The State Of The Real Estate Investment Is Imperative For Multifamily Investors To Know
Multifamily Investors, Do You Know What Type Of Circuit Breakers Your Real Estate Investment Has?
Multifamily investors, what circuit breaker does your real estate property have? Why does it matter what kind of circuit breaker it has? Circuit breakers, along with other home components, can bring down insurance rates depending on any discrepancies that might exist.
Multifamily Investors, You NEED To Inspect Your Circuit Breakers
The reason why you need to inspect your circuit breakers is because they can become a major liability. For example, did you know that Federal Pacific Circuit Breakers, installed from the 1950's to the 1980's, run the potential to cost you more in insurance. This is because it was found that one in four of these breakers are considered defective and will not trip off. In fact, it is estimated that these particular circuit breakers are also responsible for 2,800 fires each year due to the malfunction.
Thus, if your real estate property has one, you should know that they are they rated higher than other breaker boxes, and it is likely that you will either pay 15% more in insurance, or be denied for insurance altogether.
Other Components That Matter For Multifamily Investors
When investing in property, it is important that you know what structural issues are present and what that means in terms of insurance. From the plumbing to the roof, and even how close trees are to your property can all have a significant impact.