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...
