Protecting a rental home from the perils of fire is a very hot topic today. Commercial insurance will protect you and your lifetime investments in the unlikely event of a fire. Check your policy for fire coverage.
Did you know that every year problems cause more than 28,000 house fires and massive property damage? Most recent insurance studies indicate “Fires” as causing more than $1.3 billion in property damage (National Fire Protection Association, 2003-2007).
1] Flickering lights, buzzing noises, and face plates that are warm to the touch are all signs that a circuit may be overloaded, or wiring may be wearing thin.
2] Listen to Your Breaker — If you are continually tripping a switch and having to reset your breaker box, your house is trying to tell you something. There may be a fixture with faulty wiring or too high an electrical load on the breaker.
3] Review and Replace — Frayed electrical cords, wobbly ceiling fans, and loose face plates are more than mere annoyances. You should routinely inspect your home and replace or repair items in need of attention.
4] Working smoke and cigarette detectors on all levels of your home is an absolute must. Make sure you have a working fire extinguisher, and you know the proper way to use it.
5] Ban natural Christmas Trees, there are 1000’s of fires nationwide every year.
6] Never rent to smokers of anything, aside from the thousands of dollars third hand smoke causes to a property. Just one errant cigarette or joint can burn down your investment property.
7] Outside BBQ, Deep Fryers and Smokers can cause grease fires.
It is important to consider fire safety at every stage of commercial real estate investing.
This article was developed by Winston Rowe and Associates. They are a nation consulting firm that specializes in working with commercial real estate investors.