If your house was unoccupied and a pipe burst, how much damage would be caused? It hardly bears thinking about! A good property management company will make sure that you suffer minimum damage and receive the maximum insurance payout. Shaun Isaacson, CEO of Creative Estates Property Management, explains how.
Among its portfolio, Creative Estates Israel manages a number of high-end properties in Herzliya Pituach that are empty for most of the year. Shaun Isaacson and his team make sure that they are cleaned and maintained in their owners’ absence. In accordance with the requirements of the insurance company, the water supply, gas and electricity in most of these homes is turned off while they stand empty.
The regular cleaner for each property is instructed to turn on the water so that they can clean, but on one visit the cleaner realized that there was water pouring down from an upstairs bathroom. She quickly turned off the water supply after calling Creative Estates. Shaun sent a contractor to assess the damage, and called the insurance company to invite them to send an assessor to do the same.
In a very short amount of time, a large quantity of water pouring from a pin-sized hole in a bathroom pipe on the second floor had flooded the bathroom and the kitchen beneath it. The water damaged carpets, walls and flooring, as well as multiple kitchen and bathroom cabinets.
The Creative Estates property management team estimated that the cost of fixing the damage would be 50,000 NIS, but the insurance company offered only 30,000 NIS. Shaun was able to show them estimates for the price of the work, emphasizing the quality of the furnishings that needed replacement, and insisting that the wet sand under the bathroom floor and the damaged plaster in the walls should all be carefully removed and replaced.
After some extended haggling, the insurers agreed to pay the full amount requested, and Shaun ensured that all the work was carried out to the high standards that the owners are entitled to expect.
Shaun explains: “I have no doubt that my professional experience, my persistence and my company’s bargaining power enabled us to get the full payout for my client. The insurance company hopes that we will continue to insure our portfolio of properties through them, which gives us more leverage than any private home owner in Israel would have had in a similar negotiation.”
During the entire saga, Shaun sent full updates to the owners of the property, who were relieved to know that Creative Estates was taking care of everything and there was no need for them to fly to Israel to check on the repairs. The house was fully renovated and as good as new in time for their next visit.