Homeowners and landlords have many options when it comes to managing their property or properties. From ordering everything on your own to hiring the services of a property management company. So, here are some tips for homeowners and owners to make sure their assets are protected:

What can you do to protect your property?

Landlord’s insurance is available so that, in the event of loss (due to an insured event), it is protected and covered. However, to reduce the chances of a loss, you can take steps to help. These include:

– Make your property more secure by installing door locks and window locks.

– Install an alarm system. Many insurers will offer a lower premium because it has reduced the risk of loss from theft. For certain postal areas a minimum level of security will be required.

– Eliminate possible fire hazards from outside and inside the house.

– particularly around the kitchen.

– Make sure you have working smoke detectors and a suitable fire extinguisher. Place the fire extinguisher somewhere handy and make sure your household members know how to use it.

Why should you secure your content?

As a landlord, it is very possible that the property you are renting contains contents of your property. It is important to consider these contents and make sure that you have provided adequate coverage for them in your insurance policy. It might be worth taking a room-by-room inventory and working out exactly the level of coverage you need. Again, however, if in doubt, ask your insurance broker.

How can homeowners minimize financial losses related to repairs and maintenance?

You can avoid many problems by keeping the property in excellent condition. That is how:

– Use a written checklist to inspect the premises and fix any problems before new tenants move in.

– Encourage tenants to immediately report safety or security issues such as broken plumbing, heating, doors or steps

– either in the tenant’s unit or in common areas such as hallways and garages.

– Keep a written record of all tenant complaints and repair requests with details on how and when problems were fixed.

– Handle urgent repairs as soon as possible

– Take care of any security issues within 24 hours. Keep tenants informed of when and how repairs will be made.

– Twice a year, provide tenants with a checklist on which to report potential safety hazards or maintenance issues that they might have missed. Use the same checklist to personally inspect all rental units once a year.

Also, your commitment to repair and maintenance procedures should be clearly stated in the lease or rental agreement. Owning a property or portfolio of properties can be very rewarding, so follow these simple tips and make sure you and your properties are protected at all times.