Filing a multifamily insurance claim can be a stressful time. You will have to carefully document the damages, see that all repairs are done, and might even have to evacuate the tenants. It’s essential to acquire professional help when dealing with your insurance. You will need someone who warrants the maximum settlement for your claim. Below, you’ll see the steps that need to be taken to get your property back on track.

Mitigate the damages.

As a policyholder, you have some responsibilities from your end. Take immediate action to protect your multifamily property from additional damage. 

Prepare a plan.

Keep in mind that processing a multifamily insurance claim will take a fair amount of time. When and if your tenants’ safety becomes threatened, you will need to find a temporary location to keep your business running (your policy should cover this).

Determine policy coverage.

It’s of utmost importance to profoundly understand the terms and conditions of your insurance policy. All requirements; coverage amounts, exclusions and limitations, valuation, and more, should be met by the policyholder.

Valuation of the damages.

Prepare your claim and document it properly. The accuracy in which the facts are gathered determines to what extent insurance coverage applies.

Negotiate and settle.

Once you file the claim, the insurance company will audit it in detail to be adjusted by its experts. It is common to reach some differences that will need to negotiate.

Claim payment process.

Once your multifamily insurance claim is accepted, you will receive payment for any repairs and replacements your property needs.

Repair and restore.

It’s time to get your property where it needs to be. Our New Kingdom professionals are ready to help you get your property to the state in which it was prior to the damages, or even better than before.

It’s safe to say that filing a multifamily insurance claim isn’t exactly a breeze, but if you have our New Kingdom professionals along for the ride with you, you can rest assured that you will receive what is fair, restore your property and keep your business running.

Receive a free inspection from one of our professionals and prevent having to file a multifamily insurance claim. We provide emergency services if needed and a public adjuster to work on everything a claim entails. At New Kingdom, we have all the resources you need.

Get in contact with us for a free consultation. Remember we are here to help.