Dealing with Insurance

[Jonathan Perez]

Would like to know for you hands off, investors is how does a situation where a rental is down/ vacant due to damages that involves insurance. When the insurance is dragging their feet and it’s just holding money up. How do you manage these situations? And if you have a property manager or an insurance agent, do you expect one of them to handle it for you? Or do you always step in and take csre of the situation from the beginning to need? I’m dealing with this currently and I have been the one who has to keep staying on top of everyone to make sure they stay moving... it’s crazy how they are doing the are minimum and after speaking to one or another they don’t ever follow through or respond like their are supposed to... if I don’t reach out, weeks will go by and I won’t hear from any one....even then when I do reach out for updates, I get no answers. It’s lile I have to blow their phones up or get upper management involved to even get a call back... it’s ridiculous...

I started to think ahead to when I’m at like 100 units versus now where I’m only 2 units. And I was thinking “ sheesh, I wouldn’t have much time to be managing all this, who would be on top of it then? Who would make sure everything is handled in a timely manner and mean business when they do? “

Let me know how you guys handle these insurance situations... I’m ready to get me a lawyer and go to war with these people if necessary...

[Michael Ealy]

Originally posted by @Jonathan Perez:

Would like to know for you hands off, investors is how does a situation where a rental is down/ vacant due to damages that involves insurance. When the insurance is dragging their feet and it’s just holding money up. How do you manage these situations? And if you have a property manager or an insurance agent, do you expect one of them to handle it for you? Or do you always step in and take csre of the situation from the beginning to need? I’m dealing with this currently and I have been the one who has to keep staying on top of everyone to make sure they stay moving... it’s crazy how they are doing the are minimum and after speaking to one or another they don’t ever follow through or respond like their are supposed to... if I don’t reach out, weeks will go by and I won’t hear from any one....even then when I do reach out for updates, I get no answers. It’s lile I have to blow their phones up or get upper management involved to even get a call back... it’s ridiculous...

I started to think ahead to when I’m at like 100 units versus now where I’m only 2 units. And I was thinking “ sheesh, I wouldn’t have much time to be managing all this, who would be on top of it then? Who would make sure everything is handled in a timely manner and mean business when they do? “

Let me know how you guys handle these insurance situations... I’m ready to get me a lawyer and go to war with these people if necessary...

 You need a different insurance agent and company.

You need to follow up.

Now, how do you scale to 100 units if you're already frustrated when all you have is 2 units?

I have acquired over 1,000 apartment units so I get my asset manager do this for me (and she has a team of property managers do the work as well).

Believe it or not, it's actually easier when you go with MORE units  :)