Show104: How Insurance Saved Us Over $25,000 for a Recent Water Leak

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Insurance Saved Us $25,000+

Yes you read the title right.  We've recently gone through a water damage repair in one of our properties that could have cost us over $25,000 in mold mitigation and repairs.  But because we had insurance....it will only cost us $1,000.

Insurance can often be one of those topics where a lot of questions arise and a lot of misunderstandings can happen.

In this episode, Kirk and I wanted to share with you the story of what happened to one of our properties (that we happen to own in a different state) and how insurance played a major role in getting the property back on its feet.

The property was in between tenants when our real estate agent walked in and noticed water leaking from the ceiling.  She immediately called us and told us that this was a new leak, as she had been at the property a few days prior to this, and we would want to get it checked out immediately.

We never imagined the damage that one small little leak could have caused on this small 2 bedroom townhouse.  The repairs alone cost 1/4 of the total cost we paid for the property.

Luckily, insurance was able to play a huge role in covering the mold mitigation and the repairs needed to make to the property after many of the floors, walls and kitchen were torn up.

 

 In the show we discuss:

=>why you need to call an insurance agent immediately when something goes wrong

=>the importance of using local agents (real estate and insurance)

=>the extent of the damage that was in the property

=>how the whole process worked of using claims adjustors, paying checks and using contractors

=> and more...

Links Mentioned in the Show

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