As an investment property owner, you need ensure that your property is not only safe and in good condition, but that you also have fire prevention measures in place. Fire prevention measures not only protect the renters, but they also protect your property. Having smoke detectors and carbon monoxide detectors are required in your property, however fire extinguishers are not. They are a good idea though.
As an investment property owner, you know that complying with all state and local regulations is an imperative part of keeping your rental home safe and profitable. It is also necessary to consider what is best for you, your tenants, and your investment. Generally speaking, things that will make your property safer and easier to rent to quality tenants is something you consider doing.
Benefits of Having Fire Extinguishers
When they are used immediately, fire extinguishers have been proven to help prevent property damage and personal injury. If a small household fire occurs, they are easily containable if tools to put them out are close at hand. When combined with tenant education, putting at least one fire extinguisher in your rental property could save you thousands of dollars.
When you have fire extinguishers in your home, you demonstrate to your tenants a genuine concern for their safety that goes beyond just following the law. This can help in building good rapport with your tenants, encourage your tenants to be more willingly to help with property maintenance, and even make them appreciate and want to stay in your rental house longer. All of these things lead to higher long-term profitability for your rental property.
The National Fire Protection Association reports that there are more than 355,000 residential fires in the U.S. annually, and causing more than $6.9 billion in property damage. Household fires cause an average of 2,600 deaths every year, as well as over 11,000 injuries.
The bottom line is that fire extinguishers can save lives. As a property owner, your tenants’ safety while they are in the rental home is largely your responsibility. By teaching your tenants what to do in the event of a fire and giving them the right tools to extinguish small fires when they start, you can be certain that no lives are lost in your rental home.
Smoke detectors, carbon monoxide detectors, and fire extinguishers are a significant part of a property owner’s tool kit. Keeping your tenants and investment safe are the number one priority.
