be communicated multiple times: at move in, within your lease, tenants handbook, taped to a kitchen cabinet door (along with emergency numbers), and prior to hurricane season. Having expectations set is the first step to preparation for both tenants and landlords. If the property has hurricane shutters or requires boarding up of windows, it is common for landlords to request tenants to secure window; however, it is in the investor’s best interests to ensure the property is secure. Some tenants are not capable of lifting heavy boards or going to great lengths, such as climbing ladders, to secure hurricane shutters. Wind straps and hurricane shutters also provide the deepest discounts and improve the chances your investment will survive a storm. It also provides your tenants’ confidence their safety is your highest concern. Paying a professional service, such as a property maintenance firm, is another option to consider if your tenants need assistance. Regardless, it is recommended to confirm action has been taken, whether by the tenant or at the investor’s expense. After the storm, it’s the investor who suffers if damages result so preventative measures factoring the tenant’s capabilities are highly advised.
Make Sure You Have the Right Insurance for Hurricanes
It is advised to have a good conversation with your insurance agent to fully understand the variety of insurance coverage available both in general and in particular to flooding and hurricanes. There are many factors to consider so make sure you fully read the policy before you sign as policies will cover only what is listed. This goes for both property insurance and renter’s insurance. It is also highly advisable to ensure your tenants are aware of the insurance they need to cover their belongings both in general and due to flooding or a hurricane. It is also highly recommended for property owners keep a record of all interior and exterior pictures should they need to file a claim for insurance. This also holds true for tenants regarding personal contents.
While preparation is key in terms of success to weathering a storm, setting the right expectations up front and having a clear communication path with your tenants is equally as important.
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