If you’re a landlord, you face your share of risks. You may worry about protecting your investment from insurance claims, property damage and lawsuits from tenants. Our tips below can help you mitigate some of the risks that you face as a property landlord.
Choose the Right Insurance Coverage
Do not wait until a loss occurs before you determine whether you have the right insurance for your property. Review your current policy and property risks with your insurance agent, and then discuss coverage options that fit your needs.
Use a Tenant Screening Process
To avoid fair housing complaints, you should create a fair application procedure. We recommend that you create a consistent screening process that you use for all prospective tenants. If you have to reject a tenant, make sure you are only rejecting them based on legitimate reasons.
Make Your Property Safe
Keep your property safe for tenants and visitors. Research the legal requirements for repairing and maintaining your property, and then follow them.
Avoid Fair Housing Violations
Federal and state laws prevent the use of discriminatory practices in housing when selecting a tenant. The Fair Housing Act and the Fair Housing Amendments Acts prohibit discrimination based on race or color, national origin, sex, religion, familial status, and disability.
If you’re interested in learning more about the insurance coverage that you need as a landlord, give us a call at (516) 431-9100.