What You Need to Know About Property Risks & Insurance This Fall Season
Summary
This article from BiggerPockets discusses property risks and insurance during the fall season for vacant investment properties. Hosts with vacant or soon-to-be-vacant properties should be aware of weather-related risks, fire hazards, and the importance of regular inspections to prevent costly damage. Consider implementing a seasonal maintenance checklist to protect your investment.
Key Insights
- •Fall is known for its "second peak" of extreme weather in many parts of the U.S., with hurricanes often hitting the South and tornadoes forming as far north as the Midwest, increasing the risk of property damage.
- •According to the U.S. Fire Administration, 34% of fires in vacant properties are set intentionally, emphasizing the risk of fire hazards.
Action Items
- ✓Regularly inspect your investment property for any issues to prevent small problems from becoming large, costly issues.Effort: lowImpact: high
- ✓Implement a seasonal maintenance checklist, including HVAC and furnace inspections, chimney/fireplace cleaning, gutter clearing and roof checks, tree trimming, and yard cleanup.Effort: lowImpact: medium
Tools & Resources
- →National Real Estate Insurance Group: For added peace of mind, partner with the industry experts at National Real Estate Insurance Group.
Common Mistakes
- ⚠Underestimating the risks associated with vacant properties, such as water intrusion, frozen pipes, and fire hazards, can lead to costly repairs and loss of investment.
- ⚠Failing to regularly inspect a vacant property allows small problems to grow into major damage, potentially ruining your investment.
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