Real estate investors should prepare for inclement weather to prevent surprises or delays in their transactions. Hurricanes, tornados, and blizzards pose severe threats to property, hitting them with intense winds, thrown objects, and increased moisture. A secure and viable property could incur significant damage, making it difficult to rent or sell.
Inclement Weather Signs
When you sit with real estate investors, discuss the value of cyber insurance and storm preparation. Have plans ready now, bolstering defenses and minimizing vulnerabilities.
How To Prepare for an Upcoming Storm
Investors should become knowledgeable about how weather impacts homes in their regional area. Research previous events, find out about common property weaknesses, and take action to strengthen their land.
For instance, when Hurricane Irma rolled through the United States, the Florida Office of Insurance Regulation experienced 955,852 claims, with 619,652 receiving payment. According to CNBC.com, the total cost for property damage amounted to over $42 million, leaving insurance companies and owners with high repair tabs. Investors can learn from the experience. Find out what slowed down claims and led to much devastation. Use that information to create a weather system plan and fix current concerns before winds and water pick up.
How To Fortify Property Before a Storm?
Clients may ask, “How do I prepare my house for a storm?” After all, the consequences of leaving it unprotected prove costly. Therefore, work with investors to recognize appropriate safeguards for the premises.
Create an action plan for upcoming weather systems. A printed guideline reduces confusion and encourages owners and renters to secure the premises correctly. Provide copies within rental agreements, and verify that all contracts specify that tenants follow the directives.
Focus on curtailing issues. Start by minimizing external threats and moving any unsecured outdoor fixtures or items into the garage or home. Likewise, they should evaluate trees and foliage. Do this by trimming and cutting down weak or nearby branches. Then, ensure that gutters and downspouts remain clear and uncluttered with debris. Water should flow off the roof and into the yard without cramming or sitting around the foundation. Before storm season gains momentum, upgrade windows, and replace caulking to solidify the seal.
Encourage your clients to talk with tenants about weather concerns. At the first sign of trouble, they should pick up the phone and request protective actions begin. If possible, stop by and review the area as well. Reach out once the system dissipates, checking on everyone’s safety. In addition, property investors should know how to initiate claims, find restoration assistance, and document damage appropriately.
Harsh weather systems can wreak havoc on homes. Investors can work with tenants to secure the residence. Also, insurance agents can explain the storm’s potential risks and discuss why cyber insurance and careful planning matter. Early action and awareness could save investors from dealing with empty properties and minimize their restoration projects.
About Cochrane & Company
For more than six decades, Cochrane & Company has been proudly at the forefront of the insurance industry. Our experience has enabled us to innovate in powerful ways, reimagining the E&S market, and providing technology solutions that make it easy to do business with us. Licensed in all 50 states, we proudly serve clients across the nation, providing personalized and powerful solutions to help you become an even better partner for your clients. Speak to one of our experienced professionals today by calling (855) 967-0069.