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Essential Insights on Fire and Flood Risk Management for Landlords

In our most recent webinar, Rene from initio insurance talked about about some of the critical issues facing property owners today. This discussion highlighted the growing concerns over flood and fire risks to properties, underscoring the importance of being informed and proactive in managing these challenges. We’ve summarised key takeaways:

Fire risk reduction for Landlords

Something discussed at length was the topic of fire risk management, noting that while fire incidents are less frequent, they represent a significant portion of insurance claims due to their costly nature. Kitchen fires, often a result of unattended cooking, were identified as a primary concern.

Practical steps for landlords included ensuring the availability and knowledge of using fire extinguishers suitable for kitchen fires, providing fire blankets, installing carbon monoxide monitors, and considering the use of heat-resistant materials in kitchen areas. A detail that might not be widely known is the classification of fire extinguishers, with each class designed for different types of fires. For kitchen fires, it’s important to use fire extinguishers classified as either F or B, as these are specifically suited for handling the types of fires most commonly encountered in a kitchen environment. 

Advice was also shared for year-round fire safety, highlighting the critical need for BBQ maintenance during the summer months and the safety of fireplaces in the winter. To delve deeper into this topic, our friends at initio have written an informative article. Read more 

Related video: What Insurer Claim Data Reveals for Landlords

Flood risk awareness and management

The escalating frequency and severity of nationwide flooding were also discussed, particularly in regions like Auckland and Westport, along with the implications for property insurance. Infrastructure pressures were identified as a significant factor, with a call for local council intervention to mitigate these risks. Tools such as the Searise website and Auckland Council’s flood zone mapping were highlighted for their utility in assessing and managing flood risks.

Key strategies for insurance management in flood-prone areas include enhancing property resilience through improved construction practices and staying updated on local flood management efforts. These measures not only aim to safeguard properties but also maintain their value and insurability. Learn more about understanding flood zones in this initio article. Read more

Other articles of interest that were discussed:

Understanding and managing fire and flood risks is an essential part of property management for landlords. The above strategies and tools offer valuable guidance on effectively mitigating these risks. Being proactive and informed can significantly impact your properties’ safety and your tenants’ well-being. We encourage all property owners to explore further the resources mentioned, including initio’s in-depth articles, to ensure your investments are protected against unforeseen challenges. Remember, staying ahead of risks preserves your property’s value and ensures peace of mind in an ever-changing environment.

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