With the recent severe flooding conditions that were experienced in some parts of Johannesburg. It’s important to reflect and to look at what could have been done to minimise the damage made to properties.
The magnitude of any consequential damage could have been reduced, for instance if building maintenance checkups were done.
Building structures must be frequently maintained and carefully examined. The following regular checks to your property are essential.
Before the rainy season make sure that you check the roof and replace any loose or damaged tiles, slates, ridge tiles and any other roof claddings or flashings. Repair any signs of cracks and of wear.
Remember to also check the condition of roof skylights for leaks and cracks or breakages. Check and repair all cement fillets and brickwork pointing, including chimneys, coping stones, lintels and ledges.
Check that the roof gutters and down pipes are clean and unobstructed, kept free from leaves and vegetation. These should be cleaned at least once a year, possibly more often.
As professional property managers at Fitzanne Estates we advise our clients to make sure that they conduct regular property checkups and making sure that they acquire the appropriate insurance to protect their property. If you are involved in renting or leasing real estate to others, managing rental properties, contracting services for rental properties owners it is very essential to be insured.
Property managers must have insurance that covers their business, their clients, their tenants and all the properties that they manage. A well designed insurance policy must protect you from liability claims and losses that can be caused by, floods, perils, like fire, vandalism or burglary.
Research shows that they are available insurance options for the property sector. The errors and omissions (E&O) Insurance is designed to protect you from claims against invasion of privacy, wrongful eviction, hiring unlicensed contractors etc. This insurance protects the tenant and landlord from a financial loss that is directly related to a mistake make by the property manager.
While the errors and omissions insurance covers services offered by a property manager. General liability insurance is intended for the day to day business practices of any company, regardless of the industry. Both Errors and Omissions coverage and General Liability insurance are set in place for your property management business to cover the day to day business as well as specialized services provided.
A local insurance provider shared some insurance tips for property managers, he said, “you must purchase enough coverage to protect the value of the property and assets. Make sure the policy covers not only physical injury but also libel, slander, discrimination, unlawful and retaliatory eviction, and invasion of privacy suffered by tenants and guests.
Carry liability insurance on all vehicles used for business purposes, including the manager’s car or truck if it’s used on the job. If you’re a real estate investor or private owner renting out your home, you need landlord insurance. Landlord insurance is more than just homeowners insurance.”
A Fitzanne Estates property agent said, ‘’At Fitzanne Estates amongst our property management services that we offer we can help with the revision of the insurance coverage of the Body Corporate/Non Profit and arrangement of valuations where required.
We undertake to obtain competitive quotations in the marketplace to ensure that the most economical premium is obtained. The necessary comprehensive insurance includes political riot insurance and fidelity guarantee insurance. We also handle all insurance claims on behalf of the Body Corporate/Non Profit Company.”