As Brooklyn’s multifamily property owners face rising insurance costs — as much as 20 percent annually — strategic building improvements can significantly reduce your premiums. Certain upgrades deliver the best returns on your insurance rates.
Sprinkler Systems
Installing and maintaining a functioning sprinkler system typically yields the highest insurance rate benefits. While the initial investment is substantial, modern sprinkler systems can reduce your property insurance premiums. Insurance carriers recognize that sprinklers dramatically reduce fire damage severity, making this improvement particularly valuable in vintage Brooklyn buildings.
Fire Escape Maintenance
Regular fire escape maintenance isn’t just about code compliance – it’s a major factor in risk assessment. Rusted, peeling, or neglected fire escapes raise red flags during property inspections. Keeping these vital safety features in top condition through regular painting, rust prevention, and structural maintenance can prevent premium increases and may qualify you for better rates.
Building Envelope
Two critical areas that impact insurance costs:
Roof Maintenance: Water damage claims are among the most common and costly. A well-maintained roof with documented regular inspections and repairs demonstrates risk management commitment to insurers.
Facade Condition: The exterior condition of your building is a key indicator of overall property maintenance. Crumbling brickwork, damaged cornices, or deteriorating pointing can lead to higher premiums.
Of course, the easiest way to deal with annual insurance hikes is to lock in your rate for three years. Call Brownstone Agency and ask about their pre-paid three year option today.
