Owning property is a great financial move in California. It can allow you to make extra income and serve as a nice investment for your future. However, property ownership also means liability, especially if you rent out your property. You need to be prepared for a situation that could come up where a renter or a visitor on your property gets hurt. All Business explains that you may be liable for any injury that occurs on your rental property.

If you are found liable, the costs could put you in a horrible situation financially. You could lose everything due to one accident. The best way to protect yourself is through insurance. You also should have some idea of what falls under the scope of accidents you hold liability for because not everything that happens at your property falls on you.

To begin with, you should keep your rental property in safe condition. If you know of issues, you need to remedy them. This includes everything from making sure the HVAC system works correctly to fixing broken stones on the walkway. If someone suffers an injury due to you not maintaining the property, then the chances are pretty good that you will be liable.

You should also remove anything that could pose a danger to tenants. However, some things may be hazardous by nature, such as a swimming pool. In this case or in the case of a situation where repairs are needed but will take time to do, you should always post signs to warn your renters and others about the danger, which can help reduce or eliminate your liability, depending on the situation. Generally, if negligence on the part of the injured person played a role, then you will not be liable or at least have reduced liability. This information is for education and is not legal advice.