Investor · Crawfordville, FL · Member since 2015 · 41 posts · 11 votes
Hello,
I am currently thousands of miles away from my townhouse, but was advised by my property manager that my hot water heater has sprang a leak and caused water damage to my home and my neighbors home.
As a result, I plan to make an insurance claim; however, I have never done this process before. I am looking for any advice or insight for working with a property manager and insurance company in regard to this process.
Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
10y
First and foremost... Sorry for your stress/frustration. Insurance issues always suck.
Your insurance broker should be able to walk you through it. It's typically a pretty straight forward process. They'll send out an adjuster to assess the damage/cause/liability. Often they'll get several bids and come to an agreement on how much $$$ is needed to repair the damage. Typically they write you a check and you pay the contractors. (or your PM may) I would highly consider getting an estimate done first to see if it's worth filing a claim over. (Potential for raised rates/Deductible)
Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
10y
First and foremost... Sorry for your stress/frustration. Insurance issues always suck.
Your insurance broker should be able to walk you through it. It's typically a pretty straight forward process. They'll send out an adjuster to assess the damage/cause/liability. Often they'll get several bids and come to an agreement on how much $$$ is needed to repair the damage. Typically they write you a check and you pay the contractors. (or your PM may) I would highly consider getting an estimate done first to see if it's worth filing a claim over. (Potential for raised rates/Deductible)
First and foremost... Sorry for your stress/frustration. Insurance issues always suck.
Your insurance broker should be able to walk you through it. It's typically a pretty straight forward process. They'll send out an adjuster to assess the damage/cause/liability. Often they'll get several bids and come to an agreement on how much $$$ is needed to repair the damage. Typically they write you a check and you pay the contractors. (or your PM may) I would highly consider getting an estimate done first to see if it's worth filing a claim over. (Potential for raised rates/Deductible)
First and foremost... Sorry for your stress/frustration. Insurance issues always suck.
Your insurance broker should be able to walk you through it. It's typically a pretty straight forward process. They'll send out an adjuster to assess the damage/cause/liability. Often they'll get several bids and come to an agreement on how much $$$ is needed to repair the damage. Typically they write you a check and you pay the contractors. (or your PM may) I would highly consider getting an estimate done first to see if it's worth filing a claim over. (Potential for raised rates/Deductible)
Best of luck!
Thanks Ryan
No problem had an arson case this year. So I know the feeling.
Real Estate Investor · Chicago, IL · Member since 2014 · 286 posts · 159 votes
10y
Not that you shouldn't make a claim, but beware that now your insurance rates will go through the roof. The exact same thing happened to me with my water tank and my insurance premium doubled. And you can't switch insurance companies because they all know as you will be required to give loss runs when you try to get new insurance.
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
10y
@Timothy Colman Call your insurance agent ASAP to get the process started. Your PM will need to be in the loop as well to give the adjuster and contractors access to the property.
Not that you shouldn't make a claim, but beware that now your insurance rates will go through the roof. The exact same thing happened to me with my water tank and my insurance premium doubled. And you can't switch insurance companies because they all know as you will be required to give loss runs when you try to get new insurance.
I find it ridiculous that these companies would hike the rates up after a single claim. Insurance companies are crooks!