How Fire Sprinklers Can Cool-off Your Apartment Building Insurance Costs
Nobody likes having to pay for insurance.
As a Property Manager, it’s doubtful that you feel differently. Sure, insurance will have your back in the event of an emergency, but when you don’t need it, you could be left with these concerns:
1) What if I’m overpaying on insurance?
2) What if my insurance doesn’t cover my liabilities?
3) For the price, what does my insurance cover?
These are valid questions, and if you’re asking yourself them, you’re not alone.
Fortunately, there are a couple of quick tricks to keep up your sleeves that will significantly reduce the cost of your Mixed Use Building and Multi-Family Residential Building insurance.
3 Key Ways Fire Sprinklers Can Cool Your Mixed Use Building Insurance and HOA Costs
These 3 fire sprinkler tips can save you serious money on your HOA, Mixed Use Building, and Multi-Family Residential Building insurance costs.
1) No Sprinkler System? Get One Installed
Insurance carriers are likely to look kindly on Mixed Use and Multi-Family Residential Buildings that have sprinkler systems, as their liability from fire damage will be lower. This, in turn, can translate into an insurance credit of up to 40%.
For HOA’s, insurance underwriting on discounts isn’t quite as clear-cut. If an insurance company’s risk is less significant, however, there’s a good chance that they’ll pass it onto you in the form of savings.
As a result, installing a sprinkler system in your complexes will be one investment you’ll certainly see a return on.
2) Test, Maintain and Record Your Fire Sprinkler System
Sure, having one installed is great, but what good is it if it doesn’t work? This is the question your carrier will be asking when pulling together your quote.
By regularly testing your fire safety system, you won’t just help your tenants feel safe, you’ll also lower your insurance premiums.
Schedule regular maintenance on your fire sprinklers to keep them functioning correctly and make a record of it, too. Why? Because, once again, if you can show carriers that you’re invested in reducing liability in the building you manage, they’re likely to reduce your insurance costs.
3) Installing Escape Signage and Make Sure Tenants Understand
As a Property Manager, one of your responsibilities is maintaining health and safety and keeping the chances of damage and injury as low as possible. Fortunately, doing so can also save you money. Consider the following:
Show your insurance carrier that you mean fire safety business by installing signage to indicate escape routes and sprinkler systems.
Go Over Escape Routes and Documents With Tenants
“Nobody likes fire drills.”
While this may be true, their safety is of paramount importance. Make sure tenants know their exit points and keep a record of your conversation and information presented to present to carriers.
An Experienced Insurance Broker is Your Key to Reduced Costs
Sure, fire sprinklers help, but since insurance carriers can be picky, your best bet at getting a great deal is by using an experienced insurance broker.
With their ‘whole of market’ approach, they’ll be able to pinpoint the coverage that’s best for your requirements.
Looking for your next best insurance deal? Get in touch with us today. We’ll help you to source the product that meets your needs, no matter how varied.