When you have tenant turnover in the middle of winter, tenants often don’t realize the impact of little things.
Do you know if your previous renters set the heating to a minimum temperature or shut off the water?
Is your rental sitting vacant until new tenants are in place?
In Washington, D.C. we have been through a few cold snaps this winter, and Columbia Property Management (CPM) doesn’t want your unmonitored rental properties to have issues with pipes freezing or bursting, roof leaks, mold issues, or worse!
First, we advise our clients to change the type of homeowner’s insurance policy they have from a landlord to a policy to a builder’s risk policy when it is sitting vacant (and will be for some time). We want our clients to have the proper coverage and many times property owners do not think to do this. What initially appears to be more expensive in the short run, could save many costs in the long run because not having the correct policy could mean your future claim for property damage is denied. It’s not just our advice, we partner with companies who have expertise in this topic such as Crystal Insurance, professionals we can refer you to for more details.
For a clear and real example of why proper coverage is important, let me share a short story of what happened just this last month. I had a consultation with potential clients who started working with a company last year to rent their home.
The house sat vacant for months and developed a mold problem. But they did not change their insurance coverage and as a result, most likely will not be compensated for the $10,000 in costs to remediate the problem plus more expenses to come in order to restore the living space. You can work with Columbia Property Management to make sure you have the proper insurance coverage and an attentive property manager to take care of your rental, especially when it is vacant.
Scott Bloom, Owner and Senior Property Manager
Columbia Property Management
Scott Bloom founded Columbia Property Management (CPM) in 2012. And today, he is both the owner and senior property manager. CPM’s goal is to provide a powerful, personal level of service to our clients. We focus on smaller landlords, professionally managing their assets, so they can succeed by investing in rental real estate. Scott is an active member in multiple professional organizations including the National Association of Residential Property Managers.