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Why Do I Need Fire Insurance as a Property Investor?

April 24, 2022/in General Business Insurance, News /by Amanda Rogers

According to The National Fire Protection Association (NFPA), U.S. fire departments responded to about 353,100 house fires from 2014 to 2018. Moreover, the cost of recovering from a fire can range anywhere from $3,000 for a small fire and beyond $50,000 for larger fires.

This considered, it’s important to consider why you might need fire insurance—especially as a commercial property investor. Let’s discuss.

What is Fire Insurance?

Fire insurance is defined as “a form of property insurance that covers damage and losses caused by fire.” Although most homeowners’ policies come with some form of fire protection, additional coverage is often considered in the case that property is lost or damaged due to fire.

The topic of fire insurance is especially important for those who own investment properties. How many investment properties you own, could determine whether or not you’re able to use personal lines of insurance to cover fire-related issues.

Personal Lines Insurance

What is personal lines insurance? Personal lines insurance refers to any insurance that covers against “loss that results from death, injury, or loss of property.” These policies insure individuals and/or their families against a number of personal (and therefore, financial) risks caused by:

  • Fire
  • Theft
  • Death
  • Natural disasters
  • Accidents
  • Lawsuits
  • Illness


Personal lines insurance is especially crucial for investors that may own multiple homes, apartments, and other rentals. Whether it be a wildfire or house fire, consider how much a property investor has to lose when it comes to this type of natural disaster.

As an investor, you need to be sure that your interests are fully insured. We can help you achieve this at Competitive Edge Insurance.

Insuring Your Personal Property

Today, the costs for insurance—fire insurance included—are increasing significantly. Regardless, insuring your property is extremely important. As we’ve mentioned, this is especially true for individuals who own investment properties; both commercial and residential.

There are many insurance options out there. Personal lines include:

  • Single-family homes
  • Individual condominium units
  • Temporary rental properties
  • Multi-family properties from one to four units.

Investment property insurance varies on a property-by-property basis and can be written on either a personal or a commercial policy. If you own fewer than 4 properties, you can use personal insurance policies—even though it’s your business.

Whether you’re an investor yourself, or an attorney or financial planner working with clients who invest in property, you must be sure these investments are fully insured without umbrellas so that the total limits of liability exceeds your property assets. 

Remember: All costs are going up, so property owners must plan accordingly.

This is an especially difficult pill for property owners and landlords to swallow. Although insurance is going up, you can’t increase rent by more than five to seven percent to bridge this gap.

For more information on how to insure your property, contact our team of experts at Competitive Edge Insurance. Until then, read up to find out what your homeowners insurance covers.

https://compedgeins.com/wp-content/uploads/2022/04/Why-Do-I-Need-Fire-Insurance-as-a-Property-Investor-1.png 628 1200 Amanda Rogers https://compedgeins.com/wp-content/uploads/2020/11/logoweb.png Amanda Rogers2022-04-24 07:00:002022-07-22 13:13:27Why Do I Need Fire Insurance as a Property Investor?

How to Protect Your Business From a Fire

April 3, 2022/in California, General Business Insurance, News /by Amanda Rogers

As a business owner, there are many things to keep track of: revenue, expenses, profit, client information, the list goes on. We’re guessing, however, that protecting your business from fire isn’t at the top of your list. We’re here to get you thinking about how to protect your business from fire.

Tips on Protecting Your Business from a Fire

Fire season is right around the corner. So, what can you do to protect your business? At Competitive Edge Insurance, we have a few strategies in mind.

Have an Active Fire Protection Plan

Ensure your business has an active fire protection plan in place. An active fire protection plan includes water spray systems, deluge systems, sprinkler systems, fire water monitors, etc. Make sure that all of these systems are tested and in good working order (functioning with fresh batteries, etc.)

An evacuation plan should be crafted and distributed to all employees. Perform practice drills with your team members to ensure everyone understands their role in the event of an emergency.

Spring Cleaning

Spring cleaning is important! When it comes to fire protection, this might look like:

  • Carefully storing combustible and flammable materials
  • Cleaning the perimeter of your building (i.e. eliminating dry brush and quick-burning foliage)

Read more in this article from VFS Fire & Security Services for everything you need to know on prepping the outside of your commercial building for summer.

Perform Routine Building Maintenance

The last thing you need during an evacuation is a blocked walkway or doorway. Ensure all fire lanes are clear and access to fire hydrants is unobstructed.

Moreover, the address of your building should be visible from the street in the event that emergency personnel are called onto the scene.

Invest in Fire Insurance

Fire insurance is defined as “a form of property insurance that covers damage and losses caused by fire.” Although most homeowners’ policies include some amount of fire protection, additional coverage is often considered in the event that property is lost or damaged due to fire.

What Could Your Business Face Without Fire Insurance?

The consequences of not having fire insurance can be detrimental considering your business is likely one of your largest assets.

Fire insurance can be essential depending on where you live. For example, in California, we’ve seen an uptick in wildfires in recent years, according to the California Air Resources Board. In fact, the area burned by California wildfires has been increasing each year since 1950. Eight of the state’s historical 20 largest wildfires have occurred since 2017.

Fire insurance can help minimize the financial burden in the event that a fire at your business does occur. For more information on how to insure your property, contact our team of experts at Competitive Edge Insurance. Until then, read up on risk mitigation for property investors.

https://compedgeins.com/wp-content/uploads/2022/04/How-to-Protect-Your-Business-From-a-Fire.png 628 1200 Amanda Rogers https://compedgeins.com/wp-content/uploads/2020/11/logoweb.png Amanda Rogers2022-04-03 07:00:002022-07-22 13:13:47How to Protect Your Business From a Fire

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