Essential Spring Maintenance for Your Investment Property

This post is written by Trusted Partner, Park Insurance. To become a contributing editor, please contact our Real Estate Investor Solutions Specialist, David Maxwell at david@reincanada.com.

There are flowers blooming in the garden, birds singing in the sky, children playing in the yard . . . and water in the basement! Most of us look forward to spring and its natural beauty and revitalizing spirit, but it is also a time when our investment properties are especially susceptible to water damage.

A few outdoor maintenance activities this spring can go a long way to protecting your valuable investment. Here is a quick checklist to get you started:

Inspect and Repair Building Exteriors

• Remove debris from gutters and downspouts. Repair or replace any loose or leaky gutters. Ensure downspouts drain away from the foundation.
• Have your roof inspected and have any damaged areas replaced or repaired by a qualified roofer.
• Have your chimney cleaned by a certified chimney sweep. Inspect the exterior for any damage.
• Clean, inspect and repair siding or stucco.
• Inspect and touch up paint on all exterior surfaces.
• Check the trim and weatherproofing around windows and doors.

Clean and Inspect Yards and Patios

• Prune trees and shrubs. Remove any dead branches. Trim branches that are touching your home.
• Clean up fallen branches and other debris around your home.
• Check for any water pooling around your home. Your yard should be sloped to direct water away from your home and sewer connections and weeping tiles should be inspected and repaired by a professional if you suspect a problem.
• Inspect and repair any cracked, broken or uneven concrete surfaces.

Talk to Your Tenants

When it comes to water damage, things can literally change overnight. Everything may appear to be in tip-top shape today, but a sudden windstorm or excessive rainfall may reveal issues you weren’t aware of. That’s why your tenants are an essential resource. Make sure they feel comfortable reporting any potential maintenance issues. Most problems are minimized when dealt with promptly. So, consider implementing maintenance request forms for all your properties and encourage open and regular communication with your tenants.

Being prepared for spring means taking a few simple steps to ensure that your investment properties are well protected. Being prepared for life’s unexpected twists and turns means protecting your assets with adequate insurance. Water damage protection varies, so review your coverage with an experienced broker today.

Chris Westrop is the Vice President of Commercial Lines at Park Insurance. He has 30 years of experience in the commercial insurance business and is a Chartered Insurance Professional with the Insurance Institute of Canada. He is also a REIN member and a regular attendee at many of our programs. Learn more about Chris and the experienced team of Commercial Insurance advisors at Park Insurance. Chris may be reached at (604) 659-3133 or cwestrop@park.ca.