Hurricane advice - LTR flooded
Deborah R.Pro Member
Real Estate Investor · Tampa, FL · Member since 2016 · 54 posts · 15 votesWho has had their rental significantly damaged by a hurricane/tornado/flooding?
What's the basic steps if the house isn't habitable?
I'm guessing we end the lease, contact insurance, do repairs - then relist it for rent? Pretty sure at least one of my rentals in Tampa is flooded.
Thanks in advance!
its got to be a place with no income taxes and low property taxes for older people on fixed incomes - yet warm weather.
That may be what people want, but that's not what they're going to get. Face it, it costs money to run a government and provide services, and have reserve capacities on standby to do things. I'm just waiting for all of the people who bought Florida land in the past 30 years -- when global warming became widely known in society -- want the federal government to bail them out for declining property values even though they knew they were buying in vulnerable areas. Where is that money going to come from?
All these people on fixed incomes who moved to Florida for the weather and disregarded the consequences and risks can do the same thing as the people on fixed incomes who stayed up North: Rent a cheap apartment or buy a cheap condo. Oh, and accept the fact that they disregarded the risks and therefore shouldn't be bailed out.
I agree. I don't want to bail any of these people out. We're already getting hammered with huge insurance increases because of the damages in these coastal areas. Illinois isn't seeing any wildfires or floods or hurricanes. Why are we seeng increases of 100%?
These people had no problem when the values of their homes doubled and tripled. Some bought at the peak and they need to accept the hit.
As for an area that fits that criteria, I would point to tennessee. Property taxes are next to nothing. No state income taxes. Cheap gas. Home prices are a little inflated but nowhere near as bad as florida or texas. However, you don't get the super warm weather that you get in florida either or say texas either. Tennessee can get a little chilly in the winter months.
But like you said. You aren't going to find perfect. If its perfect, then the price of homes is triple what people want to pay (i.e. san diego type areas).
I'm just wondering what florida is going to do if their coastal areas lose 2i to 30% of their homes. If I had a million dollars, I'm not buying someting on the ocean down there. The insurance, if you can get, would be crazy and its only a matter of time of when a storm is going to take that house out in the next 10 years. Its not a matter of if. Its going to get hit.
There are over 23 million people in Florida and the population has been growing rapidly. It'll be interesting to see what happens moving forward but I feel like Florida will always have something to offer. People do have short memories. Some of the most expensive real estate in the country is in Florida: Gemini Estate (sold for $175M in 2022), Gordon Point (currently for sale for $295M, the most expensive listing in the US), Tarpon Island (~$180M), etc. These people will just self-insure.
Like mentioned above blame the flooding as water damage due to storm breaking windows and blowing rain in. etc. get an attorney and fight the insurance company. They will at a minimum settle. For the lease you can cancel if a unit in not habitable and your tenants renters insurance should cover their belongings.
I used to be a claims adjuster and worked Hurricane Katrina. Flood damage is not covered under homeowners or rental property policies. It used to be covered under a mobile home policy.
Flood insurance is required by lenders if the property is located in a flood zone. If you have not purchased a flood insurance policy, then no coverage for flood damage. Anyone within 50 miles of the ocean or a major river needs flood insurance. Unfortunately, if you community has opted out of the flood insurance program it is unavailable to you.
You would still have coverage under the following types of damage under most homeowners' policies.
1. Wind damage to the exterior of the property.
2. Interior water damage if the exterior was damaged by the direct force of wind or hail and created an opening in the exterior oof the building allowing the water to enter.
3. If you bought the endorsement "Back of Sewer and Drain" then any backup would be covered. up to that limit in your policy. 12 inches of mud would not be a back up. Raw sewage and grey water would be.
4. "on premises blockage" of a sewer line. If something obstructs the sewer line like tree roots, and grey water is trapped in the pipes and overflows the lowest point that could be covered. A sewer service would need to attest to the blockage.
The definition of a flood used to be the inundation with water of two or more contiguous properties or two or more acres.
Your duty now is to preserve and protect the property from further damage. Board it up if needed after mucking it out.
Who has had their rental significantly damaged by a hurricane/tornado/flooding?
What's the basic steps if the house isn't habitable?
I'm guessing we end the lease, contact insurance, do repairs - then relist it for rent? Pretty sure at least one of my rentals in Tampa is flooded.
Thanks in advance!
If you want an aggressive public adjuster, I know the guy. If you have multiple rentals, you may need to seek recovery in the aggregate and then decide your priority of restoration.
This is a bad day, but statistically, you're good for another 100 years, no matter what "expert" pipes up with his uneducated opinion.
Who has had their rental significantly damaged by a hurricane/tornado/flooding?
What's the basic steps if the house isn't habitable?
I'm guessing we end the lease, contact insurance, do repairs - then relist it for rent? Pretty sure at least one of my rentals in Tampa is flooded.
Thanks in advance!
If you want an aggressive public adjuster, I know the guy. If you have multiple rentals, you may need to seek recovery in the aggregate and then decide your priority of restoration.
This is a bad day, but statistically, you're good for another 100 years, no matter what "expert" pipes up with his uneducated opinion.
I'll definitely take a referral for a public adjuster. Thanks!
