Are You a Property Manager Handling Multiple Responsibilities?
As a property manager, either you are a portfolio manager who manages 6-7 buildings or an on-site general manager for one specific large building. Both of these roles are full time jobs which are typically Monday through Friday 9-5pm and include reviewing/managing capital improvement projects, maintenance contracts, annual budgets, approving invoices, lease/sale packages, handling resident complaints and more. While these day to day operations are being completed, property managers know that emergencies or disasters can happen at any time.
For High-Rise Co-op and Condo buildings in NYC that have front desk concierge staff members in the lobby, they usually get the first call when a property loss occurs. For smaller buildings, the super or the off-site property manager will get the call. After the front desk gets the leak notification, they immediately dispatch their maintenance staff to locate the source of the leak. Unfortunately, when you have a leak in a large building, it can start on the 40th floor and make its way to the lobby. While the staff is trying to locate the leak within one unit, the front desk will continue to get calls from various other unit owners on different floors. The hardest part of locating the leak is getting access to each potential damaged unit, especially if the residents are not home. In Manhattan, many residents travel or have 2nd homes, which means it’s tough to locate the source of the water leak quickly.
The most common problem for Manhattan unit owners and property managers is water damage. Water damage originates from a number of sources, including:Â toilet overflow, toilet or bidet supply line hose or valve burst, AC unit leaks (typically condensation water overflowing from the pan or drain line), shower body failure, laundry room supply line break, sink/tub overflow (mistakenly left open during building riser repair shut down), domestic water lines and systems, drains and drain lines, sprinkler piping, sewage systems, cooling and heating piping, and leaky roofs. As you can see, our team at United Public Adjusters & Appraisers, Inc. has seen and handled every type of water damage claim.
Even after the source of the water leak is discovered, now it’s time to address the water cleanup or remediation. Some buildings have a water damage prevention plan, which is a list of quick actions that building maintenance personnel take after discovering a water leak.
Insurance Claims Out of Your Realm of Expertise or Don’t Have the Time to Properly Handle the Insurance Claim Process?
After the dust settles, who is responsible for the water damages? Is it the building master insurance policy or the individual unit owner policy?
From experience, we have seen both the master policy insurance carrier and the unit owner’s insurance carrier point fingers at each other, which makes it only harder for a property manager to ensure the building and its residents are on the road to a proper insurance recovery and back to normalcy.
No one wins when insurance companies misinterpret insurance benefits provided in the various policies, or when the insurance company adjusters delay claim payments that are rightfully owed to the policyholder.
Why should a Property manager work with a United Public Adjusters & Appraisers, Inc. (UPA)?
Do you know the benefits of having a public adjuster working on your side?
Benefits include:
- Public Adjusters are licensed by the Department of Financial Services and solely represent the policyholder, not the insurance company.
- We will provide a free on-site inspection and policy review immediately after the loss. This is includes a full, detailed inspection report that can be read and understood by all interested parties.
- Prior to engagement, we will interview with the Board of Managers to discuss their damages, how we can help and next steps.
- Public Adjusters charge a contingency fee and only collect compensation when there is an insurance recovery. No recovery, No Fee.
- We will handle the claim reporting, documentation, valuation of building damages including any potential loss of maintenance fees, and negotiations.
- Provide constant communications to the property manager and board of managers to ensure everyone is on the same page.
- 24/7 proactive claim management support as property losses don’t give a heads-up when they occur.
- Often our team gets calls from Property managers or the Board of Managers to discuss whether they should report a property damage claim or not. Having us on your side allows for more informed decisions.
- We understand the fiduciary duties of both the Property Manager and Board of Managers, as well as their role in the insurance claims process. This includes the proper communications that are needed when addressing multiple unit owners that were affected by a water leak or fire damage.
- Instead of taking on the large task of learning insurance policy language, sourcing line by line detailed insurance estimates, and meeting countless insurance representatives looking out for the best interest of their client (Your insurance company), we handle it all which means you have one point of contact who is solely working and handling on your property damage claim. When you have too many people involved or an insurance carrier adjuster who is not making your claim a priority, having an experienced public adjusting firm can reduce stress, save monies, and expedite the recovery process for all parties involved.
If you are a property manager and need a public adjuster, give us a call at 1-800-718-5677.
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