insurance claim

Discussion in 'Property Management' started by ozwanderlust, 30th Oct, 2021.

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  1. ozwanderlust

    ozwanderlust Well-Known Member

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    Our IP was damaged by the earthquake in Vic a few months ago. PM got a tradesman to check it out and quote. Tradesman said too much money, best to claim on insurance. We have insurance, but would like to know how many quotes does the insurance company normally require? We will ask PM to manage the insurance process and get the repair done. [of course we are well aware that next year our insurance premium will skyrocket due to this claim!]
     
    ozwanderlust, 30th Oct, 2021
    #1
  2. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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    If you're not across repairs etc yourself - eg. connections and preferred trades to carry out the works, IMO better to let insurance handle getting quotes and doing all the running around for you - their loss adjusters can do that.
     
    Michael Mitchell, 30th Oct, 2021
    #2
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  3. ozwanderlust

    ozwanderlust Well-Known Member

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    Thanks, Michael Mitchell, for your reply. Very helpful advice to save us a lot hassles, so I will contact the insurance company and give them consent to deal with PM in claim and repair.
     
    ozwanderlust, 31st Oct, 2021
    #3
  4. Heinz57

    Heinz57 Well-Known Member

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    100% Property Managers are sometimes too quick to send their own trades. Go through the insurance building assessment process, the insurance assessor will determine if an engineer is required.

    also be aware the assessment process can take several weeks.
     
    Heinz57, 31st Oct, 2021
    #4
    Michael Mitchell, Looking4PM and ozwanderlust like this.
  5. ozwanderlust

    ozwanderlust Well-Known Member

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    Thanks, Heinz57, for your reply. Understood!
     
    ozwanderlust, 31st Oct, 2021
    #5
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