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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 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. Knowing this is vital for ensuring renter safety and efficient disaster recovery.

Create a Response Plan

Now is the ideal time to start planning for disaster recovery. Creating a recovery plan can greatly improve the recovery process after a disaster hits your rental home. By planning in advance, you can take present actions to reduce the severity of natural disasters.

The ideal starting point is to obtain proper insurance coverage. Then, perform a comprehensive assessment of your properties to ascertain the natural disaster threat level of each. Additionally, carefully inspect each rental home, focusing on retaining wall strength, tall trees, and other potential issues.

After a Natural Disaster

When your rental property is hit by a natural disaster, your first priority must be to check on your tenants and ensure their safety. Then, thoroughly document the damage to your property by taking photographs and notify the relevant authorities and your insurance company.

If there is major damage, your tenants may need to arrange alternative housing via their insurance, and you should promptly contact inspectors and contractors to estimate the repair costs and time.

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.

When faced with a lengthy task list, having a reliable property management company is the most efficient way to ensure a speedy recovery. Real Property Management Commonwealth can help you determine the risk level for your rental property and develop a strategy to minimize damage. Contact us online or call us at 617-299-2342.

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