You may have already seen in the news that a massive explosion leveled a north Edmonton house and damaged several others last weekend. One woman was removed from the rubble tied up and police are now saying that three of the four deaths are homicides.
This was only about 5 minutes from my own house, but there’s another interesting connection for the real estate investors in the crowd.
The house two doors over is owned by an investor we know and managed by Davies Management. The explosion was so powerful the building was pushed off it’s foundation by a foot or more. The tenants were allowed back in this week for (literally) 5 minutes to gather what effects they could grab. Given that the building could collapse at any time, I’m a little surprised they let them back in at all, but I guess it’s a risk they’re entitled to take.
The owner has the proper insurance, but it made Brent and I take a moment to look at our own coverages. What about repairs not covered by condo board policies? Rental income replacement for the year while the property is being rebuilt? Things can get expensive quickly, and you’d better believe I’m going to be calling my insurer in the very near future.
Photo Credit: llabig
