When you get new insurance for your building or renew an existing policy, a representative from the insurance company will come to your building to evaluate it before setting your insurance rates. So how can you lower building insurance costs?
“To get the lowest possible rates, it’s important to present your building in the best light,” says Stuart Cohen of City Building Owners Insurance Program, a company that provides insurance to New York City building owners.
The New York Housing Journal originally posted Cohen’s article listing several areas that the insurance company is sure to consider when evaluating your building and setting the cost of insurance, according to Cohen. By making sure these items are satisfactory, you should be able to lower your building insurance rates.
Hard-Wired Smoke Detectors
Where possible, use hard-wired smoke detectors (with battery backups) for the apartments in your buildings. Hard-wired smoke detectors are wired directly into the building’s electrical system. This setup prevents tenants from disabling the smoke detectors by removing the batteries.
Proper Handrails and Fire Escapes
Another step you can take to lower building insurance costs is to make sure all handrails and fire escapes are secure.
Child-Safe Window Hardware
Window guards should be installed on all windows of apartments in which children under age 11 reside.
No Major Cracks on Sidewalk
Check your building’s sidewalk for any major cracks. A major crack is anything that can be a tripping hazard, says Cohen. If it looks like the heel of a high-heeled shoe could get caught in the sidewalk crack, fix the crack before the insurance company’s inspection.
Fire Doors Closed; Proper Panic Hardware Installed
The building’s fire doors (for example, the door leading to the roof) should be closed and equipped with panic hardware, which allows tenants to exit easily in an emergency by pushing a bar.
Read the full article posted in the New York Housing Journal for the more ways to lower building insurance costs.