Magazine article Journal of Property Management

06 Tips to Financially Prepare for a Hurricane

Magazine article Journal of Property Management

06 Tips to Financially Prepare for a Hurricane

Article excerpt

Property Management Insider, Blackwell

Hurricane preparedness is key for many apartment owners and managers this time each year. Inland damage from such storms is nothing new. With high concentrations of residents, even apartments communities located hundreds of miles from the coast should always be prepared, stated LeasingDesk Insurance President Ed Wolff. Communities should not only take the necessary steps to safeguard their properties and people, they should take measures to educate residents about the value of renter's insurance. The Property Casualty Insurers Association of America offers six steps to help apartment owners financially prepare for a disaster, no matter the location.

01

Conduct a yearly insurance policy review. This will help ensure adequate coverage and the ability to weather a catastrophic loss.

02

Consider additional coverages like flood insurance. Most standard insurance policies do not cover losses resulting from floods, or even the failure of a sump pump and sewer backups. …

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