Water leaks are one of the biggest pains we have in the home rental business. Here’s how you can avoid them before they even happen.
Water leaks are probably the most menacing opponent we face in the home rental business. If you’re a homeowner/investor, I highly suggest getting additional rent loss coverage on your home for this specific purpose.
If you end up having a big leak, you’ll have to bear the full brunt of it most of the time. If we have a flooded unit, we have a tenant who can’t reside there. We will then have to immediately dry the unit out. However, that process takes three to five days to complete. During that time, you won’t be collecting any rent.
“HALF OF OUR LEAKS RESULT IN INSURANCE CLAIMS.”
About half of our leaks result in insurance claims. The sooner we can get to them, the better. If you end up having to lose rent for a month or two, it will be offset by the money you saved by having that extra insurance.
If you have any questions for us or you’re thinking about investing in real estate, give me a call or send me an email. I look forward to hearing from you.