I am in the process of purchasing an 8 unit 2 story apartment building in Belleville, Il. My current insurance provider will not insure the property unless it has two fire escapes with stairs for the second floor. I am waiting on a proposal from Travelers. Does anyone have a better option and/or know of issues with two story buildings?
Two means of egress is what our insurer wanted to see for 5 units, 2 story. Not necessarily fire escapes, although it is not a bad idea to have fire exits. We have two exits from the second floor though and two exits from each apartment but that was what the fire department requires. Do you have two exits from the second floor? We also had to have some improvements to the signage and emergency lighting but that was for the town. They came back later and gave us some more improvements they wanted.
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I thought as long as there was an egress window we would be fine.
Different carriers have different requirements. Check out your Illinois Apartment association and see if there are any independent insurance agents involved. Call one of two of them and see what they can come up with. They will have access to the right carriers for apartments in your area.
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