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Protect Your Real Estate Investment: Natural Disaster Preparedness

Home that has suffered flood damage.Natural disasters can strike unexpectedly and with minimal warning nationwide. Hurricanes, tornados, wildfires, and flash floods can cause extensive damage to homes and lives across the country.

Property owners must understand their options and trusted contacts if a storm, fire, or flood damages their rental. This information is key to ensuring renter safety and successful disaster recovery.

Create a Response Plan

Now is the ideal time to start planning for disaster recovery. Developing a recovery plan can significantly enhance the recovery process for your rental home after a disaster. Advance planning involves taking current actions to mitigate the worst effects of nature.

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. Furthermore, closely inspect each rental home, including retaining wall integrity, the threat from tall trees, and other potential problems.

After a Natural Disaster

In the event of a natural disaster affecting your rental property, your top priority is to check on your tenants and ensure their safety. Subsequently, document the damage to your property thoroughly with 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 team will coordinate with your insurance company, ensure inspectors and contractors are properly licensed and insured, and assist tenants in finding temporary housing if needed.

When confronted with a daunting task list, your best and most efficient option for a fast recovery is a dependable property management company. Real Property Management Cache Valley can assist in assessing your rental property’s risk level and formulating a plan to minimize damage. Contact us via our website or call 435-753-5200.


Originally Published on December 28, 2018

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