Do You Know What Aspects of Your Property Can Become Major Insurance Liabilities?
Your Property's Foundation And Other Structural Issues Can Be Insurance Liabilities
Did you know that your real estate investment property's foundation can lead to serious Insurance Liabilities? This is true along with other aspects of the property's structure. Structural elements that are not addressed can lead to significant property damage, and in the event of a commercial property, could also lead to potential lawsuits as well.
How Foundation Can Become Insurance Liabilities
The foundation of a property refers to the main structure of the building, essentially that which controls the framing and balance of the house. However, if the foundation needs work or has not been updated in a way, then you may be opening yourself up to serious insurance liabilities. This is largely because the house can face additional damage, such as in the event of a Hurricane, or it can cause injury if damage does occur.
As a real estate investor, you want to ensure that your property's foundation is not only on par with the industry standard, but you address any discrepancy that may be present.
Other Structural Issues That Can Become Insurance Liabilities
Does your real estate property have missing boards? Cracked walls and other structural damage? All of these can also become liabilities as well. For example, missing boards on a deck may cause a tenant to fall and suffer an injury, opening you up to a major claim or lawsuit.