Property managers already have a lot on their plate, we get it. However, we highly encourage you to add insurance claims to your list of things to learn about so you can better protect your association clients when faced with damages. Your trusted partner at Altieri Insurance Consultants Fort Lauderdale is here to help you out by showing you some best practices when handling claims as a property manager!
Document Everything Like Your Life Depends On It
A single document can be enough to tip the scales in an insurance settlement. To play it safe, you should collect all of the details you possibly can so the scale is almost always weighed in your favor. Understanding the simple premise that the insurer is for the insurer, and that you must protect your own interests in the claim is the best place to start should you have a significant damage claim. Placing yourself and your clients in the right mindset is key from the very beginning, even before you encounter damages to your buildings and common elements.
Condo HOA managers should document everything from the time of the incident and anything that follows, including:
- Conversations between you and your insurer
- Invoices from contractors
- Emails or letters sent out to residents
If communications relate to your claim in any way, it’s best to hang on to them just in case. You never know when you’ll be asked to present a piece of evidence regarding your condo damage, and it’s always best to have it on hand.
Paint a Picture For Your Insurer – Make Them Believe You
Sometimes, an invoice for repairs isn’t enough to convince your insurance provider that your condo’s damage was substantial enough to warrant a proper settlement. Make them see your position by taking as many photos as you can before you start on repairs. We always recommend that you call one of our public adjusters to complete the photo process because we know exactly what photos to take and what angles to take them from, so your insurance provider will better understand the extent of your damage. Video evidence can also help. Videos and photos help tell your story, giving your insurer a point of view from your perspective.
Don’t Stop Documenting!
Don’t let up just because you officially filed your claim. A lot can happen to a condo while you’re waiting for an offer, so it’s best to continue gathering and collecting data that can help you receive a higher settlement. Try as you may to prevent further damage, if it is severe enough damages will accelerate as time passes. Professional public adjusters can anticipate this degrading effect and plan for it in their claim preparation and presentation to the carrier to be sure you have the best chance at full recovery.
Be Better Prepared For Next Time
The best thing you can do to increase your chances of a fair settlement is proactive planning. Do everything you can to set yourself up for success when property damage inevitably hits your Florida condo. Learning from this article is the first step, and having a team of trusted public adjusters on call is the next best thing you can do. Your public adjusters can review your policy from a claims perspective, ahead of time to make sure everything is in order before you need it.
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Additional Tips For Condo HOAs:
- Be quick in reporting your insurance claim. Delayed reporting comes with many risks.
- Make sure your residents know the safety procedures. Send them guidelines to follow in case of an emergency.
- Find public adjusters you can trust. They’re your property management partner in handling claims.
Condo HOA Managers Have a Friend In Altieri Insurance Consultants!
Altieri Insurance Consultants Fort Lauderdale is the partner property owners rely on. We handle your insurance claim so you can get your life back, and we lend a helping hand to condo HOAs with condominium management services that offer you guidance on how to better protect your property and bring it back to its full glory should disaster strike.
