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What are the top causes of property damage covered by insurance policies?

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As a property manager, you know how important it is to protect your rental properties from damage and liability. But do you know what are the most common causes of property damage covered by insurance policies? In this article, we will explore some of the top risks that can affect your properties and how insurance can help you recover from them.

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Amanda Heismann Gray, CPM

Associate Director of Operations | MBA Candidate, Class of 2025

1 Fire and smoke

Fire and smoke are among the most devastating and costly causes of property damage. They can result from various sources, such as faulty wiring, cooking accidents, candles, arson, or natural disasters. Fire and smoke can damage the structure, appliances, furniture, and personal belongings of your tenants and yourself. They can also cause health problems, such as respiratory issues, burns, or infections. Insurance policies can cover the repair or replacement of damaged items, the loss of rental income, the relocation expenses of your tenants, and the medical bills of anyone injured by the fire.

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2 Water and mold

Water and mold are another common cause of property damage that can stem from different scenarios, such as plumbing leaks, burst pipes, faulty appliances, roof damage, or flooding. Water and mold can ruin the flooring, walls, ceilings, cabinets, and electrical systems of your properties. They can also create a hazardous environment for your tenants and yourself, as mold can cause allergic reactions, asthma, infections, or other health issues. Insurance policies can cover the cost of fixing the water source, drying and cleaning the affected areas, removing and preventing mold growth, and restoring the property to its original condition.

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Amanda Heismann Gray, CPM

Associate Director of Operations | MBA Candidate, Class of 2025
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Water can wreak havoc on various property elements, affecting not only the structural integrity but also creating potential health hazards for tenants and property managers. This is one of the many reasons it's critical to tour properties regularly to look for water damage before it grows it magnitude.

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3 Theft and vandalism

Theft and vandalism are also frequent causes of property damage that can occur due to break-ins, burglary, graffiti, or malicious acts by tenants or outsiders. Theft and vandalism can result in the loss or damage of your property's security systems, doors, windows, locks, appliances, furniture, and personal items. They can also affect your reputation, safety, and income as a property manager. Insurance policies can cover the value of the stolen or damaged items, the repair or replacement of the property's features, and the loss of rental income due to vacancy or reduced occupancy.

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4 Weather and natural disasters

Weather and natural disasters are unpredictable and unavoidable causes of property damage that can happen at any time and place. They can include events such as storms, hail, wind, lightning, snow, ice, earthquakes, landslides, or wildfires. Weather and natural disasters can damage the exterior and interior of your properties, such as the roof, siding, windows, foundation, or utilities. They can also disrupt your operations, services, and cash flow as a property manager. Insurance policies can cover the cost of repairing or rebuilding your properties, the loss of rental income due to unavailability or uninhabitability, and the emergency expenses of your tenants.

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Amanda Heismann Gray, CPM

Associate Director of Operations | MBA Candidate, Class of 2025
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I wanted to underscore the critical importance of having comprehensive emergency manuals in commercial property management. These manuals serve as invaluable resources in ensuring a swift and coordinated response to unforeseen events. It provides clear guidelines, contact information, and step-by-step procedures for handling emergencies. This not only enhances the safety of occupants but also helps mitigate property damage and potential liabilities.

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5 Liability and negligence

Liability and negligence are not exactly causes of property damage, but they are related issues that can affect your properties and your finances as a property manager. Liability and negligence refer to the legal responsibility you have for the injuries or damages that occur on your properties due to your actions or inactions, or those of your tenants or contractors. For example, if someone slips and falls on your property due to a wet floor, or if your tenant causes a fire due to leaving the stove on, you could be held liable for the medical bills, property damage, or legal fees that result from the incident. Insurance policies can cover the amount of compensation you have to pay, the cost of defending yourself in court, and the loss of rental income due to litigation or eviction.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the top causes of property damage covered by insurance policies?

1

2

3

4

5

6

1 Fire and smoke

2 Water and mold

3 Theft and vandalism

4 Weather and natural disasters

5 Liability and negligence

6 Here’s what else to consider

Property Management

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What are the top causes of property damage covered by insurance policies?

1

2

3

4

5

6

1 Fire and smoke

2 Water and mold

3 Theft and vandalism

4 Weather and natural disasters

5 Liability and negligence

6 Here’s what else to consider

Property Management

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