I'll definitely take a referral for a public adjuster. Thanks!
I'll PM you.
The last Asheville catastrophic flooding was within 5 years of the last Tampa hurricane. You're also comparing the mountainous region of North Carolina with an oceanfront region of Florida rather than something a little more intellectually honest such as the saltwater marsh and lowland regions of North Carolina on the Atlantic ocean. It's not a very good comparison. So, you're not really doing a good job making a solid argument here.
The last Asheville catastrophic flooding was within 5 years of the last Tampa hurricane. You're also comparing the mountainous region of North Carolina with an oceanfront region of Florida rather than something a little more intellectually honest such as the saltwater marsh and lowland regions of North Carolina on the Atlantic ocean. It's not a very good comparison. So, you're not really doing a good job making a solid argument here.
Looks like someone removed the original post. This one should stay though. There are lots of outside people spouting idiocy these days. They're like children that provoke for attention. And they're almost never local. Locally here in Western NC, we're all together for the cause of helping each other, especially the most needy, rebuilding, etc. The energy, dedication, sacrifice, and unity is unbelievable. These armchair quarterbacks need to come over here and jump in to help, or otherwise find something else to gossip about, out of respect. We're mourning the loss of friends and neighbors, some of which haven't been found yet, not to mention favorite places, small businesses, animals, you name it. While dealing with property damage, our kids' PTSD, loss of income, car loss, etc. And you want to say we disregarded risks. Please come say that to me in person. I'll send you my address.
For keyword followers, this post is about Asheville, Swannanoa, Fairview, Burnsville, Black Mountain, Spruce Pine, Bakersville, Weaverville, Barnardsville, Old Fort, Fletcher, Hendersonville, Mills River, Candler, Red Hill, Mars Hill, Marshall, Woodfin, Erwin, and many other great places we call home.
Looks like someone removed the original post. This one should stay though. There are lots of outside people spouting idiocy these days. They're like children that provoke for attention. And they're almost never local. Locally here in Western NC, we're all together for the cause of helping each other, especially the most needy, rebuilding, etc. The energy, dedication, sacrifice, and unity is unbelievable. These armchair quarterbacks need to come over here and jump in to help, or otherwise find something else to gossip about, out of respect. We're mourning the loss of friends and neighbors, some of which haven't been found yet, not to mention favorite places, small businesses, animals, you name it. While dealing with property damage, our kids' PTSD, loss of income, car loss, etc. And you want to say we disregarded risks. Please come say that to me in person. I'll send you my address.
For keyword followers, this post is about Asheville, Swannanoa, Fairview, Burnsville, Black Mountain, Spruce Pine, Bakersville, Weaverville, Barnardsville, Old Fort, Fletcher, Hendersonville, Mills River, Candler, Red Hill, Mars Hill, Marshall, Woodfin, Erwin, and many other great places we call home.
I feel for you man. I've been going to disaster zones since the Joplin tornado and will never forget buying toys for kids who lost their mom. I wasn't able to respond to this earlier because I've been running to the Tampa area every day to help out there. Hurts seeing this in your part of the country. My grandparents used to live in Sylva. We were going to buy a cabin in that area as an escape plan for hurricanes and to relive some childhood memories. Not sure what the plan is now. It especially sucks with what I know about flood insurance. We're praying for you all.
I feel for you man. I've been going to disaster zones since the Joplin tornado and will never forget buying toys for kids who lost their mom. I wasn't able to respond to this earlier because I've been running to the Tampa area every day to help out there. Hurts seeing this in your part of the country. My grandparents used to live in Sylva. We were going to buy a cabin in that area as an escape plan for hurricanes and to relive some childhood memories. Not sure what the plan is now. It especially sucks with what I know about flood insurance. We're praying for you all.
I’m sorry to hear about the flooding in your rental property. If the house isn’t safe to live in because of damage, here’s what you’ll need to do. First, make sure your tenants are safe and have a place to stay while repairs are being made, or you can break their lease if the lease allows due to "acts of God." Once they’re taken care of, you’ll want to take lots of pictures and videos of the damage to show your insurance company. This helps them see what happened so they can pay for repairs. If the house is really damaged and can’t be lived in for a while, you might need to end the lease with the tenants. This means telling them in writing that they don’t have to pay rent anymore since the house isn’t safe.
Next, you’ll need to call your insurance company and let them know about the damage. They’ll send someone to look at it and (hopefully) help pay for the repairs, but you'll likely want to use an aggressive private adjuster that is going to advocate for YOU.
You’ll also want to start fixing the house by hiring good workers to make it safe again. This can take time, so be patient. If you have a property manager, they can help you a lot with this process. They can talk to the insurance company for you, make sure repairs are done quickly, by licensed professionals, and keep your tenants updated (if needed). They can also handle all the paperwork and help with any legal stuff you might need to know.
One thing that can help you and your tenants in the future is making sure your renters get renter’s insurance. This helps cover their stuff if the house gets damaged, and in some cases, it can even help them pay for somewhere to stay while repairs happen. Some renters’ insurance can also help add more coverage to your property’s insurance. That way, if something like this happens again, both you and your tenant will have extra protection and support.