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Protect Your Real Estate Investment: Natural Disaster Preparedness

Home that has suffered flood damage.Natural disasters often hit the nation with little or no warning. Events like hurricanes, tornados, wildfires, and flash floods can lead to significant destruction nationwide.

Rental property owners must know how to respond and whom to contact if their property is damaged by a storm, fire, or flood. Understanding these steps is essential for protecting renters and recovering efficiently from disasters.

Create a Response Plan

Now is the best time to begin planning for disaster recovery. A well-thought-out recovery plan can have a significant impact on your recovery after a disaster affects your rental home. Preparing in advance means doing what you can now to minimize the effects of natural disasters.

Starting with the purchase of appropriate insurance coverage is recommended. Follow this by thoroughly assessing each property to understand its natural disaster threat level. Moreover, diligently examine each rental home, considering the strength of retaining walls, the risk from tall trees, and other possible problems.

After a Natural Disaster

When a natural disaster affects your rental property, the first thing you should do is check on your tenants and ensure their safety. Following that, document the full extent of the damage to your property with photos 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.

During a disaster, a team of experienced professionals will ensure resident safety, assess property damage, document it with photos, and provide the necessary information to start your recovery. The professionals will coordinate with your insurance company, confirm inspectors and contractors are fully licensed and insured, and assist tenants in locating temporary housing if needed.

When overwhelmed with tasks, a dependable property management company is your best and most efficient choice for a quick recovery. Real Property Management One Source can assess the risk level of your rental property and create a plan to reduce potential damage. Contact us online or call 214-721-0727.


Originally Published on December 28, 2018

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