Insurance coverage for apartment buildings
For many landlords, purchasing an apartment building is their biggest asset and a long term investment strategy to supplement their income for the rest of their lives. For some, it is their only source of income and their livelihood. So protecting this asset is a crucial task for many landlords. But the concern for many goes beyond protecting the building itself and extends to the liability this investment entails. The liability exposure for many landlords is a big concern and keeps them constantly worried about losing their livelihood and their retirement nest.
Apartment building insurance protects the landlord on so many fronts and it is important to have a discussion with an expert to make sure your policy provides the right coverage and ask for all optional coverages as they could usually be added at a small cost and save you thousands if not millions in costs in case of a lawsuit.
Some of the coverage options you can get under apartment building insurance includes loss of rent, premises liability, tenant discrimination coverage, ordinance of law, signage, mailboxes, landscaping.
The most important coverage options that all apartment owners must consider should include the following:
- Property insurance
- General liability insurance
- Business income
- Umbrella insurance
Additional coverage you might need:
- Business auto insurance
- Workers’ compensation
- Surety bond
Other questions that could involve additional coverage or in some cases an additional policy involves employees. If you hire employees to service the property, you might need workers’ compensation. If you use a property management company, you might need to extend coverage to them as well on your policy. If you own a business vehicle used to service the property, you might need a business auto policy. If you have multiple apartments buildings, you might need a blanket policy that extends coverage to all the buildings and in some cases, a business liability insurance might be a good idea… So all these possible coverage options and loopholes need a serious discussion with an agent to make sure you do not have any gaps in your coverage before a loss.
To review your current coverage or request a quote with us, please contact us at 541-482-0831 or request a quote online