Today’s headlines seem to carry news of a natural or man-made disaster nearly every day. From hurricanes and flooding to common kitchen fires, these types of incidents significantly affect people all over the country. While it may seem that homeowners and their property are affected by these tragic events more often, the reality is that disasters affect all types of residents, including renters. That’s why it’s vital for property managers to encourage, or in some cases require, all residents to have renters insurance for weather-related disasters and other situations that could cause damage and loss to their property.
Why Renters Insurance is a Good Bet
Many renters mistakenly think renters insurance isn’t necessary and that the property owners themselves are responsible for any property damage, but that idea overlooks the full scope of disasters. While property owners may be liable for damage to the building during a disaster, renters insurance can cover the costs that come from damage to the resident’s personal property. For example, a pipe could burst in a wall or ceiling, drenching the resident’s belongings and even affecting the units below. If the water damages personal belongings of a renter, that’s where renters insurance comes into play. Likewise, if a kitchen fire destroys a resident’s belongings and covers other residents’ property in soot and smoke, these individuals could also get relief from renters insurance.
When any disaster occurs, residents are often rightfully upset and concerned about their personal effects, and they may mistakenly think a property owner is responsible for such losses. You’re already dealing with the headache of repairing the building and dealing with frustrated tenants – but this becomes much worse when a resident is panicking about how to replace their possessions that were damaged or destroyed. Requiring residents to purchase renters insurance for disasters can significantly reduce these tensions. Even without a requirement, property managers should clearly spell out what the property owners are responsible for—and what they are not—as this can significantly reduce misunderstanding following an incident such as a fire.
Get Back to Normal Quickly
Apart from recovering personal losses, another key factor following a disaster is the restoration of the property itself. Property managers should have a good working relationship with a reputable restoration company in order to help all of their residents get back on their feet quickly and safely. RestoreCore provides expert restoration services following damage from fire, water, mold and more. Renters insurance can help residents bounce back from personal losses, while property managers work hand in hand with experts like RestoreCore to focus on remedying damage to buildings and the property as a whole. The ultimate goal is to get residents back in their homes and back to normal as quickly as possible.
Learn more about how RestoreCore and SecureCore’s emergency response and recovery solutions can help you manage your multifamily property before, during, and after a disaster. Contact RestoreCore about restoration services at one of our four locations in Philadelphia, New Jersey and Delaware or call 877-561-8648