Apartment Property Damage Claims
As the owner or property manager of an apartment building or complex, you have many things to deal with when a disaster strikes, including the responsibility for tenants and their property and understanding how your insurance claim handles government subsidy programs. This is all in addition to the actual damage or loss of the property. Since 1946, our licensed public adjusters have lifted the burden off owners and property managers by handling every step of the claim. We evaluate and document not only the physical damages, but also the income lost from business interruption.
Seven alarms and 85 fire fighters later, our entire south building had burned down to the garage level...It was at this time that I learned of a profession that is known as Public Adjusters…We quickly concluded that our expertise was not in maximizing insurance claims…The question was – ‘who should we use?’…One name came up again and again. It was Adjusters International (AI)…Everyone had glowing comments about their experiences with Al and Drew. After getting agreement from our lender, Bank of America, we entered into an agreement to have AI represent us…Complicated insurance claims in excess of $10mm are not pleasurable experiences…Choosing someone who will work hard until the claim is closed is critical. Adjusters International did just that.
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You just suffered serious damage to your apartment complex and you are wondering what to do next.
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You call your insurance company and wait for an adjuster to come out, hoping that they will have your best interests at heart.
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3
You moved from the asset side of your insurance company's ledger to the liability side.
We Can Help
Knowing everything you possibly can about the "fine print" of your insurance policy before you have any substantive dialogue with your insurer is an absolute necessity. Know what you are covered for and how to claim it. What you say to your insurance company's adjuster and how you say it can make a dramatic difference in how much you get paid. The more you know, the better the results.
Apartment Factors To Consider
Be sure to understand each of the following factors before engaging with the insurance company. Knowledge is the key to a successful claim outcome.
- What is my broker's/agent’s role?
- Does the adjuster work for us or the insurance company? Why they can't work for both. Conflict.
- Does the insurance company pay for professionals necessary to evaluate my claim? Are they working for me or them?
- Can a contractor negotiate my claim? Why it's a bad idea.
- Warranties and Protective Safeguard requirements. What do they mean? Can I still collect if I am not in full compliance?
- Is there coinsurance in my policy? What does it mean?
- How is actual cash value determined? Why should I care?
- Why is my loss of rents claim more than just submitting lease agreements?
- Do I have to replace on the same site? Can I buy or build elsewhere?
- Can I collect code coverage allowances if I build elsewhere?
- Can I compensate employees who help with cleaning or restoration?
- Can I do the repairs myself?
- Replacing my building versus cashing out. What are the benefits? The pitfalls?
- Is the insurance company using an independent building to prepare a bid? Who are these consultants? Who are they working for? Do they only work for insurance companies?
- How quickly can I get started rebuilding?
- Are relocation expenses for Section 8 Housing tenants covered?
- Are my continuing property management fees covered?
- Can my tenants stay in the undamaged units? How does it affect my rents claim? What about liability issues?
- How does my policy address increased costs due to new codes? If my coverage is limited, what can I do about it?
- Does my policy allow green building upgrades?
- Will the insurance company pay for a construction manager?
- Does my policy pay for the removal/storage/disposal of my tenants’ personal property?
- Is it always beneficial for my building/property to be considered a “total loss?” If not, why not?
- How do I deal with lead & asbestos? What if my coverage is limited?
- What is the difference between a schedule of values and a schedule of limits?
- What does Title 24 and handicap access mean to me and my claim?
The Difference Public Adjusters Make
We work exclusively for YOU, not the insurance company. Our insurance professionals have managed and negotiated thousands of claims for nearly every type of natural and man-made disaster. Local in our approach, we have over forty offices across the U.S. and Canada, and an unmatched network of expert resources to efficiently mobilize and be at your side.