Valor Property Management assists leaseholders with insurance claims in the managed buildings located throughout West Yorkshire. When filing an insurance claim, policyholders should first consider whether a claim is worthwhile. Insurance policies have an “excess” amount that must be paid by the policyholder. The excess is the portion of the claim not covered by the insurance provider.
Claimants must also consider the “reinstatement value,” which is the amount the insurer will pay to repair or replace damaged property. For example, a ceiling leak claim would cover investigating and repairing water damage to drywall but not repairing the source of the leak.
It is important to note that insurance premiums may increase at renewal following a claim or the excess amount may be higher on future policies.
Claim Filing Process
Once a policyholder determines a claim is worthwhile, the following steps must be followed:
– Contact the insurer and request a new claim be opened. The insurer will provide a claim number for reference going forward.
– For building insurance claims, obtain at least two estimates for repairing damages and submit them to the insurer for approval before work begins.
– Take photographs documenting completed repairs to satisfy the insurer that work was performed properly.
– The insurer will pay the contractor’s invoice once repairs are finished, and the policyholder accepts the work.
Tips for a Successful Insurance Claim
– File claims immediately after an incident occurs as some policies have time limits.
– Thoroughly document all relevant details, including dates, times, contractor visits, and conversations with the insurer.
– Use reputable contractors with experience handling similar projects, as the policy will not cover additional or later repairs.
Valor Property Management clients benefit from guidance by an experienced team knowledgeable in various claim types. Our priority is serving our clients’ needs. For complex issues like leaks between units, we have expertise to properly investigate and resolve issues. While an insurance claim is never desired, following the outlined steps and tips can make the process relatively stress-free.
Insurance Block Claim Case Study: Whingate Mills
Whingate Mill, Armley, Leeds is a block of 40 apartments located in Leeds. When we assumed management of the property in September 2023, it was apparent the previous management company failed to adequately serve the owners. Specifically, they did not properly diagnose and address the cause of a significant leak issue.
Upon taking over on September 9, 2023, our analysis revealed the best course of action for the owners was to file an insurance claim to address the catastrophic water damage that had occurred. We are now in the final stages of the claim process, which involves providing the insurance company with relevant documentation such as contractor estimates and legal documents.
By expertly guiding the owners and residents through this complex situation, we have successfully resolved conflicts and regained trust in our property management services. Competent leadership in difficult circumstances is vital, and we are pleased with the positive outcome achieved for all involved through our professional handling of this insurance block claim case study.
Let us demonstrate how our best-in-class service can benefit you as well. Please call or email us today to set up an introductory consultation.
By Bethany Nicol | February 7th 2024 | Property Manager