No one likes to think about emergencies happening at their investment home. However, if you are stuck with the remains of a fire, a flood, or other types of storm damage, you’ll need to know what to do.
Today, we’re sharing four quick steps that you’ll be required to think about in the aftermath of an emergency or a storm.
Communicate with Your Tenants
First, in any storm or catastrophic situation, make sure your tenant is okay. This is critical, and you want to communicate immediately with your renters and make sure no one was injured.
Assess and Mitigate Property Damage
Next, you’ll need to assess the type of damage you are dealing with, and get the necessary mitigation done. Mitigation is anything we do to immediately stop the continuation of damage. That might be stop-ups, board-ups, tarp-ups, water removal, or water extraction. All the actions that will stop further damage need to be taken care of right away. So, assess your loss, and act quickly. You might have fire damage or hail damage that requires you to board up the house or cover it with tarps. Flood damage means that you’ll need to remove water and check for mold and rot.
File a Claim
Your property manager will likely be the first person you call, and the next call you make should be to the insurance company. Contact your insurance company and file a claim. You’ll need to identify your carrier, find your policy number, and open up a claim. Time is of the essence, so don’t wait.
Meet with Your Insurance Adjuster
When you call your insurance company and begin the claims process, an adjuster will be assigned. When the adjuster schedules a time to visit the property, make sure you have your restoration contractor on site to start the repair work and begin the estimate process.
These are four quick things that you’ll need to take care of within days of a major storm or other incident. Talk to your tenants, mitigate the loss, file a claim, and meet with your adjuster.
To talk more about storm preparation, please contact us at PMI McCaw Properties. We’d be happy to offer additional advice.