How do you deal with the threat of natural disasters, take the last hurricane (Michael) for an example how can you recover as an investor from a disaster like this?

Especially in Florida when every year (almost) they suffer this kind of threats.

As a flipper its very hard to find insurance company that will be ready to cover your house.

As a home owner for rental: How much will the insurance company will cover in case of total disaster like this? Is it the state responsibility?

Because in the whey that I see it, it's not the question of IF it’s the question of WHEN.

So, what do you think and how do deal with that?

I’m going through this process right now with Hurricane Michael. 12 units in Panama City. Damage runs the gamut from a few trees down at one property to a roof completely gone off of a triplex. My biggest challenge right now is communicating with my property manager (I’m not local). All the cell service is down. I’ve started the insurance claims and the adjusters are starting to arrive, but I can’t figure out how to connect the adjusters with my PM. I’m open to ideas and suggestions! To answer your question: I think the answer is good insurance. Not just on the property to cover damage, but interruption if business use insurance also, so you keep getting rental income paid by the insurance company until your property is back online.

@Will Barksdale my first thought for communication would be email. But you could try Facebook as well. My wife's mother lives in panama city and we have been able to communicate through facebook

@Will Barksdale I’m in the middle of this too. I am a Panama City/ Lynn Haven based commerical Real Estate broker and have nearly 50 residential rentals. All but 3 units (west end of the beach were uNHARMED) have been impacted. Some are total losses. I liked to I purchased in my path of travel (PC, Lynn Haven). We got it right on the chin but Callaway and Mexico Beach are much worse off. I’ve never filed a property insurance claim before in my life until this week. Now I am inindated. For the units that are are worse off or not oppcupied, Id TRY and have your PM put lock boxes on the unit if they can. I’m doing that and discussing it with my tenants for permission. I’m also trying to get it in writing via text about their personal property. Due to the number and magnitude of the claims a CRE clients of mine has suggested an attorney who will coordinate w/ their public adjusters on my behalf. At this point I want to have initial meeting and see where the insurance companines are with their offers to settle (I also had about 70% of policies with one carrier) but every parcel is a seperate claim, deductible, adjuster, process, etc. I have the initial meeting with the attorney tomorrow to see what he has to say and ask questions. Like i said, I’ve never personally had a property insurance claim and now nearly my entire portfolio is a claim. This will be a learning process. I also know that I don’t know everything. Please feel free to PM if we can share resources and ideas on this process. I need all the help I can get. Prayers to all impacted by Hurricane Michael.

@Kevin Wattenbarger We are in a similar boat, but your have more going on that I do. Only 3 properties for me, 12 units. Like you, I’ve never filed a claim before. We will see how it goes!

I am working in Panama City in construction and was wondering how you all have been doing coping with this situation?

Joe Burgoyne