Burst Pipes at Multi-Family - Filing an Insurance Claim

[Jon Fletcher]

Hi guys, I just closed on a vacant three-family property right before the holidays. I went there last night and realized that there were two burst pipes, with water gushing from the second floor down to the basement. Any insight on the best way to approach the insurance company? The policy was just bound in mid-December. We're still assessing the damage. 

[Cameron Moore]

Just call to make a claim if you think the cost will be worth it, they will have their adjusters make sure that there was not any pre-existing damage. You do not, however, want to make a claim if the damage is $5k when you may have a $2500 deductible.