Fires can be catastrophic events at any property. When you own a multi-family investment property, you have a number of concerns that you’ll need to address. Is anyone injured? How extensive is the fire damage? Is there water damage from fire rescue efforts? Is any of the property recoverable?
These concerns can seem overwhelming after a fire. Ideally, no one is seriously hurt and you’ll only have to address the property issues. The most important thing a multi-family property owner should do is purchase the appropriate insurance coverage. You should talk extensively with your insurance agent so that you understand what is and is not covered. Ideally, the policy should cover buildings and content insurance so that both you and your tenants are covered.
If you have a fire at your multi-family investment property, you should contact your insurance company immediately. They can help you through the initial process of assessing damage and resolving pressing concerns. It’s also important to contact your multi-family construction company. Hopefully, over time, you’ve developed a relationship with an honest, ethical company that can support you throughout the restoration process.
Often, insurance companies undervalue damage so that payments are smaller. However, if you consult with your contractor earlier, you may be able to find all the damage and notify the insurance company about all the issues you are facing. A good contractor can review your property and work directly with the insurance company to ensure that you are getting the coverage you deserve.
After the fire, you will likely have many issues to deal with. It can be difficult to prioritize, especially when there is extensive damage. Your contractor can help you decide what you need to tackle first. You can then make a list of all the work that needs to be done and set a schedule for completing all the tasks. It may take time to complete all the repairs. Your multi-family construction company can advise you on how to address repairs in a manner that will keep your tenants comfortable and restore your property to its former condition.
A multi-family residence requires a great deal of maintenance. There are constant issues that need to be addressed such as roofs, siding, sidewalk repair and unit upgrades. Plumbing and HVAC issues are part of life in a multi-family residence. You’ll also have to deal with problems like hail, heavy storms and wind damage. Who do you turn to when you need help with these problems?
It’s critical that you hire a properly licenses and insured contractor for your multi-family renovation. You may receive solicitations from a variety of contractors who will offer discounted services. You may have friends or family members who offer to help with your issues. These offers are tempting, but they are risky. What if someone falls and is injured? Accidents happen all the time on jobs like replacing roofing, construction and painting. You could be liable for these accidents if your contractor isn’t properly licensed and insured. You will have to deal with all the responsibility if an accident happens and end up in a lawsuit situation.
A licensed contractor has proven competent and is approved to do business in a city or state. Your contractor should be licensed to perform certain tasks. If you are thinking of hiring a licensed contractor, you’ll be able to check the company’s license with your local Better Business Bureau to see if the company has been the subject of complaints. A clean record with the Better Business Bureau doesn’t ensure that the company is competent, but it will give you some information.
What does it mean if a multi-family construction company is insured? This is probably one of the most critical concerns when it comes to hiring a contractor for your multi-family property. If an accident happens, the insurance coverage comes into play. For example, if a roofer falls and is injured, who will pay? If the company is properly insured, their insurance will cover the medical costs involved. However, if the contractor is not insured, you will be in a difficult situation. A claim will be filed against your business’ insurance. You’ll be liable for the deductible and any costs the insurance doesn’t cover. That’s why it’s so important to hire a licensed and bonded contractor. This will protect you significantly.