Property Management Blog

How Do I Know What Insurance Will Cover in a Rental Emergency?

System - Tuesday, August 28, 2018

When it comes to emergencies at a rental property, owners want to know what they’re going to pay for, and what they’re not going to pay for. Today, we’re talking about restoration and insurance.

Filing an Insurance Claim

Property managers have a lot to keep track of. We need to know the owner’s carrier, deductible, what’s covered, what’s excluded, the coverage limits, and everything that has its own line in an insurance policy. Every insurance company will have a toll-free claim number. That’s where you need to start when you have damage that’s covered by your insurance policy.

Call in your insurance claim, and let the company know what happened. They will ask the same questions. They’ll want to know if mitigation has been done, and if the property is secure. Then, they’ll get into your different policy details. There will be pitfalls for property managers when dealing with these emergency calls, especially when it comes to the nitty gritty of insurance coverage.

Working with Restoration Contractors and Insurance Adjusters

Your property manager is an expert in tenant placement, rent collection, and maintenance. But when an insurance claim pops up, a good property manager will defer to experts. With fires, floods, and damage that requires reconstruction, your property manager will likely step back and allow your insurance company to communicate directly with the mitigation experts who are taking care of your investment property.

Contractors and insurance adjusters are trustworthy professionals who are not out to get you. They don’t want to cheat you out of money. Their job is to protect your property, and everyone will work together and collaborate towards that goal. You don’t want your property manager trying to be a contractor or an insurance adjuster. Let everyone handle their own area of expertise.

Choose the Right Vendors for Each Situation

Things come up, and if a tenant trashes a property or there’s vandalism, property managers will take care of those things in the normal course of their business. You need specialized professionals and contractors in a storm situation or an emergency. Restoration contractors aren’t doing new construction or remodels. Their specialty is getting in and working the insurance claim. They will work with the adjuster to repair the damaged portion and put the property back to the way it was. That’s what the insurance carrier owes you.

This can be confusing, and if you have any questions, please don’t hesitate to contact us at PMI McCaw Properties.