Submitted by dandotson on Wed, 01/25/2023 - 10:32
Apartment Building Insurance

We insure Apartment Buildings, Multi-Family, Duplex and Four-Plex properties

An apartment building is a commercial property that you lease out to others. It will fall under a Lessors Risk type of policy and classify as a Habitational classification.

Proper protections begin with a comprehensive evaluation of the property, your business structure for the property, ownership interests, sources of business income for the property and additional mixed uses.

The protections are based upon the type of building; whether it is a duplex, triplex, four-plex, Multi-Family, a complex of hundreds of units or possibly a mixed-use property.

Other factors will need to be considered such as the business personal property provided. These are the laundry and exercise equipment, tool and equipment storage or auxiliary structures.

The age of and type of structure, fire rating, sprinkler and alarm systems, elevators, number of floors, parking type will be need to specified. Location, claims history, maintenance schedules, rents, vacancies are also included in the evaluation.

The types of coverage you should place will protect you from financial loss against these covered risks.

    Coverage includes:
  • General Liability Insurance
  • Commercial Property Insurance
  • Business Income
  • Umbrella Insurance
  • Ordinance and Law Endorsement
  • Business Owners Policy

General liability Insurance will provide protections against unforeseen events such as trips and falls, claims for discrimination, lawsuits for negligence and medical bills. The subject property evaluation will detail the coverage and protections.

Commercial Property Insurance is necessary and will provide financial protection from loss due to fire and smoke damage, windstorms, vandalism, lightning, vehicle and aircraft damage, certain explosions and riots.

Business Income or sometimes known as Business Interruption Coverage will protect your revenue loss of rental income and may provide for wages of your employees, mortgage, and tax payments.

Umbrella Insurance steps in once your primary coverage limits have been paid and additional coverage is now required. The amount and type of coverage if needed will depend upon the evaluations made and limits established for your primary coverage.

Ordinance of Law coverage might be an important consideration and is purchased if a loss will require the repair to meet new building codes.

Along the way we will want to establish coverage limits for losses on business personal property, auxiliary structures. A proper evaluation will also want to mitigate risks. Common risks are theft and vandalism, personal injury to tenants and their guests, and discrimination.

We will work with you to prepare a comprehensive understanding of your property. We will work together and perform onsite inspections to evaluate and mitigate risks and prepare for the insurance carrier’s inspection of the property.

    A comprehensive evaluation will include items in place such as:
  • Establishing an open policy that encourages tenants to alert you or your maintenance team to any defects or potential hazard.
  • Contracts that clearly define policies and procedures for tenants, selection processes and cause for eviction and lease renewal.
  • