Loss Control and Risk Management for Residential Property Managers

Even if a property manager only looks after a single space, they face innumerable exposures—exposures that can come from a variety of sources, leading to thousands of dollars in damages and loss of income potential in an instant.

Thankfully, assessing your exposures and taking the appropriate precautions can go a long way toward protecting your business. This proactive approach is particularly important when it comes to identifying and avoiding gaps in your risk management program.

This questionnaire gives property managers the opportunity to review risk categories specific to their operations and take action to address those risks:

General Property:

• Is the building in good condition overall?

• Is the roof in good repair with no visible water intrusion marks?

• Is the electrical wiring in good repair?

• Are there Class ABC fire extinguishers in common areas?

• Is a no-smoking policy in place?

• Are tenants banned from using grills on balconies?

• Is trash removed and not allowed to pile up?

Premises:

• Are tenants required to sign leases prior to moving in?

• Are floor surfaces clean and dry?

• During winter, are the parking lot and sidewalks clear of snow and ice?

• Are walkways well-lit, especially entrances, exits and stairways?

• Are exits clearly marked and clear for an emergency exit?

• Are restricted or potentially hazardous areas marked with "Authorized Personnel Only" signage?

• Does the complex have adequate smoke and carbon monoxide alarms?

Swimming Pool (if applicable):

• Is the pool designed in accordance with the Standard for the Construction of Residential Outdoor Inground Swimming Pools?

• Is the pool gated and secured?

• Is appropriate signage placed around the pool?

• Does your pool have non-slip ladders and surfaces?

• Is access to pool chemicals limited to authorized employees only?

Find Out More:

In many cases, insurance companies will require property managers to have certain policies and procedures in place in order to obtain or maintain coverage. Assessing your exposures and taking the appropriate precautions can go a long way toward protecting your business.

Download our “Loss Control Questionnaire: Residential Property Managers” guide for an in-depth list of more ways to minimize gaps in your risk management: