Two things to tackle each month to stay hurricane ready

June 1 marks the start of hurricane season for those working and living along the gulf coast. As a business owner or property manager, a lot of your time is likely spent preparing for hurricane season or for a specific storm when it heads your direction.

In a special blog series, we are going to tackle hurricane prep in 6 parts. Hurricane prep can be overwhelming. Tackle it in smaller pieces to keep it manageable and simple. Each month we will focus on two tasks to stay prepared.

Firstly, we will look at the following two projects to tackle to be hurricane ready:

  1. Contact your insurance company and review your policy related to your investment properties.
  2. Communicate with all tenants regarding hurricane preparations and expectations.

Review your current insurance policy on all investment properties and businesses you own. 

Even if your investment portfolio is small, understanding how much coverage and what is covered will help you prepare for any natural disaster. Your insurance company may provide additional information on what you can do to prep your business for hurricane season. The more information you have, the better off you can be before disaster strikes.

It’s important to know exactly what’s covered and what is not. Ask questions regarding your policy so that you have specific information and can add coverage if needed.

What should you ask? Here are 6 questions to get your started.

 

  1. What is wind damage, and is it covered by my business insurance policy?
  2. Is all water damage covered?
  3. Do I need to purchase separate flood insurance for my business?
  4. Is mold damage following a hurricane covered?
  5. Will my hurricane deductible be a percentage or a flat dollar amount?
  6. Will this coverage pay the actual cost to repair or rebuild after hurricane damage?

Communicate with tenants.

Your next task this month is to communicate to all tenants. Communication is important to set expectations for what the property owner will do to prep for hurricanes, and what is expected of the tenant as well.

Encourage your tenants to take the same step you did in checking their insurance coverage on their business.

Communicate what prep you will provide as property owner so they know what to expect from you.

Communicate your expectations for what they need to do in their rented space.

Next month we will cover two new steps to stay hurricane ready. Tackling a little bit at a time makes it manageable.

If you’d like the help of property management experts to assist in hurricane preparations, call Weaver Realty today at 904-733-0039. We can hold your hand every step of the way and simplify all of your property management needs.