Ensuring your assets and properties is always a good goal and one of the best ways to start the year right. Doing this has never been easier due to the plethora of options now available to us.
Owning properties and making money off them is financially and personally rewarding. The truth, however, is that owning properties come with risks. Sometimes these risks mean that everything you have is on the line. It is imperative that you are aware of these risks and you know how to mitigate them. One way of doing so is getting the right apartment building owner’s insurance.
Various risks faced by apartment building owners
Like any other properties, apartment owners face similar risks including damages from catastrophic events. There are also risks from the following:
- Liability claims for employees, tenants, visitor injuries
- Natural disasters
- Theft and vandalism
- Loss of rental income
- Discrimination lawsuits
- Allegation of funds, misinterpretation, etc
- Advertising liability
You can address all these risks with insurance coverage specific to your needs. Property insurance is complex as the coverage depends on many factors including your building’s location and the type of construction used. You need to look for an agent who is looking out for your best interest to make sure that all these complex issues are addressed properly.
Apartment Building Owners Insurance
The apartment building coverage is the safety net that protects owners from all sorts of risks associated with owning an apartment building. It is designed to keep your exposure to damage, loss of income, and other losses to a minimum.
Here are some of the coverages that apartment owners should consider:
General liability
Landlords/owners are responsible for maintaining the structure of the building including the patio, sidewalks, common areas, parking lot, pools and more. Any person who gets injured in any of these areas can sue the owner and hold them liable for the injury. This is where general liability comes into play. It covers the legal fees in the event of lawsuits.
Commercial Property
This coverage protects the building from damage including the structure within the property. It also protects your business’s personal property stored in the building such as the equipment you have for maintenance.
Business Income
It’s a coverage that protects the owners in case there’s an interruption in the business and there is a significant loss of income. This may include major leaks and flooding in one of the floors or in the entire building and there is a need to vacate the place.
Umbrella Coverage
This coverage protects your client/tenant in the event that they claim a loss and they have already maxed the limits of their current policy.
Are you protected? If you’re new to the game, it’s best to prepare yourself and ensure that you and your apartment building is protected. Talk to one of our agents today! Our independent agents represent more than one insurance company to give you the best and most affordable option.
Call us at 606-864-5152 or 606-528-5151.