Gino is buying a 14-unit apartment building that is structurally solid, but needs both maintenance and repair work. Three days ago Gino and Toby entered into a purchase contract in the amount of $300,000. Along with signing the purchase contract, Gino also put a $20,000 deposit down on the apartment building. Toby, the current owner…

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During a heatwave, many systems are being worked to their limit. This heavy workload could cause a mechanical breakdown. Insurance for mechanical breakdowns/equipment breakdown can be purchased as a separate policy or as an endorsement to your commercial insurance policy, Equipment Breakdown: A standard policy will cover the following types of equipment. Electrical systems-Including electric…

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Small and medium size business (SMB) owners have a multitude of responsibilities and concerns with running their own business. I understand your concerns because I own a business too. And if you own the commercial property your business is in you have (at least) two businesses to worry about. One of the most important decisions…

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COVID-19 continues to surge across northeast Ohio! The unemployment rate is near 9% in Ohio, a new stimulus package seems unlikely in the next month and the Centers for Disease Controls has put a moratorium order on all evictions through the end of the year (under certain circumstances). What are landlords to do to ensure…

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As the owner of rental properties, if you could reduce your economic loss by reducing the size of a cooking fire for approximately $50.00 per unit would you do it? You can do this with a simple item called StoveTop FireStop. According to the National fire Prevention Association (NFPA) a kitchen fire starts every 8…

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Dealing with property claims is always a concern for you, the property business owner. Do you have enough insurance coverage for the loss? What if the loss is caused by a defective appliance such as a refrigerator, stove, electrical cord, and/or a water supply line? Suppose you are a landlord, and the property loss is…

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When you think apartment housekeeping, you probably think of jobs like tenants keeping their units clean, the garbage being picked up from the dumpster and the front of the building’s street appeal. But what about those housekeeping items that, if ignored, could lead to safety issues? Lighting, exits, floors, and stairs, if not properly maintained,…

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Apartment buildings throughout northeast Ohio have very different types of roofs, but what they do have in common is the need for a roof maintenance program. During the latest inspection of the gable roof on our office we discovered we had a leaking pipe collar/vent stack. This was an inexpensive repair, but if we did…

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The main goal of any business owner is working to increase sales and revenues. By growing sales more people are discovering and returning to your establishment. Unfortunately, the additional customers that are flowing in and out of the business increase the chances that somebody has sudden cardiac arrest. Currently, sudden cardiac arrest is one of…

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Learn what investment property owners should know about water damage coverage. Read perspective about investment property insurance and water damage losses. It is absolutely true that water damage losses can be extensive and expensive. It is also true that property insurance is not designed and does not cover all risks of loss to property. Today’s…

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