Landlords and others have suffered from heavy rains, high winds and flooding. And experts predict that severe storms will become more common due to global climate change. Although you can’t stop storms, you can reduce risks.
One important way landlords can reduce risks is by reviewing their insurance coverage. When was the last time you reviewed and updated your insurance coverage and inquired as to the insurance coverage of your tenants? It is vitally important to know and understand what risks your property is protected from. Commercial landlords must be sure their certificates of insurance are up to date, accessible and provide adequate coverage for the most likely damage due to storm damage.
Another important way to reduce risks is to review your leases, contracts, and documented procedures. Will storms obligate you for unexpected repairs, liabilities and costs?
These are just a few of the issues that all landlords face as they encounter damage from storms. Evaluating these and other legal questions requires careful review on an individual basis with experienced counsel. Stark and Stark’s Commercial Real Estate Group assists landlords in evaluating their risk and work with the firm’s Insurance Coverage Group to be sure that landlords are protected with the proper amount of insurance coverage.