Multi-Family Residential Insurance Claims
If you are looking for protection in your multi-family residential commercial property, there are a few things that you must actively seek out. You will need a proper insurance analysis of the property, administrative assistance to file the appropriate documents for the process, and professional technical experts to categorize the issues with your building and recommend the appropriate remedy.
The Right Insurance Policy Analysis
In order to make a good adjustment claim, you must first have your commercial insurance policy reviewed. Having your insurance policy analyzed by someone who is qualified to do so, who doesn’t work for your insurance company, will help you to identify and understand all of the benefits to which you are entitled. You will also be able to discover any exclusions that might affect your coverage or ultimate settlement.
In addition, you will need the analysis explained to you in plain language so that you will be able to understand how to apply your coverage and ensure that you receive all of the corresponding benefits. However, your insurance policy is only one of many pertinent documents that may affect your claim. Aside from insurance papers, you may need to also provide your adjuster with maintenance logs, copies of leases, blueprints, rent rolls, invoices etc.
The claims process can be long and tedious, requiring your diligence and patience. Speed is the enemy of a good claim. Among its many responsibilities, the board or management company will need to devote significant time and attention to properly filing a claim on a catastrophic loss. You will want an adjustment claim assistant who will file the documentation that you need on a timely basis. Expect that your insurance company may also attempt to reduce their financial liability based on their technical interpretation of the policy you have with them. This is all business to them; be sure to keep copies of everything you filed or received from them.
We would also highly suggest that you keep all communication with the adjuster in writing. It’s imperative to document your claim as if you were going to need to sue your carrier and make your case in front of a jury of your peers.
You will need a short-term mitigation plan and a long-term reconstruction plan. Costs you incur to protect the property from additional damage (mitigation) will be reimbursed to you, so keep a all of those types of invoices and receipts in a file folder. There is usually coverage for the removal and disposal of the debris. An experienced public adjuster will be able to read your policy, tell you how much coverage you have for this and how to ensure that you receive this benefit.
In some cases you may be entitled to an advance of funds from your insurance carrier. You will need to file all of the necessary paperwork in the appropriate manner in order to receive this kind of assistance. You will also have to manage those funds as well as the costs that are associated with any commercial or residential adjustment claim. The right public adjusting firm will help you to do this in an efficient manner.
If there is a great deal of damage to your property, you will need technical expertise on the scene in order to determine the immediate course of action. Whatever you decide to do, please do not throw anything away; the carrier has the right to examine all damaged property. Until they have given you permission, in writing, to clear the site, you will need to leave it as is. If the debris field is a hazard then you will need to enclose it with a fence. Ask your carrier which vendor they use to do such work. If possible, get the adjuster to agree to accept the bill directly from the vendor so you don’t have to pay it and wait for reimbursement. It is these kinds of issues that can make a qualified public adjuster worth their weight in gold.