How to File an Insurance Claim for Damage By Renters

Rental property

Investing in real estate can be a wise way to build your wealth. While many people succeed in the rental real estate business, uneducated investors often see disastrous results. Maintaining the property, following landlord-tenant regulations and finding quality tenants can be a challenge. Quality tenants are one of the most important factors in making your endeavor a success. Unfortunately no matter how diligent you are when choosing a tenant, there's always the risk of them damaging your property. When this happens contact your insurance company immediately. If you have purchased landlord insurance, chances are the damage will be covered.

Instructions

1. Contact the police immediately and file a police report. Most insurance companies will require a police report before they will settle a claim involving damage caused by tenants or renters. Filing a report shows the insurance company you are willing to take legal action against those who damaged your property, and it decreases the number of fraudulent claims.

2. Evaluate the damages. Get a notepad and walk through the property making note of everything that was damaged. To be as thorough as possible, consider breaking the list up into rooms. On one page, list all the damages in the master bedroom; on the next page, list all the damages in the kitchen. Continue until you've completed the entire house, inside and out. This list will be needed when talking to your insurance adjuster.

3. Take lots of photographs of the damages. Include an overall view of each room as well as detailed photographs of the damages.

4. Call your insurance company and file a claim. They will need to know the date and time of loss (if known), the property address, if a report was filed and the extent of the damages. Be as detailed as possible when explaining the damages, and offer to forward your list and photographs to their office.

5. Obtain at least two estimates from reputable companies to repair the damage. Obtaining multiple estimates not only ensures that one company is not taking advantage of you, but often one contractor may find damages that another missed.

6. Cooperate fully with the insurance company and return all paperwork in a timely manner. This will help them settle your claim as quickly as possible.

References

• Insurance Information Institute: How to File an Insurance Claim

Resources

• Fire Insurance Quotes: Get Multiple Quotes in Minutes