Although your property’s insurance policy is there to help you recover any costs associated with damage resulting from an insured peril, claiming your “rightful” coverage is not an easy process, especially if this is your first experience. It is like a business negotiation requiring various intricate steps, from ensuring a fair settlement to the stabilization of your asset. Consequently, it’s common for multifamily property owners seeking to file insurance claims to have many questions regarding the process. To help, we’ve answered five of the FAQs associated with insurance restoration of damaged properties.
1. WHAT SHOULD I DO BEFORE I FILE A CLAIM?
It is good practice to take pictures of your apartment community, noting the condition of siding, roofs and other external structures like pools or sheds. This way, if damage does occur, due to a storm, you will have before and after images of the areas to make your insurance claim more compelling. For any damaged areas, following a storm, take pictures, measurements of the damage, and write down any additional pieces of information such as the date of the event, the time it occurred, the duration of the weather event, and what you did after the damage occurred.
2. WHAT SHOULD I EXPECT WHEN FILING A CLAIM?
Multifamily insurance claims can be complex and tedious. The very first challenge that most property owners face is confusion over what all is covered under their insurance policy, as comprehending an insurance policy can be a pain. The next challenge is claim delays, lowball estimates, and settlement offers. In addition, property owners often have disputes with insurers over the value of their losses.
3. HOW LONG WILL IT TAKE TO RECEIVE PAYMENT?
How fast you are able to claim your insurance and begin reconstruction depends on your insurer. A few insurance companies, for instance, are faster at handling claims over the rest. Similarly, if you don’t procrastinate with providing the required documents and filing the claim, the process is more likely to be streamlined.
4. WHAT CAN I DO TO RECEIVE A FAIR SETTLEMENT?
When dealing with Condo or HOA insurance claims sometimes it’s best to seek professional help from a Public Adjuster to avoid filing mistakes which could delay repairs. In addition, having a professional review the insurance policy can ensure that fair and accurate payment is made from the insurance company to cover damages.
5. WHAT DO I DO IF MY CLAIM IS DENIED?
If you disagree with your insurance company’s assessment of your property and the extent of the damages, you can request a second inspection. In most cases, this will be done by a separate adjuster. You can also request an independent appraisal.
Having a professional help you file your multifamily claim can help keep everything on track. In addition, having a professional review the insurance policy can ensure that fair and accurate payment is made from the insurance company to cover damages. Should you have questions about your insurance coverage, insurance settlement amount, or if you would like a free claim review we encourage you to give us a call at 833-232-5246.