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Protect Your Real Estate Investment: Natural Disaster Preparedness

Home that has suffered flood damage.Across the nation, natural disasters can occur suddenly and without warning. Natural events such as hurricanes, tornados, wildfires, and flash floods can result in severe damage to homes and lives nationwide.

Rental property owners must know how to respond and whom to contact if their property is damaged by a storm, fire, or flood. This information is key to ensuring renter safety and successful disaster recovery.

Create a Response Plan

The right time to plan for disaster recovery is now. A well-thought-out recovery plan can have a significant impact on your recovery after a disaster affects your rental home. Advance planning involves immediate actions to lessen the worst nature has to offer.

The best starting point is purchasing suitable insurance coverage. After that, assess your properties in detail to determine the natural disaster risk for each one. Moreover, diligently examine each rental home, considering the strength of retaining walls, the risk from tall trees, and other possible problems.

After a Natural Disaster

When a natural disaster affects your rental property, the first thing you should do is check on your tenants and ensure their safety. Next, meticulously document the extent of the property damage, take photographs, and notify the relevant authorities and your insurance company.

If the damage is significant, your tenants might need to secure alternative housing via their insurance provider, and you should promptly contact inspectors and contractors to estimate repair costs and time.

During a disaster, a team of experienced professionals will ensure resident safety, assess property damage, document it with photos, and give you the necessary information to begin recovery. The professionals will coordinate with your insurance company, confirm inspectors and contractors are fully licensed and insured, and assist tenants in locating temporary housing if needed.

When overwhelmed with tasks, a dependable property management company is your best and most efficient choice for a quick recovery. Real Property Management Concierge can assess the risk level of your rental property and create a plan to reduce potential damage. Contact us via our website or call 201-514-1603.

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