HELP - Insurance requiring Fire Alarm?

Question

My old insurance just dropped me. Said that our property rebuild costs exceeded their maximum.

Now, while searching for new insurance through a broker, I'm being told that my building now requires a "Central Station Fire Alarm that reports to a Central Reporting Station".

Is this new requirement normal? Should I try and find another insurance broker? It's wild to me that this is suddenly a requirement.

I own a 4-unit residential property in the seacoast of NH.

Patrick McCann · Answer

There’s a real estate investors meetup this Monday 8/12 6PM at Chapel and Main in Dover

Ryan Randall · Answer

Yeah, that's a good idea. Thank you

Colleen F. · Answer

@Ryan Randall talk to the fire marshall and get a copy from them of any local restrictions. It looks like something was revised but not clear what it is. Centrally connected seems over the top.

Ryan Randall · Answer

That would be great. I'm just over in Dover

Alecia Loveless · Answer

@Ryan Randall I work with Hunkins and Eaton either Teresa or Jennie and have business owners policies through Vermont Mutual on most of my buildings.

The ladies assure me Vermont Mutual has the best, most affordable policies.

I have not had a problem and they are not requiring Central Monitoring on any of my policies from 1-8 units.

Ryan Coburn · Answer

Hey Ryan - I just went through this with my property in Rollinsford. Very old, so to rebuild with exact materials exceeded the maximum on the original residential policy I had in place with Andover after their inspection. Because of other liabilities (pool, more than 2 units, etc) it was brutal to find something. I did end up getting offers for a surplus lines residential policy, and then landed on a business owner policy through Vermont Mutual. I’m happy to connect you to brokers who sorted it out, 2 agencies I trust, just let me know.

Chris Seveney · Answer

I would try another broker. I assume you have carbon monoxide and smoke detectors in the property. Tying to a central station for a 4 unit property I have never heard of.

Colleen F. · Answer

@Ryan Randall Looks like it might be.New Hampshire Revised Statutes Section 153:10-a (2022) - Automatic Fire Warning Devices and Carbon Monoxide Detection Devices in Dwellings. :: 2022 New Hampshire Revised Statutes :: US Codes and Statutes :: US Law :: Justia

HELP - Insurance requiring Fire Alarm?

8 Replies