Canada Multifamily Invester's Blog

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Big Fire in my Apartment Building! Let's talk insurance coverage!

Sep 30, 2020
 

Can you believe that last summer, I had two fires in two separate apartment buildings of mine just a month apart?

Crazy!

One of those fires led to a spectacular rescue of one of my tenants by a couple of utility workers who happened to be driving by my property with a ladder on the back of their truck.  They grabbed their ladder and saved my tenant who was about to jump off her balcony to escape her unit which was engulfed in flames and heavy smoke!

The rescue made the tv news headlines that day!

Out of twenty units in my property, sixteen of them have to be completely redone!

So in today's post, I'm talking about insurance policy requirements for your multifamily properties.

Cheers!

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"Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.” - Theodore Roosevelt, U.S. president