With many parts of the country experiencing significant flooding this spring and summer, we wanted to share some tips on how to reduce the risk of mold after a flooding event. If not caught within 24-48 hours, you can have a serious mold problem on your hands. Share these tips with your investors to help keep their property mold-free after a heavy rain event.
Author: Jesse Stuckwisch
It is important that property owners understand their risk exposure to flood AND are aware that their property insurance policy most likely does not include this coverage. There are several options available to your clients for flood insurance, so read on to help them understand how to evaluate their risk and work to determine the right course of action for them.
Many of the properties subject to break-ins, thefts and vandalism are vacant or going through renovations to prepare them for sale or the next tenant. It’s truly disappointing to arrive to show a house that was finished only two days before and see it broken into and missing key components like stoves, ovens, air conditioning, the furnace, water heater, and maybe even copper plumbing and electrical wiring. These tips can help mitigate these types of losses to avoid set-backs in getting your clients’ return on investment.
Every state, city or local municipality has different codes and requirements that residences and buildings must abide by. These change over time as new ordinances or codes are enacted, and. in the case of a covered loss at one of those buildings, the location will need to be brought up to current code during the repair process in order to pass inspections. If your investor’s property does not meet current building codes, Ordinance or Law is an important coverage to consider.
Wildfires can occur at any time throughout the year, but the potential is always higher during periods with little or no rainfall, which make brush, grass, and trees dry and burn more easily. For many areas, this occurs in summer through fall months, but many western states, such as California, have a year-round wildfire risk. High winds can also contribute to spreading the fire. The community may have a designated wildfire season when the risk is particularly high, so property owners should become familiar and take action well in advance.
Helping your investor clients understand the difference between Flood, Water Damage and Sewer Back-Up is a common challenge. Which covers what exposure? How can your client purchase these coverages if they are excluded from their current policy?