Lease Language – Water, Water Everywhere
Oct 15, 2015
Water damage is messy --- hard to clean up and repair. The loss of business income and extra expenses often cost a property owner more than the physical repair does. Tenant behavior, maintenance, and weather all play a factor.
1.Water damage claims due to toilet clogging or bathtub overflow? Consider adding a provision that tenants are responsible and will pay for water damage caused by inappropriate materials being flushed down the toilet, or bathtub overflow.
2.Frozen pipes flooding water through your property? Have a lease provision that warrants that the tenant maintain the heat at a minimum of 55 degrees. If the property has seasonal use, make sure a local caretaker looks in on the property frequently. Maintain the heat, or drain the pipes.
3.Regular annual maintenance and periodic inspections by licensed contractors pinpoint problems before they happen. Add a provision that allows interior and exterior inspections with proper notice, at least annually, to check on needed maintenance items and any evidence of water intrusion, water damage, rot or mold. Carefully inspect the exterior envelope (roof, siding, windows, doors), plumbing systems and appliance hook-ups.
Additional coverage limits are available for sewer & drain backup. Flood & Tsunami need to be evaluated and insured separately. Talk with your agent to see if current limits and coverages are adequate.
Call now for a comparison quote, and visit back often for simple sage advice from our Apartment and Condo experts.