As the owner or manager of a multi-family residential property, you may already be aware that filing an insurance claim for this building will be different than filing a claim for your home. Whether you need to make a claim for fire or water damage, or weather-related damage you can follow these tips to make the insurance claim filing process easier.
Inspect All Units for Damage
Even if you’re sure the damage was limited to one apartment, it’s important that you inspect all of the units in the building for damage. Look for signs of damage on the outside of the building, the individual units, and consider hiring a roofing expert to inspect the roof as well.
Document All Damages
When damage occurs in your multi-family dwelling best practice is to keep good records of all the damage that has occurred. This means taking detailed photos of the siding, roof, external structures, internal damage, and external damage.
If you have “before” photos of your building and apartments that will be extremely beneficial when making your claim.
When documenting damage, you should keep detailed notes that include the date and time the damage occurred, how the damage occurred, what you did after the damage occurred, estimates for repair, and any other pertinent information.
Contact Your Insurance Company
If the damage sustained to your apartment community is extensive, you should contact your insurance company to file a claim as quickly as possible. Keep in mind that some insurance policies have time limits, for how long you can wait to a claim and still receive funds to repair the damage.
It’s important that you understand the details of your insurance policy so you can be sure you take the proper precautions and steps when filing an insurance claim.
What Should I Expect When Filing a Claim?
Multifamily insurance claims can be both complex and tedious. One of the biggest challenges that property owners often face is confusion over what all is covered under their insurance policy. Some other challenges they will likely face are claim delays, low estimates, and settlement offers. It’s also common for property owners to have disputes with their insurer over the value of their losses.
For this reason, working with an insurance adjuster is extremely beneficial to multi-family property owners. An adjuster will offer professional help and support for the entire claim process. They will help you avoid filing mistakes that could delay repairs, and will also offer a professional review of your insurance policy to ensure that fair and accurate payment is made.
How Long Will it Take to Receive Payment?
The speed of which you will be able to claim your insurance and begin reconstruction on your multi-family building depends on your insurer. Some insurance companies move faster than others and will process claims quicker. While this is out of your control, another way to make the process move faster is promptly making your claim and providing your insurance company with all the required documents as quickly as possible. The more efficient you are in getting them the needed information, the more streamlined you will make the process.
What if My Claim is Denied?
If you disagree with your insurance company’s assessment of your property and the extent of the damages, you are allowed to request a second inspection. In most cases, this will be done by a separate adjuster, and you can also request an independent appraisal be done.
An insurance adjuster can assist you in the process and will work to make sure you receive a fair settlement for the damage that was incurred.
Contact Us Today Regarding Your Multi-Family Residence Claim
The majority of insurance claims are underpaid by insurance companies. This is one of the biggest reasons why working with an insurance adjuster is to your advantage and will ensure you receive a fair settlement.
If you have questions or are unsure as to whether you should accept the offer from your insurance company, contact us today for assistance with your apartment building insurance claim. Our team will work on your behalf to ensure that your claim is paid fairly and the maximum settlement for your claim is paid.
If you have questions about your insurance coverage, insurance settlement amount, or if you would like to learn more about how we can assist you we encourage you to give us a call today.