Anyone who rents out their property to tenants (or who are thinking about becoming a landlord) should already understand the importance of quality landlord insurance.
They likely also know that, while it’s a crucial layer of protection, it shouldn’t be relied on and the best option is loss prevention to keep their rental property secure.
Here are some of the best ways a landlord can keep their rental property safe…
VET TENANTS THOROUGHLY
Any experienced landlord will tell you the best thing you can do for your property is to find quality tenants to sign a lease.
They will also tell you that’s it’s rarely an easy thing to do.
Make sure that all interested renters fill out an application form and ask them the right questions during or even before a viewing:
- How long do you plan to stay?
- Why are you looking for a place?
- Where do you work?
- Will anyone be living with you?
- Do you have renters insurance?
Asking these types of questions to learn as much as you can about your prospective renters gives you a better chance of finding the right fit.
MAINTAIN THE PROPERTY INSIDE AND OUT
You might be surprised with just how much you can reduce your liability risk by making sure basic maintenance is consistently handled around a rental property.
Clear walkways of tripping hazards (including ice during the winter), keep the grass short to help keep critters away, clean out eavestroughs to prevent flooding etc,.
Much of this type of property maintenance is required by law in Ontario but if you want to keep your property and renters safe, it’s wise to go above and beyond.
INSTALL A SECURITY SYSTEM
Installing visible video cameras that take high-resolution footage is not only a good way to deter or help catch burglars doing so may also help you save 10% on your property insurance costs if your security system is monitored.
The average cost of a quality security system is lower now than ever before and the benefits have never been stronger.
SECURE DOORS AND WINDOWS
If you’re a new rental property owner, you’ve recently learned the importance of changing all the locks on the building after taking ownership. The last thing you want is for someone who no longer lives in your building to be able to access it with an old key they still have.
However, not all novice landlords think about the general security of the entry points of their building.
New locks are a must, but it may also be worth it to have the doors and windows upgraded to a more secure option. Especially if the building is on the older side, it may have been a while since they were last replaced and window security technology has come a long way in recent years.
HAVE GREAT LANDLORD INSURANCE
When prevention fails and you suffer a loss or damage to your rental property, it’s important to have reliable and comprehensive landlord insurance in place as your safety net.
Got 2 minutes? You can request a free no-obligation rental property insurance quote from us right now.
Erie Mutual Insurance proudly serves the commercial insurance, farm insurance, home insurance and auto insurance needs of members throughout Southern Ontario including Haldimand, Niagara and Hamilton.
Please don’t hesitate to contact us with any questions you may have about this or any other topic related to your insurance.
