How to negotiate insurance claims #realestate #shortvideo #shortsvideo #business

26 Feb 2025 · 1 min

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Steve D Valentine explains how property managers or owners can consider insurance claims for tenant-caused damage. He emphasizes educating clients about the possibility of claiming vandalism/beyond-wear damages on homeowners or other policies, notes insurers sometimes deny tenant-caused damage, and describes negotiating with insurers to recover amounts (e.g., thousands of dollars) that might otherwise come from the tenant.

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A lot of people, lack of education, lack of guidance, don't know that, oh, the tenant did this damage. I'm going to go claim it because it's beyond normal wear and tear. It's vandalism that can be claimed on homeowners, some of them depending on the lease you had and those types of things. Some of the insurance companies will cover it. So you could take something like this and go, hey, one of the things I want to explore with you is a potential insurance claim right now. Insurance might come in there and go, there's no way a tenant did all this, so we're not going to do it. It's just an exploration. We've also negotiated some deals where we got to a number and went and negotiated with the insurance because it wasn't going to matter, right? To get more, even if it was 10 grand or 20 grand out of it, something that came from the tenant. And so just keep that in mind. Some people won't make those claims because they don't know. So it's our job to educate them and think it through. Because he might have said, well, we already tried an insurance claim. It wouldn't work. This, that and the other.