Property owner responsibilities include paying for repairs, paying taxes, and maintaining the property to keep it safe and orderly. A property manager can assist with daily tasks and oversee maintenance repairs. As a property owner you will need to carry the property insurance to cover any problems that arise at your property. You should also have an understanding of liability lawsuits risks and what to do when faced with property damages.
Familiarize Yourself with Landlord Insurance Policies
Landlord insurance, or dwelling insurance, protects your property against accidents, natural disasters, and thefts. There are three levels of protection: basic, broad, and special dwelling insurance. As you consider different companies you will encounter a variety of types of coverages. Not all policies will include all types of coverage, so be careful when deciding which policy to purchase.
Landlord insurance is important to have because it may cover any damages caused by a tenant. Accidental damage, such as accidental fires, is covered by all three types of insurance. When filing a claim you’ll still have to pay the deductible, but the tenant’s renters insurance may be able to reimburse you. Intentional damage may be covered by dwelling insurance, and this type of damage includes theft, such as stolen light fixtures, or spray painted walls. Basic wear and tear of the property are not covered, but in the event that this occurs you can keep the security deposit as payment for the damage caused.
How to Avoid Negligent Security Lawsuits
Insurance policies are a large part of protecting your property, but premises liability and negligent security should not be taken lightly. In Florida, property owners have the legal obligation to take steps to secure their premises and prevent any harm that may come to residents or tenants. Premises liability involves injuries caused by negligent conditions on the grounds of apartment complexes, office buildings, or shopping centers, to name just a few examples. If a property owner fails to make their property safe for tenants and someone suffers injury or is a victim of theft, it may be grounds for a Negligent Security Lawsuit.
A Negligent Security Claim relies upon three elements: that the property owner had a legal obligation to provide security measures to their premise, that the injury sustained was due to the owner’s failure to provide the necessary security measures, and that the victim can prove the injury or damaged personal property is a result of the incident. Damage compensations can vary greatly, so make sure you take the necessary precautions to make your property safe, such as adding a gate or security cameras to your apartment complex. You don’t want to be caught in a liability lawsuit.
All Brevard Property Management strives to ensure property owners are cared for in a timely and professional manner. If you have questions about the damages property owners are responsible for in Florida give us a call. We’re available to answer any questions you have about residential property rentals.