New to Real Estate · NY · Member since 2020 · 196 posts · 29 votes
I have two recently purchased water heaters. The flood from hurricane ida took both pilot lights out along with my roof beginning to leak. How do I properly address these two issues without putting myself at an disadvantage.
I have two recently purchased water heaters. The flood from hurricane ida took both pilot lights out along with my roof beginning to leak. How do I properly address these two issues without putting myself at an disadvantage.
TIA
Have a plumber look at the water heaters. With flood damage, they often need to be replaced, but they can evaluate. Get a roofing contractor in for the roof. Figure out if insurance should be involved based on policy and extent of damage.
So get a professional to come and look at the damages of the roof then submit that to my home owner insurer ?
I would have a professional look at it first, before the insurance adjuster. That way you have a better scope on damage before talking to the insurance company.
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
5y
@Ishmael Johnson first look at your policy. If it is deemed flood damage and you don't have flood insurance you won't be covered. As for a public adjuster it depends on the extent of the damage. I hear people recommend them all the time but not sure about cost benefit.
Water heaters and furnaces can be deemed flood damaged and still be functional. My father had two furnaces that were salt water damaged and he repaired and used them for years. Not always the case but
Real Estate Consultant · Halifax, NS · Member since 2021 · 26 posts · 2 votes
5y
Have several inspectors assess the damage and provide quotes for repair then provide it to the insurance company (which I hope you have). Other than that there is little other solutions.
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
5y
@Ishmael Johnson the FEMA person said they were a total loss and that was part of the insurance settlement but it was up to us to dispose of them. My dad was in sheet metal for years and knew alot about HVAC, he determined with a little work they were functional. He took the risk they could have lasted only a year but I think he had them for 10 or more after that.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
5y
If you have more than 1 Make sure the loss is over $5,000 at least before making a claim. Otherwise you’ll eat up and benefits with the loss of “zero claim” discounts and increased premiums in the future. Plus your property will show the claim on its clue report if hat matters to you or the next buyer if you sell.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
5y
I get 10-20% discount (depending on if it’s vehicle, primary residence, or rental property.) on 14 property policies & 2 vehicles because I have zero claims “in recent history” (don’t remember if that’s 3 or 5 years?).
Anyway, that’s worth about $1500/year. I also carry a $2500 deductible because I’m not making any small claims. So a claim for $5,000 would pay me $2500 which 13 months later I’d be upside down on.
In more than 20 years with more than a dozen properties I’ve made 2 x $30,000 claims (2 different houses had the toilet supply line blow out. Make sure you’re not using the metal hose that looks like snake scales ro knight’s armor.) and I’ve covered 2 “incidents” myself. (Clothes washer water shutoff failed and flooded washroom and hallway for about $2700.) and a tenant claimed “gang members broke in and vandalized the property the day before she was to move out.” (About $1500 over her deductible because she wouldn’t file a police report.)
Paying that $4k out of pocket has saved me at least $20k in premiums.