Who holds the financial responsibility for a property during restoration?

The property owner holds the financial responsibility for a property during restoration because they are ultimately the individual or entity with legal title to the property. This responsibility encompasses costs associated with hiring contractors, purchasing materials, and any associated expenses that arise during the restoration process.

While contractors may perform the restoration work and insurance companies can provide coverage for damages, the financial obligation primarily lies with the property owner. They must settle any bills incurred during the restoration unless they have specific agreements with their insurance company that cover these costs. Authorized agents may act on behalf of the property owner but do not assume the financial responsibility themselves.

This clear delineation of responsibility is crucial for property restoration, ensuring that all parties understand their roles and obligations concerning financial matters.