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Buying investment homes? Check for an upper story egress

egress 1    egress 2

Insurance underwriters at numerous carriers now are requiring permanent egresses (exits) from upper level (2nd floor and above) rental dwellings. They are rejecting new policies and renewals if those permanent egresses aren’t in place.

What does that mean? It means that in order to have more carrier options for competitive premiums, that property must have this egress in place at the time of the quote.  This includes single and multi-family properties.

What are acceptable egresses? Unfortunately, using portable fire-ladders are not an acceptable solution for these underwriting guidelines. Instead, there must be a landing plus permanent stairs or some such apparatus which allows people to escape to safety at ground level.

What about currently owned and insured properties? Some carriers are dropping coverage for those properties- so you will need to find another carrier who will be willing to take on the risk. Talk to your agent in advance if your current carrier is heading in this direction. This will allow you to plan to either add an acceptable egress or shop for a new carrier.

Who can help? Independent insurance agencies can work with you on finding the best carrier that can provide appropriate coverages for your properties. They should know which carriers are requiring these permanent egress structures. We’d be honored to be one of those carriers!

Want to learn more? Reach out to us and we are happy to answer questions and to provide a free quote!

About Keslar Insurance Agency

Keslar Insurance Agency is a full service provider of residential and commercial insurance products in New Hampshire, Maine, and Massachusetts. Keslar Insurance makes sure clients have the right insurance products to protect the most important things in life-family, possessions and business. Keslar Insurance employees focus on providing the kind of service and value we’d expect for ourselves and our families. Our products which include homeowners insurance, auto, life, umbrella, renters, landlord, boat, snowmobile, ATV, flood, commercial auto, business owner’s policies, general liability, worker’s compensation, motor home, camper, and more. For more information call 603-273-2953 or visit: www.keslarinsurance.com.

 

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