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Protect Your Real Estate Investment: Natural Disaster Preparedness

Home that has suffered flood damage.Natural disasters can strike unexpectedly and with minimal warning nationwide. Hurricanes, tornados, wildfires, and flash floods can cause widespread 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 knowledge is crucial for renter safety and effective disaster recovery.

Create a Response Plan

There is no better time than now to start planning for disaster recovery. Creating a recovery plan can greatly improve the recovery process after a disaster hits your rental home. Advance planning involves immediate actions to lessen the worst nature has to offer.

The ideal starting point is to obtain proper insurance coverage. Subsequently, carry out a detailed evaluation of your properties to identify the natural disaster threat levels. 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

When your rental property is hit by a natural disaster, your first priority must be to check on your tenants and ensure their safety. Then, thoroughly document the damage to your property by taking photographs and notify the relevant authorities and your insurance company.

If the damage is significant, your tenants might need to secure alternative housing via their insurance provider, and you should promptly contact inspectors and contractors to estimate repair costs and time.

In the event of a disaster, skilled professionals will ensure resident safety, evaluate property damage, document it with photos, and provide you with the information needed to begin recovery. They will liaise with your insurance company, verify that inspectors and contractors are fully licensed and insured, and help tenants find temporary housing if necessary.

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 Absolute can help you determine the risk level for your rental property and develop a strategy to minimize damage. You can contact us online or by calling 603-242-2727.

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