Public Adjusters Help Property Managers Get Damaged Assets Back to Normal
Property management companies serve a crucial role for property owners and investors with a portfolio of properties: they provide services that ensure each asset is maximized to its fullest potential to increase the return on investment. And that role doesn’t end when property damage strikes.
As a Property Manager, having a strong relationship with a reputable Public Adjuster can remove the burden of documenting damage, wrangling paperwork for a claim, and communicating with the insurance company and property owner. A Public Adjuster, has the ability to negotiate with the insurance carrier to get the maximum claim settlement so that needed repairs can be made, the property retains its value, and the property remains attractive to prospective tenants or buyers.
When you-know-what hits the fan after a fire, storm damage, or water damage from burst pipes, Property Managers field the onslaught of calls and emails from frustrated tenants, panicked owners, and possibly even emergency first responders needing information.
The thought of adding a time consuming insurance claim and communications with insurance adjusters and contractors is enough to give you a tension headache. And that’s not even considering that the claim could drag out due to denials or low-ball settlement amounts, delaying necessary repairs, making tenants and property owners angry and threatening bottom lines.
Unfortunately, this is the experience of many policyholders without a Public Adjuster to represent them. To sum it up: when it comes to property insurance claims, anything that can go wrong, will go wrong.
Please don’t muddle through filing an insurance claim on your own. When you have an established relationship with a Public Adjuster, they will schedule an inspection as soon as you inform them of the claim. When they visit the site in-person to document the damage they will also recommend any necessary mitigation steps to ensure that your claim coverage is not negatively impacted.
As noted by the Rhode Island Department of Business Regulation, a Public Adjuster will “inform you, the policyholder, of the policy’s deadlines, technical requirements and other terms and conditions, and otherwise advise you on your rights and duties under the policy” (n.d.).
Tiger Adjusters has even developed a proprietary software which cross analyzes severe weather data — like hail or high winds, for example — with our clients’ portfolio properties so that we can notify them in a timely manner if their properties may have been impacted.
Some damage can be hard to spot without special equipment and a trained eye, but leaving it unaddressed can be extremely damaging to the HVAC units and soft metals of the roof. We help Property Managers make sure these haven't been compromised following a weather event to safeguard the condition of your property.
Along with the overarching property damage claim, any tenants impacted will likely have insurance claims of their own to file. Long-term tenants who have made capital improvements will be keen to recoup losses on betterments to the property in addition to the value of lost equipment, furniture, and other items (Enes, 2022).
You can provide value to both property owners and tenants, by having Tiger Adjusters on call to facilitate their insurance claims and helping all parties to recover their losses.
When it comes to unlocking the hidden value in your insurance policy, Tiger Adjusters leaves no stone unturned.
The physical loss itself is one claim, but if your ability to conduct business or generate revenue has been impacted at all then you may have a secondary claim on your hands. Public Adjusters are qualified to “evaluate business interruption losses and extra expense claims for businesses,” which can help recoup financial losses incurred as a result of the property damage (State of Rhode Island Department of Business Regulation, n.d.).
The National Association of Insurance Commissioners explains that “while commercial property [insurance] pays for actual physical damages or losses, [business interruption insurance] covers lost net income due to the closure of the business while repairs are underway. These policies may cover rent or lease payments, relocation costs, employee wages, taxes, and loan payments” (2023).
Don’t miss out on additional settlement money due to an incomplete or inaccurate evaluation of your business interruption insurance policy coverage.
Property management companies engage with Tiger Adjusters because of the high-value services we offer and our focus on serving the policyholder’s best interest. Contact Tiger Adjusters to speak with a licensed member of our team about inspecting your property and monitoring it for future damage.
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BIBLOGRAPHY
SourcesEnes, E. (2022, November 10). Property Loss Management: FAQs for Landlords and Tenants. Woodruff Sawyer. Retrieved January 9, 2024, from https://woodruffsawyer.com/property-casualty/property-management-faq-landlords-tenants/
National Association of Insurance Commissioners (2023, August 25). Business Interruption/Business Owner's Policies (BOP). Retrieved January 9, 2024, from https://content.naic.org/cipr-topics/business-interruptionbusinessowners-policies-bop
State of Rhode Island Department of Business Regulation: Insurance Division (n.d.). Public Adjuster Consumer Outreach Notice. Retrieved January 9, 2024, from https://dbr.ri.gov/sites/g/files/xkgbur696/files/documents/divisions/insurance/consumers/Consumer_Alert_Adjuster.pdf
