Property managers are in charge of completing everyday tasks for residential and commercial rental buildings. However, another crucial role of property managers involves dealing with commercial property insurance claims when disaster strikes. When property managers are well-informed on what to do if fire damage or flood damage occurs, they can receive reimbursement faster to hire the right commercial property restoration company.
Paul Davis Restoration of North Dallas, located in Carrollton, TX, and serving North Dallas and the surrounding areas, specializes in both residential and commercial restoration services. Here, we explain what a property manager is, how to file a claim, and how property managers can minimize risk.
What Is a Property Manager?
A property manager is an individual who manages a residential or commercial property. They are hired by property owners to take care of everyday tasks and other aspects of maintaining a rental property. This can include renting out units, retrieving rent, and organizing and scheduling maintenance requests. Property managers are also responsible for keeping track of rental laws and regulations for the state in which they manage. In turn, this helps property owners run their businesses efficiently and remain in compliance with state laws.
However, property managers also deal with more serious issues that occur on rental properties, like handling flood damage and fire damage. When a flood or fire occurs on a property, property managers must find other accommodations for tenants, file claims with insurance companies, and make appointments for industrial restoration services.
Filing Commercial Property Damage Claims
As a property manager, dealing with rental properties when disaster hits can be a stressful process. But not knowing what your insurance policy covers can only add to the anxiety. When filing for commercial property damage claims, it can be beneficial for property managers to know and understand their insurance coverage. This way, they know exactly what to expect out of their coverage. Next, property managers should document the extent of the damage to the rental property. They can do this by taking photos or videos and writing detailed notes to describe the damages. Property managers must also meet with an adjuster who works with the insurance company to inspect damages in person. Once the insurance claim goes through, property managers can hire flood or commercial fire damage restoration services.
Tips for Minimizing Risks
There are many strategies property managers can implement to reduce the risks associated with fire or flood damage, such as:
Safety and Evacuation Plans
Having an evacuation and safety plan is essential for keeping tenants safe when disaster hits. Ensuring that tenants know and understand this plan can help prepare them in the event of a fire or flood. By implementing safety protocols, property managers can ensure tenants are protected from harm. Make sure these guidelines are easily accessible to tenants so everyone can remain updated on the best safety measures.
Insurance Coverage
While having general insurance coverage can work to cover some commercial property repairs and circumstances, it may not cover all. If a flood or fire impacts your property, it’s important to have the right insurance coverage. If you don’t, costly water leak restoration and other repairs can fall on property owners. Property managers should consider contacting their insurance company to further understand their coverage. Not only does it keep them informed, but it also gives them time to add coverage to their policy to accommodate fire and flood protection.
Completing General Maintenance
General maintenance usually fixes immediate problems that tenants run into. But it can also be an efficient preventative measure. Completing regular maintenance tasks can potentially minimize fire or flood damage to your property. For example, ensuring that doors and windows latch can decrease the amount of damage from fires. In addition, having pipes and other water or sewage systems inspected regularly can prevent the chances of burst pipes, which can lead to flooding.
Property Restoration Solutions
At Paul Davis Restoration of North Dallas, we assist property managers and other clients with quick, professional, and transparent customer service. We have experience with insurance and hold the right licensing to work on both commercial and residential properties. Located in Carrollton, TX, we serve customers across North Dallas and the surrounding areas. To learn more about commercial property damage claims and restoration services, contact us today.
