When renting a property, often tenants purchase renters’ insurance to protect their valuable personal property such as oriental rugs, collectible jewelry, custom furniture, couture, art and sports memorabilia, from damage caused by perils such as fire, water, hurricane, vandalism, and theft. This is specifically important for international clients who may occupy a variety of properties across the world. Renters insurance is a viable solution for mitigating the financial risk associated with property damage but understanding how to properly exercise your policy rights is often uncharted territory for tenants.
The success of managing a rental property insurance claim is in understanding the right process and often renters simply do not have the experience necessary to tread such territory. In addition, tackling a property insurance claim also requires lots of documentation and time which renters just don’t have to dedicate to proper claim submission. Compiling an inventory of your personal belongings properly, for example, can include a long process of sifting through the damaged personal property, receipts, and market data just to ensure proper values are placed on your assets. Lack of time and experience leads to the risk of a delayed or denied claim or receiving a settlement less than what you are entitled to.
Tenant Improvements and Betterments made to leased property benefit the tenant and can include installation of HVAC units, electrical or plumbing work, the addition of lighting fixtures and structural changes such as adding, removing or moving walls in properties such as condominiums and co-ops.
Often ambiguous or inconsistent lease provisions in lease contracts, combined with the complexity of insurance policy language, spell trouble for tenants who install Tenant Improvements and Betterments and suffer property damage. Tenants simply do not have familiarity with policy language or the knowledge of how to appropriately document and submit a claim to properly protect their respective interests. Other elements of complexity come into play such as who owns the Tenant Improvements and who is responsible for repairs.
If a tenant experiences property damage from a covered peril and the property is uninhabitable, Loss of Use will provide reimbursement for hotel/living and meal expenses. This additional living expense is a crucial element of a renter’s policy and understanding the provisions and how to manage Loss of Use coverage in a rental property is key as the provisions can be tricky to decipher.
Experienced adjusters such as United Public Adjusters & Appraisers, Inc. have the knowledge to understand renters’ insurance policies and their complex language inside out. Having an adjuster on your side not only guarantees an advocate to protect your best interests but also ensures a quick and substantiated settlement.
United credits the following elements to its success:
Approach. We hold the insurance company accountable and create urgency to settle the claim quickly.
Strategy. We reduce everything to writing to ensure a diligent process in attaining quick ROI.
Experience. Management of over $100 million in claims nationwide, positions us as an industry expert.
Skills. Expertise in valuation, policy interpretation & construction/real-estate experience produces results. We know how to package a claim and present it to the insurance company.
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