If your multi-family property has been seriously affected after a storm, fire or other serious incident, you may have a major rehabilitation project on your hands. Most serious repairs can’t be put off. You may have leaky roofs, broken windows, damaged paint jobs and a host of other issues. You will need to immediately contact your insurance agent.
You should fully document the damage that has occurred on your property. Take pictures of all the problems you find and keep a comprehensive list of all the damaged items. If you have a relationship with an experienced contractor, contact them for help with documentation. They will be able to find damage that may not be obvious to the naked eye. They can inspect your roofing, electrical systems, roofing and other parts of the building to insure that they are intact. It’s important to work with a contractor that has significant experience with multi-family properties. The company should have expertise in electrical, roofing, painting, plumbing and concrete issues so that they can fully assist you with the process.
Your insurance company may require a lot of paperwork and inspections before they pay you for damages. Some insurance companies have out-of-date information about the costs involved in repairing the damage to property. They may try to get you to agree to a lower settlement than you need. An experienced repair contractor will be able to help you work with the insurance company.
It’s common for both the claimant and the insurance company to conduct inspections of any damage. Typically, claimants must provide inspection reports at the time that they file the claim. A good contractor can provide you with comprehensive pre-inspection. Most insurance companies require inspections on roofing, HVAC, electrical components and plumbing as a part of the insurance claims process. An experienced contractor can help not only with the inspection but with the process of interacting with the insurance company.
Your contractor may provide you with a different estimate than the amount offered by the insurance company. This may happen when the insurance adjuster misses damaged items. The insurance company may not have information on current market pricing which can lead to a low estimate. A good contractor can communicate with your insurance company to help resolves these discrepancies.