Investing in real estate is more than just a financial transaction; it's a commitment to a long-term wealth-building strategy. As a property investor, your primary goal is likely to maintain—and optimally increase—the value of your investments over time. However, the unpredictability of storms or unforeseen damages can disrupt this plan, potentially jeopardizing both your property and the significant resources you've poured into it.
A single extreme-weather event can knock your plan completely off course. Imagine spending years cultivating a property, ensuring it meets market demands, adheres to regulations, and provides a steady income stream. Then damages incurred from a catastrophic event like a hurricane, severe hailstorm, or unexpected fire derails your carefully planned investment strategy.
By establishing a relationship with a licensed Public Adjuster at Tiger Adjusters, you can help ensure the viability of your property, increase its longevity and secure your return on investment. Public Adjusters act as advocates for property insurance policyholders in negotiating insurance claims.
Working with a Public Adjuster can provide critical advice, accelerate the claims process, and result in a larger settlement for the insured individual (Loht, 2023).
If you are building a portfolio of multiple properties in a specific region, it is even more important to consider a Public Adjuster—the impact from one major storm could do serious damage to several of your assets and leave you with the huge headache of handling multiple insurance claims simultaneously.
Your investment property generates a valuable stream of income for you. That can mean there’s additional pressure to resolve claims quickly and fully. A faster settlement with an adequate payment allows you to repair the damaged property sooner, lessening the impact on your tenants and on your bottom line.
Opting to hire a Public Adjuster can also eliminate the inherent conflict of interest that occurs when an insurance company is responsible for both assessing damage and reimbursement for repairs (Watrude, n.d.). Owners of multiple properties can find the aftermath of a catastrophic event overwhelming, making it easy to accept a low-ball offer out of frustration and be shortchanged on a settlement.
Ultimately, the expense of insurance coverage should protect your investments, not make it harder to maintain your returns.
Adding a Public Adjuster to your property damage claims is one of the most effective ways to minimize these risks. A 2009-2010 review of non-catastrophic claims in Florida (those unrelated to a declared state of emergency) found average payouts were more than 500 percent higher when a Public Adjuster assisted (FAPIA, 2010).
Juggling multiple properties is no easy task. Public Adjusters can support your efforts to monitor properties throughout the year and spot damage before the opportunity to file a claim passes by. They even have the ability to pull historical reports to see if any significant events might have impacted your property to ensure no damage goes unnoticed.
The Tiger Adjusters team is experienced in both residential and commercial property insurance claims. Reach out today to learn how our services can strengthen your property management plan.
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BIBLIOGRAPHY
Loht, T. (Host). (2023, April 17). Reduce Your Risk – How Public Adjusters Help Investors Use Insurance Policies with Andy Gurczak [Audio podcast episode]. The Passive Wealth Strategy Show. NT Capital LLC. Retrieved from https://www.passivewealthstrategy.com/epoisode-526-andy-gurczak/
Watrude, B. (n.d.). How Public Adjusting Works for the Real Estate Investor. Fort Wayne REIA. Retrieved from https://fortwaynereia.com/how-public-adjusting-works-for-real-estate-investors/
FAPIA. (2010, January 13) OPPAGA Report No. 10-06. Retrieved from https://www.fapia.net/value-of-a-public-adjuster.html
