What should you do if your rentals caught on fire and was totaled? Lets discuss about the necessary steps to be carried out if this happens.
Immediately you need to contact your insurance company and get a check of the value. You will have a specific time period until which you can claim for the money. As a landlord, you should take note of the following steps:
Make sure you know the value of your property and insure for it completely.
You should include all parts of your property on the policy. Otherwise your insurance company will not cover it.
Hire an insurance adjuster who will make sure that you get the required money. You need to pay 10% of the money you receive to this company.
Properties can be insured either for full replacement or actual cash value. If you have insured for a full replacement, you need a public adjuster who will help you get everything. Other option is actual cash value with which most houses are insured.
On the detailed copy of your insurance policy, you will see some code letters and these codes will be defined on the policy. This is called the certified copy of your insurance policy and you can't get it easily. You need to struggle a lot to get it.
If you have opted for actual cash value and your property is low priced, there might not be any additional charges to pay for the public adjuster in getting your insurance amount.
Immediately you need to contact your insurance company and get a check of the value. You will have a specific time period until which you can claim for the money. As a landlord, you should take note of the following steps:
Make sure you know the value of your property and insure for it completely.
You should include all parts of your property on the policy. Otherwise your insurance company will not cover it.
Hire an insurance adjuster who will make sure that you get the required money. You need to pay 10% of the money you receive to this company.
Properties can be insured either for full replacement or actual cash value. If you have insured for a full replacement, you need a public adjuster who will help you get everything. Other option is actual cash value with which most houses are insured.
On the detailed copy of your insurance policy, you will see some code letters and these codes will be defined on the policy. This is called the certified copy of your insurance policy and you can't get it easily. You need to struggle a lot to get it.
If you have opted for actual cash value and your property is low priced, there might not be any additional charges to pay for the public adjuster in getting your insurance amount.
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