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How and When to File a Landlord Insurance Claim

Tips for Filing a Landlord Insurance Claim
If you have to file a landlord insurance claim, these tips can make the process less stressful.

Landlord insurance protects building owners from financial loss due to property damage or liability claims. At City Building Owners Insurance, we help owners of apartment buildings, brownstones, and condominium and co-op building obtain the right insurance coverage at the best price. That said, we don’t wish losses upon anyone.

Having financial protection is good, but it can’t make up for the inconvenience and frustration of filing a landlord insurance claim and dealing with the aftermath. This article offers guidance to help reduce the aggravation of a loss and to help you determine whether filing an official landlord insurance claim makes financial sense.

How to File a Landlord Insurance Claim

When you experience a sudden loss at the property—such as a fire, a theft or sewage backup, to name a few—the following steps can make the claims process smoother:

  • Contact your insurance agent. Call your agent or insurance company immediately. Even on weekends or after hours, a reliable insurance partner will provide prompt assistance.
  • Document the incident. Write down what happened to the best of your ability, sooner rather than later. Note any injuries that occurred. Take photos of property damage.
  • Complete and return claim forms. The above documentation should help you complete paperwork required by your insurance company. Again, a helpful insurance partner can provide additional assistance. Returning the forms promptly will assist with speedy resolution.
  • File documentation for future reference. Keep track of any documentation related to the incident, including police reports, written accounts and photos. Hopefully, you won’t need this information once the repairs are complete, but if a legal claim arises later, such documentation could prove valuable.

Your insurance agent will guide you through this process, answering any questions you might have and advising you on the next steps. In fact, in some cases, your agent may counsel you against filing an insurance claim.

When Not to File a Claim

Another service that your insurance agent can provide is advice when filing a claim doesn’t serve your best interest.

  • For instance, one of the best ways to manage your insurance premiums is to choose a higher deductible and to pay for small claims out of pocket.
  • Another thing to keep in mind is whether filing a claim will ultimately cost more by negating any “claim-free discounts” that may be in effect.

Regardless, your insurance partner can advise you on the best course of action for your specific situation and help make the process as stress-free as possible.

If you have any questions about this article or your current insurance coverage, please call our office at 877-576-5200 or post a comment below.

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