How to mitigate risk and minimize disruption for your multifamily property during hurricane season?

 

It is better to be safe than sorry. As hurricane season approaches, preparing your multifamily property accordingly is of utmost importance in order to protect your tenants, property and invested capital.

You cannot plan for when a hurricane starts, but luckily there is plenty you can do to prepare your property and tenants for the onset of the event.

What steps do you need to take ahead of hurricane season to protect your tenants and multifamily property?

Plan ahead

Planning ahead of time for hurricane season helps secure everyone’s safety while also avoiding property damage. Basic property insurance is frequently insufficient to cover storm damage. If you or your property’s owners are not happy with the insurance coverage, now is the time to update it. You should also urge your residents to obtain their own insurance if they do not currently have one. In the event of a natural disaster, the property’s insurance coverage will not cover their personal items.

We advocate putting in place a complete plan with clear procedures. Include important details such as staff and resident contact information, emergency contacts, staff roles and duties, and key personnel designations. Include a checklist for employees to follow in order to prepare the property in the event of a storm.

Preparing your multifamily property

When a hurricane is forecast, it is smart to prepare your rental units, even if you do not believe that your property will get the worst of the storm.

Going around the entire property and putting away any potential projectiles, such as pool furniture. If your residents have balconies or patios, you will want to make sure they do this as well. Ensure that all vital files and sensitive equipment, such as computers are securely stored and making sure that any openings in your walls and foundations are properly repaired will help you to protect your property and tenants during hurricane season.

What to do after a hurricane?

Take pictures of everything as you examine your rental property after a storm, before you begin any repairs or clean-up. It is critical to keep track of storm-related damage if you want to prove your insurance claim. Within one day of flooding, look for signs of mold, such as discoloration, a musty odor, and visible mold spots. Take pictures and contact your insurance company if you notice symptoms of mold. Before you make repairs, find out what your coverage covers and if anything needs to be done.

Hiring a trusted general contractor with a proven track record to make the necessary repairs and updates quickly and reliably to your property after a hurricane hits is the best way to minimize disruption and protect your future cash flow and invested capital in your multifamily property from loss-to-lease and construction costs.

 

Ready to start your next investment project?

Please contact us to learn how we can best help you to turn your next investment project into a success.

Email: [email protected]

Telephone: (954) 570-0300

Address: 850 SE 7th Street, Deerfield Beach FL 33441

 

About Adivo Construction

We are a national general contractor with over 50 years of combined construction expertise specializing in the value-add improvements of apartment communities.

Our mission is to assist our clients in finding the right balance between capital expenditure and appreciation potential by designing and executing customized renovation programs that are focused on increasing cash flow return and overall return on investment.

We have completed over 100 repositioning projects for publicly traded and privately held domestic and foreign companies in states such as Florida, Texas, Kentucky, Oklahoma, Georgia, South Carolina, Utah, North Carolina, Tennessee, Indiana, Michigan, Missouri, Arkansas, Ohio, Arizona, Nebraska, and Kansas.