Tag Archive for top 5

Should I get a home sprinkler system for my condo

Home sprinklers save lives.  fact

What is the cost benifit?

5 myths about home sprinklers.

 

5 MYTHS ABOUT HOME FIRE SPRINKLERS

 

1. When one sprinkler goes off, all the sprinklers activate.

The sprinkler heads react to temperatures in each room individually, allowing only the sprinkler closest to the fire to activate. In fact, 90 percent of fires are contained by the operation of just one sprinkler.

2. A sprinkler could accidentally go off, causing severe water damage to a home.

Records show that the likelihood of this occurring is very remote. In addition, residential fire sprinklers are designed and tested to minimize such accidents.

3. Water damage from a sprinkler system will be more extensive than fire damage.

The sprinkler system will limit a fire’s growth. Therefore, damage from a residential sprinkler system will be much less severe than the smoke and fire damage if the fire had continued unabated, or the water damage caused by firefighting hose lines.

4. Home sprinkler systems are expensive.

The cost of installing home fire sprinklers averages $1.61 per square foot for new construction, according to the Home Fire Sprinkler Cost Assessment report produced by the Fire Protection Research Foundation. To put the cost of a sprinkler system into perspective, that is roughly the same amount people pay for carpet upgrades, a paver stone driveway or a whirlpool bath – none of which save lives.

5. Requiring residential fire sprinklers will inhibit new home construction.

A 2009 study conducted on behalf of the National Fire Protection Association (NFPA) compared residential home construction in four counties in Maryland and Virginia – two with sprinkler mandates and two without. The study concluded the presence of sprinkler mandates did not have a negative effect on the number of homes being built.

 

* info from the Claims Journal

Top 5 condominium claims

What are the top 5 types of condominium claims. I want to say water, water, water water and more water, but that would be just slightly over-stating the common claims at a condominium.

The top 5 types of condominium claims are:

  1. Water- you guessed it water damage claims make up the majority of all claims
  2. Liability- trips and falls at the premises. whether they are real accidents, or reports of injury, these are far too frequent, and can be very costly
  3. Fire- while not as frequent, it is the most severe.
  4. Breakdown – systems break down and energy equipment coverage covers the loss. Whether it is a steam boiler that blows, or an elevator that breaks, or an electrical panel that fry’s.
  5. wind- windstorms blow and take everything with it. They knock off siding, they blow stuff off the roof and tear property apart.

1721703 condofire firecondo PHOTO_11633229_62923_28200428_ap water_stains-300x224 watrers

Condominium Insurance Basics

Insurance can be daunting even for the professionals. A condominium insurance policy is a contract between the condo and the insurer. It is long and legal looking and ambiguous at best. Find a good agent who specializes in condominium insurance and review all of your exposures and watch and understand these five basic coverages:

  1. Property insurance
  2. Liability insurance
  3. crime insurance
  4. professional insurance
  5. worker/vendor/employee insurance

If you have a working knowledge of these basic coverages, You should be able to make the right decisions for yourself and your condominium association.