Basement bedroom window does not meet egress requirements?

[James Wierzba]

Hi,

I am purchasing a SFH investment property. There is one issue of concern that came out in my inspection:

The basement bedroom window does not meet the national fire safety standard egress requirements. The violation is that the window is a bit too high off of the ground. 

Note that the property was built in 1965 which was before this safety code was implemented, so it is "grandfathered in" so-to-speak.

What I would like to know is if and how this window egress issue could pose any potential issues for me in the future? Potential issues with me legally listing the room as a bedroom?

Also, I don't know if this would prevent me from obtaining property insurance? Do insurance companies accept the excuse that a property was built before a safety code was implemented?