Creative Estates was asked to take over the management of an apartment that had been vacated by its elderly tenant because it was uninhabitable. The lawyer who previously managed the apartment was not aware that a pipe had burst, causing mold to spread through all the walls.
We sent in our contractors to remove and rebuild the infected walls, replace the pipes, replace the rotten kitchen, and fit new flooring. It cost 40,000 NIS to restore the property to a livable condition, in addition to the lost rent while the work was completed. Because the previous manager had not insisted on arranging insurance for the property, the owner had to pay out. Fixing the burst pipe when it happened would have cost just a few thousand shekels, or just the excess on the insurance policy.
At Creative Estates, we always insist on insuring every property that we manage. We generally arrange the insurance policies for all our properties, negotiating a competitive bulk rate and saving our clients money. We also take care of burst pipes when they happen, which saves our clients even more money.