As a landlord, protecting your investment properties is likely to be one of your top priorities.

There are many potential disasters from which you need to protect your property. It could be a broken sewer line that causes dramatic damage throughout the entire home. It could be a natural disaster such as a tropical storm or a rain event that tears off a roof. 

Unfortunately, catastrophes can strike unexpectedly, leaving you with serious damage and a hefty repair bill. To ensure the safety of both your tenants and your property, it’s essential to have an emergency plan in place. 

Share your emergency plan with your residents when they move in so everyone understands the procedure if and when something goes wrong. 

Let’s take a look at how you can protect your investment properties and ensure that you’re prepared for any of the potential emergencies that may strike.

Start with a Well-Maintained Home and a Focus on Preventative Care

As you’re thinking about preparing for potential emergencies, conduct a property assessment or an audit so you have a clear understanding of where you currently stand. This assessment will help you identify potential hazards and vulnerabilities that could lead to property damage or injury to your tenants. 

A home that’s well-maintained is more likely to survive a disaster or an emergency with minimal damage. If your roof is already in terrible shape, it will hardly take more than a strong wind to cause further problems. If your trees are overgrown and banging against the side of the property, there’s a good chance one of those trees could come down during a storm. 

Invest in preventative maintenance so that you’re in a strong starting position. This will lead to less risk in general. 

Check for things such as outdated electrical wiring, water damage, and HVAC problems. Once you have identified the hazards, you can start to take steps to mitigate them.

Regular maintenance and inspections can help you identify potential hazards before they become major problems. Make sure you schedule regular HVAC and electrical inspections and address any repairs promptly. By taking care of your investment property, you can avoid emergency situations altogether.

Evaluate Your Insurance Policy and Make Sure It’s Adequate

Insurance is a crucial part of emergency preparedness. Make sure you have adequate coverage for your investment property, including flood insurance if necessary. Don’t make the mistake of assuming that your regular homeowner’s insurance will cover any damage to your rental property. It won’t. Once you begin renting out a home, you need to have landlord insurance that covers both the dwelling or the structure itself as well as your own liability. 

You’ll also want loss of rent coverage. If an emergency occurs and your tenants need to move out of the property for repairs to be made, you won’t have any rent coming in. Protect yourself and your cash flow by including loss of rent coverage in any insurance policy you buy. 

Lean on the expertise of your insurance agent and your North Atlanta property manager when it comes to deciding what type of coverage you need and how much of it you should buy. 

Create an Emergency Plan

You need a comprehensive emergency plan to drive the actions that are immediately taken when something unexpected goes wrong. This should include several things, such as:

• Emergency contacts. Make sure you and your tenants have an easily accessible list of phone numbers. You’ll want to know how to reach the fire department, police department, local hospitals and emergency centers, and each other. 
• Evacuation plans. What’s the best way out of the building, the neighborhood, the city? Clear plans should be in place for evacuation routes if that becomes necessary. Set up some guidelines for tenants who will need to decide whether they want to evacuate or need to evacuate. 
• Communication protocols. Constant communication with your tenants, your property managers, your vendors, and your insurance partners will be essential during and after an emergency. 

Make sure that your tenants know what to do in case of an emergency and that they have access to the necessary resources. You should also have a plan for how to secure the property when your tenants are not present.

Consider Installing Emergency Backup Systems

Be as proactive as possible when it comes to emergency planning. Installing emergency backup systems such as generators and backup sump pumps can help you avoid property damage and keep your tenants safe during power outages or floods. Having these systems in place can also give your tenants peace of mind, knowing that they’re prepared for the unexpected.

Include information on how to operate these things safely. You can leave a guidebook for your tenants or create a video walking them through the information they’ll need to use them.

Surround Yourself with North Atlanta Property Experts 

It’s hard to manage everything yourself when an emergency strikes. It’s almost impossible, actually. 

Make sure you have strong relationships in place so that you can leverage the resources and help you need when disaster does strike. You’ll want a good insurance partner who can help you should claims be necessary. You’ll want a strong team of vendors and contractors who can help with repairs and replacements. You’ll also need a smart property manager who can walk you through both prevention and response. 

Don’t start looking for these experts once the catastrophe has already occurred. Having those existing relationships in place already will make any emergency less dreadful.

As a landlord, it’s your responsibility to protect your investment property. By taking a proactive approach to emergency preparedness, you can avoid costly repairs and keep your tenants safe. Conduct a property assessment, purchase adequate insurance, create an emergency preparedness plan, schedule regular maintenance and inspections, and consider installing emergency backup systems. Always work closely with experts such as North Atlanta property managers. With these steps in place, you can rest assured that you’re prepared for any emergency that may come your way.

We would love to help you prepare for the emergencies that hopefully will never happen. Contact us at Elite Property Management for more information.