Key Property Improvements Can Lower Insurance for Brooklyn Building Owners

Sponsored By Brownstone Agency, Inc.

The Brownstone Agency, Inc. has been providing quality and affordable insurance coverage for brownstone, townhouse, and multi-family owners, and condo and co-op boards since 1973.

Created By Brownstoner

As Brooklyn’s multi-family property owners face rising insurance costs — as much as 20 percent annually — strategic building improvements and maintenance can significantly reduce premiums. Certain upgrades deliver the best returns on 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 property insurance premiums. Insurance carriers recognize that sprinklers dramatically reduce fire damage severity, making this improvement particularly valuable in vintage Brooklyn buildings.

Fire escapes.
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 building owners for better rates.

Roofs.
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.

Facades.
The exterior condition of a 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.

[Photos by Susan De Vries]