BiggerPockets - 5 Landlord Insurance Tips to Help You AVOID Disaster

Short Summary

Main recommendation: Landlords should stay on top of routine home maintenance, especially for dryers, water heaters, HVAC systems, wood-burning stoves, and trees near the property, to avoid costly disasters like fires, floods, carbon monoxide exposure, and roof damage. The speaker's own near-miss with a blocked dryer vent, which caused a fire risk and was only discovered because a new dryer's sensor shut it off, shows how easily an overlooked appliance can become a serious hazard.

Key Points

• The speaker's 5 maintenance tips to avoid disaster, as listed in the video:
  1. Clean dryer vents and lint traps regularly, and install a smoke detector above the dryer.
  2. Inspect and consider replacing a water heater that is more than 10 years old.
  3. Service HVAC systems regularly and check drain pans and lines for overflow.
  4. Have wood-burning stoves and chimneys cleaned annually.
  5. Trim or inspect trees hanging over the property to prevent falling limbs, roof leaks, clogged drains, and rodent entry.
• The speaker's own experience showed a blocked dryer exhaust that had reached roughly 99 percent blockage.
• The National Fire Protection Agency is cited as reporting that dryers and washing machines cause an average of 15,970 fires per year, with dryers accounting for 92 percent of those fires and over $200 million in property damage on average.

Details Worth Noting

• Concrete instructions:
  • Check the dryer plug and vent, and clean lint out of the lint trap before each load.
  • Clean the lint filter after every load.
  • Clean the entire dryer duct system at least once a year.
  • Place a smoke detector above the dryer.
  • Do not overload the dryer, since overloading causes wear and tear and uses more energy.
  • If the dryer takes longer to dry clothes, treat that as a possible sign of a problem.
  • If a water heater is over 10 years old, have it inspected yearly and consider replacing it.
  • Have HVAC systems serviced regularly and check drain pans and lines to avoid overflow damage.
  • Have wood-burning stoves cleaned annually, including sweeping the chimney.
  • Inspect trees above the property and trim those hanging close, since fallen limbs can cause roof leaks and clogged drains, and close branches can give rodents access.
• The speaker says a technician found the vent blockage after a new dryer's sensors shut the machine off repeatedly, so attentive appliance behavior can be an early warning.
• The speaker notes that water heater failure can cause flooding, explosion, or carbon monoxide poisoning, and faulty HVAC can cause carbon monoxide poisoning if not maintained.
• The speaker frames these checks as protecting tenants and families, and says the small upkeep costs can save thousands over time.

Bottom Line

Routine, low-cost maintenance on dryers, water heaters, HVAC, chimneys, and trees is what prevents the kind of fire, flood, or gas hazard that could otherwise wipe out a new investor's early properties.