Multi-Family Complexes: Dealing with Apartment and Condo Association Insurance Claim Problems
…You quickly assembled a team to interact with the insurance company’s construction experts. We could have easily suffered additional losses had it not been for the timely settlement you negotiated with our insurance company. …We consider the fee of almost $62,000 that we paid for your services to be very reasonable. …
You have moved from the asset side of your insurance company’s ledger (paying premiums) to the liability side of their ledger (you get paid by them for your damages). Know everything you possibly can about the fine print of your insurance policy before you have any substantive dialogue with them. Know what you are covered for and how. It’s not simple. What you say to your insurance company’s adjuster and how you say it can make a dramatic difference in how much you get paid. The more you know, the better the results you will get.
Factors to Consider
When filing a multi-family complex insurance claim, there are many factors that need to be taken into consideration. To help you navigate the process, we have put together several talking points for you to review. Having a full understanding of each of the below bullet points is crucial to documenting, filing, and successfully settling your insurance claim. If any of these questions give you pause, please feel free to reach out to us for a no-cost discussion about your claim.
- Can tenants stay in the undamaged units? Liability issues may make this a dangerous idea.
- If you place displaced tenants in undamaged units, how does it affect your rents claim?
- Your loss of rents claim is more than just submitting lease agreements. Why?
Additional Items to Consider Close
We know that there can be many interests involved in multi-family dwellings. In condominiums, there are the unit owners, the homeowner’s association and the management company. Apartment buildings may involve limited partners, general partners and property managers as well. Our public adjusters manage the entire recovery process. We know how anticipate, and to minimize, the problems that stem from having so many decision makers involved in a claim. Our team of experts will:
- devise a strategy that addresses the interests of owners, tenants, and property managers alike;
- act as a conduit of all communications between stakeholders, including owners, policyholders, and the varying insurance companies; and
- speed up the claims process to get residents back in their units faster
Our focus during the insurance claim process is on the well-being of all the stakeholders. And it stays that way until the building, and every unit, is back in pre-loss condition. We have years of experience in handling multi-family complex claims and we have a long list of satisfied clients who put their trust in our expertise. We are proud to put you in touch with our references. Chances are you will recognize many of them. Read what they wrote about us. After all, who really knows better than someone you know who has been through it before?
Contact us today for more information.
Multi-Family Client References
In addition to almost 5,000 references on our list, some well-known names in multifamily housing are:
Resources for Multi-Family Complex Owners
Adjusting Today Multi-Family Complexes: (Apartment and Condo) An In-Depth Look at Insuring the Many Exposures and Losses
This issue of Adjusting Today takes an in-depth look at this important but often inadequately addressed subject of multi-family insurance problems; including the insurance risks and needs that should be considered by those who own, manage or reside in cooperative or rental apartments, or condominiums. Discussed are the differences between the three, the various risks to which they are exposed, and the coverages available to protect them and to avoid condo insurance problems.
11 Things You Can Do To Make Disaster Recovery Go More Smoothly
By definition, disasters are rarely tame or predictable, and few condominium associations are truly prepared for the full extent and nature of a disaster when it does strike. While recovery is never easy, there are a few key steps you can take before and after an event to help make your insurance claim—which is, after all, the basis for your financial recovery—go just a bit more smoothly.