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Protect Your Real Estate Investment: Natural Disaster Preparedness

Home that has suffered flood damage.Across the nation, natural disasters can occur suddenly and without warning. Hurricanes, tornados, wildfires, and flash floods can cause extensive damage to homes and lives across the country.

Rental property owners must know how to respond and whom to contact if their property is damaged by a storm, fire, or flood. This information is key to ensuring renter safety and successful disaster recovery.

Create a Response Plan

The right time to plan for disaster recovery is now. Developing a recovery plan can significantly enhance the recovery process for your rental home after a disaster. Advance planning involves taking current actions to mitigate the worst effects of nature.

The best starting point is purchasing suitable insurance coverage. After that, assess your properties in detail to determine the natural disaster risk for each one. Also, thoroughly check the condition of each rental home, including retaining walls, tall trees, and other potential hazards.

After a Natural Disaster

If a natural disaster impacts your rental property, your initial priority should be to check on your tenants and secure their safety. Subsequently, document the damage to your property thoroughly with photographs and notify the relevant authorities and your insurance company.

For significant damage, your tenants may need to arrange alternative housing through their insurance, and you should swiftly contact inspectors and contractors for repair estimates.

In a disaster, experienced professionals will ensure your residents’ safety, evaluate property damage, document it with photos, and provide you with the information needed to start recovery. The team will coordinate with your insurance company, ensure inspectors and contractors are properly licensed and insured, and assist tenants in finding 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 of the High Plains can assess the risk level of your rental property and create a plan to reduce potential damage. Contact us via our website or call 806-553-7914.

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