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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. Hurricanes, tornados, wildfires, and flash floods can cause extensive damage to homes and lives across the country.

Rental property owners need to be aware of the proper steps and contacts if a storm, fire, or flood impacts their property. Knowing this is vital for ensuring renter safety and efficient disaster recovery.

Create a Response Plan

Now is the best time to begin planning for disaster recovery. Having a recovery plan can greatly affect your recovery efforts after a disaster impacts your rental home. Preparing in advance means doing what you can now to minimize the effects of natural disasters.

Begin by acquiring adequate insurance coverage. Next, conduct a thorough assessment of your properties to gauge the natural disaster threat level for each. You should also meticulously inspect each rental home, paying attention to the strength of retaining walls, tall trees, and other possible issues.

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. Following that, document the full extent of the damage to your property with photos and notify the relevant authorities and your insurance company.

In cases of severe damage, your tenants might need alternative housing through their insurance provider, and you should immediately contact inspectors and contractors to estimate repair costs and duration.

In a disaster, experienced professionals will ensure your residents’ safety, evaluate property damage, document it with photos, and provide you with the information needed to start 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 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 Affiliates can evaluate the risk level of your rental property and help devise a damage minimization plan. You can contact us online or by calling 713-429-0411.

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