Disaster recovery planning for landlords

There are many things to take into consideration for landlords with regards to their property

. After all, even after their property owners' insurance is in place, there are many considerations that have to be made with regards to any damaged property.

If the worst came to the worst, and a building was severely damaged, or even destroyed, by a fire or similar catastrophic event, a landlords' insurance policy could be expected to cover the cost of making good the damage and covering your rent for up to one or two years. What it won't do is help you to manage the process of knowing who to contact about what, how to deal with dispossessed tenants, and how to manage the process of getting back into business. It is here that having a disaster recovery plan however simple can help you cope with a difficult situation.

There are a number of simple stages involved in creating a disaster recovery plan, such as identifying what could happen, from a loss of services to a jumbo jet falling on the building. After that, it's important to decide what you are likely to have to do in an emergency and what can be delegated to others. It's also important to determine who you have to contact to get things moving, and consider how to remain on top of progress, to ensure that things don't get bogged down. Remember, in some cases there could be thousands of other buildings attached this could put a strain on resources and would favour owner-occupiers at the expense of landlords. Having a plan could allow your case to be dealt with promptly.

Some events are easier managed than others for example, the loss of a maintenance engineer or cleaner is easily remedied, whereas the long term illness of a managing agent may be more difficult to handle. If you have given thought to what might occur in advance and written it down, you will be in a better position to cope. For example, if you have a list of things to do in the event of a fire you will put yourself ahead of the game.

There will be some jobs that only you can do such as contacting your insurance broker, liaising with loss adjusters and ensuring that tenants and other affected parties are kept informed of what is happening and what they need to do.

Some tasks can be delegated to others, but they need to be told what to do and when. Several copies of your disaster recovery plan should be easy to access, and should include key contact details and what everyone is expected to do.

It's important to stay in control of matters, and maintain regular contact with all parties so they are not able to prioritise the needs of others above your own.

Finally, it's important to seek independent professional advice before making any decisions. Consider the best landlord insurance policies to make sure you are financially covered, before making your own disaster recovery plan.

Disaster recovery planning for landlords

By: Paul Buchanan

POST COMMENT

How Should You Overcome Mailbox Store Database Corruption In Ms Exchange 2000? The Real Facts About Data Protection Fellowes Shredders for your Security and the Privacy of Your (Office) Data Easily Archive Lotus Notes Database files even it contains Invalid Characters Addiction recovery in personalized way! Initial stage of recovery is detoxification! Uhf 900mhz Rfid Reader With Multi Ports For Data Transfers Ms Access 2000 Database Corruption And Ways To Handle It How To Prevent Destruction Of Data At A Crime Scene Hf Sd Rfid Reader Characterizes Seamless Data Transmission Claim Your Money With A Judgement Recovery Agency Tummy Tuck Recovery Time Why Go For Dedicated Web Hosting & Data Centre Colocation India?