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Fire & Water - Cleanup & Restoration

Checklist for Landlords After a Storm

8/29/2019 (Permalink)

Ceiling damaged after a storm Ceiling damaged after a storm in Haysville, KS

A multifamily unit can be a profitable commercial property. When a storm hits in Haysville, KS, however, you have a responsibility to your tenants to act quickly. Their renter's insurance covers their property but your insurance is responsible for yours. Here are four things you need to do as soon as possible when an emergency occurs.

Establish Communication With Tenants

This may be your business, but it's also your tenants' homes. It is important to keep them informed of every facet of the storm cleanup process that affects them:

  • Extent of damage
  • Timeline for restoration
  • Whether or not they need temporary housing
  • When they can expect to return

Keeping the lines of communication direct and open can help ensure your tenants' willing cooperation.

Call Repair Professionals

You want to get the restoration process started as soon as you can. The best way to do that is to call local flood cleanup specialists as soon as the storm is over. They can help distinguish between the items that are covered by renter's insurance and the ones covered by your property policy. They can also give you an estimate of the expected cost of the restoration.

Contact Insurance Company

Another important call to make is to your insurance company. An adjuster can come out to assess the damage and validate your claim. Assuming you have the proper insurance coverage to pay for the repairs, this can help ease some of the financial burden.

Keep Up With Finances

Your flood insurance may not cover all the costs of the repairs necessary to make the property habitable again. Keeping meticulous financial records of the costs, your insurance coverage and the excess that you have to pay out of pocket is useful. You may be able to deduct the amount that isn't covered from your taxes as long as you've documented it properly.
Renter's insurance and your property policy may cover a lot of the costs of repairs. The key is to act fast and stay in contact with your tenants.

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