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Protect Your Real Estate Investment: Natural Disaster Preparedness

Home that has suffered flood damage.Nationwide, natural disasters are notorious for striking with little to no warning. Hurricanes, tornados, wildfires, and flash floods can wreak havoc on homes and lives throughout the nation.

If a storm, fire, or flood damages their property, rental property owners need to know what actions to take and whom to trust. This knowledge is crucial for renter safety and effective disaster recovery.

Create a Response Plan

There is no better time than now to start planning for disaster recovery. Creating a recovery plan can greatly improve the recovery process after a disaster hits your rental home. Advance planning involves immediate actions to lessen the worst nature has to offer.

The ideal starting point is to obtain proper insurance coverage. Subsequently, carry out a detailed evaluation of your properties to identify the natural disaster threat levels. Also, thoroughly check the condition of each rental home, including retaining walls, tall trees, and other potential hazards.

After a Natural Disaster

If a natural disaster impacts your rental property, your initial priority should be to check on your tenants and secure their safety. Then, thoroughly document the damage to your property by taking photographs and notify the relevant authorities and your insurance company.

For significant damage, your tenants may need to arrange alternative housing through their insurance, and you should swiftly contact inspectors and contractors for repair estimates.

When a disaster occurs, seasoned professionals will ensure your residents’ safety, assess property damage, document it with photos, and give you the required information to start recovery. They will handle coordination with your insurance company, make sure inspectors and contractors are fully licensed and insured, and aid tenants in securing temporary housing if required.

Facing a long list of tasks, your best and most efficient option for a speedy recovery is a reliable property management company. Real Property Management Boston can assist you in assessing the risk level for your rental property and planning to minimize damage. You can contact us online or by calling 617-522-0099.


Originally Published on December 28, 2018

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