Hayek Insurance Blog
As apartment building owners, your business is dealing with people. Whenever you have clients in your apartment, their well-being within your property should be one of your concerns. One main reason for this is the existence of liability claims. These claims and lawsuits can be pretty costly, even if you’re defending an invalid claim.
Because of this, apartment building owners should be well aware of possible causes of liability claims. Here are some ways to minimize the risk of liability claims from tenants.
Secure an insurance
There are a lot of ways that a tenant could sue you. Aside from claims such as injury and fire, you might know of other numerous claims. Examples of these include: unlawfully entering a unit and even improper eviction procedures.
By having liability insurance, you don’t have to worry about litigation costs and damage payment. These things will be paid for you by your insurance if your report is valid. Be sure to buy insurance if you want to be secure in your finances.
Maintain good property condition
Many states hold the landlords responsible for failure to ensure the safety of tenants from dangerous situations within the property. This failure is why apartment building owners should ensure that the rental property is a safe and inhabitable place. Be sure to comply with all safety protocols and also minimize the risks through property repairs.
Eliminate environmental hazards
Environmental hazards such as lead paint, carbon monoxide, and radon should be dealt with immediately. These hazards can seriously jeopardize the tenants’ health which will directly affect you and your finances. To avoid this, make sure to hire professionals in dealing with these hazards.
Ensure optimal security
Landlords are held partially responsible for crimes that concern the security of the property. Some cases of these are damaged locks or injury caused by an outsider or co-tenant. To avoid these, regularly examine the property regarding security and adequately screen potential employees and tenants.
Do not discriminate
Under the Fair Housing Act, there must be a reasonable and legal cause for refusal of service to a person. Building owners are prohibited from refusing rent for reasons such as race, sex, religion, nationality, and disability. If a potential tenant believes that this has been violated, you can be sued immediately.
Your finances should always be of top priority in your life. That is why it is essential to take these extra steps to avoid facing costly situations. In terms of financial safety, nothing beats having insurance as your line of defense.
At Hayek Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 496-8835 or Click Here to request a free quote.