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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.

Property owners must understand their options and trusted contacts if a storm, fire, or flood damages their rental. This information is key to ensuring renter safety and successful disaster recovery.

Create a Response Plan

There is no better time than now to start planning for disaster recovery. Drafting a recovery plan can greatly influence how well you recover after a disaster affects your rental home. Preparing in advance means doing what you can now to minimize the effects of natural disasters.

The first step is to buy the right insurance coverage. Subsequently, carry out a detailed evaluation of your properties to identify the natural disaster threat levels. Furthermore, closely inspect each rental home, including retaining wall integrity, the threat from tall trees, and other potential problems.

After a Natural Disaster

If a natural disaster strikes your rental property, your primary concern should be checking on your tenants and ensuring their safety. Next, meticulously document the extent of the property damage, take photographs, and notify the relevant authorities and your insurance company.

When there is substantial damage, your tenants may need to find alternative housing through their insurance, and you should quickly contact inspectors and contractors for repair estimates.

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 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.

Facing a long list of tasks, your best and most efficient option for a speedy recovery is a reliable property management company. Real Property Management Charleston can assess the risk level of your rental property and create a plan to reduce potential damage. Call us at 843-900-4061 or contact us online.

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