Due to water leaks, frozen pipes, and natural disasters, property damage can create a major interruption to your investment. For example, a water leak may start in one unit and spread to several others. In cases like this, tenants may decide to break their lease and leave the property. In more severe cases, where the units become uninhabitable, the owner may be required to provide temporary housing until the damage can be repaired.
To survive these types of property losses and the business interruption they cause, one needs to understand the insurance policy and their rights and obligations during a very time-consuming and stressful claims process.
Why Does Insurance Matter?
Some investors may not know how to leverage the expertise of a public insurance adjuster. Understanding how to maintain or increase the value of your investment by processing a claim is pivotal, and the claims process is often not utilized to its highest capacity.
As they are not affiliated with your insurance company, public insurance adjusters are a great way to maximize your property value. When your insurance company assembles its team to protect their financial disclosure towards your property, you have the right to get the settlement you deserve by bringing in your experts. Take this question into consideration: would you hire the IRS to do your taxes? So don’t let your insurance company decide what they should pay you for your losses.
The Purpose of Public Insurance Adjusters
Public insurance adjusters navigate through the variety of landscapes associated with property claims and regulations. They typically work on a small contingency fee in certain states, so there is no extra money being taken out of your pocket. They have a fiduciary responsibility to help compensate policyholders in times of loss. On average, claims are maximized anywhere from 100 to 800+%. Public Insurance Adjusters will also routinely inspect these properties to stay on top of any potential losses and work to ensure the property’s value is maintained or increased.
Are you searching for ways to understand insurance claims and why public insurance adjusters matter? Give us a call at Colony Hills Capital and talk to our experts!