As you know, Pittsburgh has flooding problems. Seasonal storms are a fact of life here in the Burgh. So, too, is unexpected flooding. Flooding isn’t a matter of “if” but “when,” and when disaster strikes, even a few inches of flood water can cause extensive damage to your rental home.
As rental property owners, you must inform your residents about the basics of flood preparedness and ensure they have the tools to stay safe and dry until the water recedes. One of the best places to start is by looking up the flood risk for each rental property. You can check your flood risk at the Floodsmart.gov website simply by typing in your rental home’s address.
Another resource you can share with your residents is this comprehensive guide to flood preparation by the Federal Emergency Management Agency (FEMA). This guide covers everything from flooding statistics and weather warning signs to emergency preparedness. With a bit of advance information, your resident can stay safe and help protect your investment property from the worst.
As a property owner, you and your residents must have the right kind of insurance to cover any flood damage that may occur. Typically, regular homeowners’, landlords’, or renters’ insurance policies do not cover flood damage. In most cases, you’ll need to purchase additional coverage through the National Flood Insurance Program.
Flood insurance covers many different kinds of flood-related damage. However, according to FEMA, the cause of the flooding and the type of damage incurred will determine whether your rental home and its contents are covered. Flood insurance comes in two main types: building coverage and contents coverage. Building coverage only covers the structure itself and anything attached to it, which is a must for property owners.
On the other hand, it’s a good idea to encourage your residents to purchase flood insurance for their personal property, which would be content coverage. It’s important to note that neither type of coverage will insure vehicles, cash, or precious metals, so if these items are present on the property, steps should be taken to obtain secure storage and/or separate insurance for them.
At Real Property Management Pittsburgh, we can help you and your residents prepare for disaster. We have the information and tools you need to choose proper insurance coverage, protect your real estate investments, and keep your residents informed.
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