Most major issues in property ownership could have been avoided with a little foresight. Taking a proactive approach doesn’t just prevent legal trouble—it also saves you time, money, and stress.
Spot Issues Early
Many lawsuits start with something you could’ve fixed weeks or even months earlier. Think of things like a cracked sidewalk, a broken light, or a malfunctioning gate. These may seem minor at first but can quickly turn into bigger problems if ignored.
The key is to stay alert. Walk your property regularly and deal with risks as soon as you spot them. Delays often lead to higher costs later—not just in repairs, but in potential legal claims.
Make Sure You’re Covered
Insurance only works when the coverage is enough to protect you. In today’s environment, a policy of at least $1 million in liability coverage is a safe starting point. It’s also smart to look into umbrella policies if your property has higher risks.
Revisit your policy every year. What worked for you in the past may no longer match your current needs.
Fix It Right the First Time
When something breaks or goes wrong, it’s tempting to go with a quick fix. But that often means dealing with the same issue again down the line.
Instead of patching the problem, ask: what would prevent this from happening again? For example, if a car hits your building, don’t just repair the wall—add a barrier so it won’t happen again.
Choosing the long-term solution might cost more upfront, but it often ends up being cheaper and safer in the long run.
Final Thoughts
Staying ahead of problems is one of the smartest things you can do as an investor. Keep your property in good shape, carry solid insurance, and choose long-term fixes when issues arise. It’s a simple strategy that can save you a fortune.