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.