When a resident placed a burned candle in their trash can and then left the apartment it sparked a fire that completely destroyed the unit. Even worse, four other nearby units suffered fire, smoke and water damage.
Marc Gordon, principal and CFO of Investors Management Group, was left with a $400,000 bill for damage plus loss of rents. So naturally he contacted his insurance company.
His conclusion? "We would have been better off having just paid the cost of the damage out of pocket, after accounting for the increased premiums over several years," Gordon said.
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