August 4, 2013
Be a Pro-Active Landlord And Protect Your Tenants and Your Properties
With summer half over and many tenancies beginning in September it’s a great time for B.C. Landlords to remind their new tenants and current tenants the importance of getting Tenant Insurance and check on the fire safety of your rental properties.
Let’s go back to April when there was a horrible fire at a Langley, B.C. housing complex that led to tragedy.
Twelve people were taken to hospital and three were in critical condition.Sadly, one person died.
More than one hundred seniors faced loss and an uncertain future that still is ongoing.
The housing complex was at 203 Street and 54 Avenue. The fire broke out in the 2nd floor.
Tenant Margaret Mitcham was one of the ‘lucky’ ones.
When the fire broke out she saw the smoke and managed to grab her purse and escape without any injuries.
Investigators still don’t know how the fire started, but fire officials have confirmed there was no sprinkler system in the 30-year-old building, which was constructed before sprinklers were a safety requirement.
The president of the B.C. Seniors Living Association is Dave Sinclair. Mr. Sinclair stated he thinks the government should upgrade the buildings with sprinkler systems.
Tenant / Content Insurance
Margaret Mitcham also has tenant insurance. This means she will be compensated for anything damaged not only by the fire but by the water used to battle it.
She says it is pure luck she has content insurance.
Mitcham says many of those who lived in the building don’t have insurance.
“It’s low rental here, you know, and some of them don’t have content insurance.”
Insurance Bureau of Canada spokesman Serge Corbeil says many renters routinely ignore advice to get rental insurance because they falsely believe they don’t have anything worth insuring.
“Sadly, it’s when you lose everything you realize how much you had. That type of insurance will allow you replace that,” said Corbeil.
He said policies run for as low as $20 a month. The policy will cover living expenses if your home is destroyed by a fire.
“It will also help you pay for those additional living expenses, so if you can’t live in the building you occupy before for awhile, your insurance will help you cover the cost of putting you in a hotel for some time.”
He estimates up to half of all renters don’t carry fire insurance.
B.C. Landlords Make Sure Your Tenants Are Aware of the Importance of Tenant Insurance