#182 Filing Insurance Claims On Rentals with Kim and Scott Hampton

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In this episode we have on Kim and Scott Hampton manage around 1,000 doors in the Central Florida market and they recently had to file 60 insurance claims due to recent hurricanes. In this episode they will share the tips they’ve learned along the way.

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Some bullet points on how to handle insurance claim for your property

  • Take photos of the damage
  • Take necessary steps to prevent further damage
    • Keep all receipts/invoices
  • Contact the insurance carrier directly to report the claim
  • Keep good records of all contact information, claims info, etc.
  • Do not sign an “Assignment of Benefits” or AOB contract

Some other side notes:

  • Hurricane claims do not count against your record and will not directly impact your future rates
  • Hurricane claims are cumulative for the year so even if the damage does not exceed your deductible it can reduce the remaining deductible in case you have more damage from a storm later in the year
  • Always check that your contractor is licensed and insured
  • Many claims will provide partial payment up front with additional “recoverable depreciation” paid once repairs are completed and verified

Here’s the video recording of our conversation.