Day 2, in the event of the catastrophe fire loss.... 2010-06

[jy101]

Day 2, in the event of the catastrophe fire loss.... 2010-06-16 23:50:36

Day 2, in the event of the catastrophe fire loss....

Late last night, fire department had released the badly damaged property back to us, everything is boarded up, waiting on the insurance company investigation team to come.

9:00am, we had a conference call with my attorney, begin to gather all the corporation information for insurance company, he also prepare a statement for us regarding the fire, in case any media or tenant ask, basically it just said, in the event of this catastrophe loss, we lost a valuable life, everything is pending on further investigation, we are assure all our properties are up to city building and fire code, no comment available till the fire department/police department release their reports.

also, my attorney approve us to refund any unused rent to the effected tenants, which is half month, but he recommend us to hold their deposit till later day, after we meet the insurance adjuster.

11:00am, we had a conference call with the insurance company, they are appointed another investigator again, this time is from their headquarter in Ohio.

1:00pm, we had a conference call with a local church, in case any tenant needs consulting, they are willing to help, I been working with the pastor, Jeff, last few years on other things, great guy.

2:00pm, we meet some of the effected tenants, refund their rent, 2 of them we can place them to other properties we own, 1 willing to stay at relatives till we have another opening, 2 are staying with friends already rent from us, last 2 begin to look for other place to rent because we just don't have enough openings.

5:00pm, my wife begin to call the remaining 32 tenants in this complex, and I try to contact other tenants also rent from us in other areas, basically just give them the statement, all are very understandable, so far no one is requesting to terminating the lease.

During last two days, we had meet many caring people, most of them we know, some never meet before, they all very helpful, many call and offering help and services, we feel very lucky in a smaller town, in an event like this one, the importance of local networking.

I am going to update as I have time as things begin to unwind, I want to remind all my friends in this forum, check your insurance, update your insurance, I had wrote many post here in the past raise the importance of sufficient insurance for our own protection. There are many times I question myself in the past 15 years, with zero claim, was it worth to pay $35k a year for coverage? the answer is very clear today, an event like this one, any amount is worth it.

thanks for caring....

to the question one bro ask down below, regarding erase some older posts in the forum, thanks for the reminder, but honestly, small forum like this one, no one really care, if an attorney wants to find out what I have, he can just search the county website, he can easily find 3 pages of property report showing what I own locally, and search the state website, and find out what company I am involved with, in this connected world, there really isn't any easy way to hide, the best way to do is get yourself prepare for the worst, insurance, insurance, and more insurance.....