It is important that as Landlord or Property Manager, you know your legal obligations and arrange appropriate insurance cover to avoid and mitigate risks of a claim being made against you.
Legal liability claims are the main risks Landlords and Property Managers face. These arise when someone is harmed or property is damaged as a result of someone’s negligent actions.
For example, a Landlord or Property Manager is made aware of a defect at a property but they do nothing about it and a tenant is injured as a result of the failure to prevent and mitigate loss.
You should make sure the property you manage is as safe as possible, regularly maintained and kept in a good condition. This can be achieved by ensuring installations are working, ensuring any appliances provided are maintained, and addressing potentially health-threatening issues such as rising damp
You can also conduct periodic inspections, adequately respond to repairs and maintenance requests, keep accurate files and notes of correspondence, and take out specialised insurance.
Remember, if you fail in your duty of care and a tenant suffers injury or property damage, you can be held liable for the loss and be required to pay compensation.For more property management tips and news, check out our videos www.rentalresults.com.au/videos