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Protect Your Real Estate Investment: Natural Disaster Preparedness

Home that has suffered flood damage.Natural disasters often hit the nation with little or no warning. Hurricanes, tornados, wildfires, and flash floods can wreak havoc on homes and lives throughout the nation.

Rental property owners need to be aware of the proper steps and contacts if a storm, fire, or flood impacts their property. Knowing this is vital for ensuring renter safety and efficient disaster recovery.

Create a Response Plan

This is the best moment to start planning for disaster recovery. Having a recovery plan can greatly affect your recovery efforts after a disaster impacts your rental home. Preparing in advance means doing what you can now to minimize the effects of natural disasters.

Begin by acquiring adequate insurance coverage. Follow this by thoroughly assessing each property to understand its natural disaster threat level. Additionally, carefully inspect each rental home, focusing on retaining wall strength, tall trees, and other potential 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. Following that, document the full extent of the damage to your property with photos and notify the relevant authorities and your insurance company.

If there is major damage, your tenants may need to arrange alternative housing via their insurance, and you should promptly contact inspectors and contractors to estimate the 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. The professionals will coordinate with your insurance company, confirm inspectors and contractors are fully licensed and insured, and assist tenants in locating temporary housing if needed.

When confronted with a daunting task list, your best and most efficient option for a fast recovery is a dependable property management company. Real Property Management Dominion can assess the risk level of your rental property and create a plan to reduce potential damage. Contact us online or call us at 757-395-4274.

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