Your insurance policy is a contract with your insurer, and that contract spells out your responsibilities following a loss; you don’t want your insurer to deny any claims or losses because you didn’t follow the correct policy procedures. Here are the five most common mistakes homeowners make when they clean up damage after a disaster.
Your insurer will want to come out and inspect your property before any repairs begin. If you start repairs before then, the insurer may not pay for all or part of the damages, leaving you to cover some of the costs yourself.
Do not throw any damaged items away until your insurer has authorized you to do so. This includes receipts, credit card statements and bank statements, all of which will help support your claim about the values of the lost property. Your policy requires all damaged property to be available for inspection at any time throughout the claim, so don’t prematurely dispose of precious evidence.
The conditions section of your insurance policy includes a clause that requires you to mitigate or prevent further damage to your property. Make temporary repairs like putting a tarp over your roof, or boarding up broken windows, but stop short of removing any evidence of damage.
Inspect the entire property, including basements, attics and outdoor structures. Check the roof for leaks, the foundation for cracks, and make sure your heating and air conditioning systems are working. Make a detailed written list of any damage you find, and be sure to take plenty of photographs.
I have had two major real estate related insurance claims. A partial loss due to Hurricane Charlie and a total loss where a rental property we owned burnt down. The partial losses are trickier and very subjective. Make sure you know what you are doing or get someone involved who does.
In the end, it’s only stuff. You will rebuild and life goes on.
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Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting edge marketing techniques and data driven Real Estate solutions in today’s ever changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.
During the beginning of the housing downturn Steelbridge Realty LLC was the Brokerage arm of several private equity entities. We assisted them with asset modeling and market metrics. Many prominent local commercial projects were included in this scope of transactions. in 2012 Jeff and Cristina bought the other partner out and relocated the company to North Fort Myers. It now serves as a boutique style firm cater to it clients and the community at large.
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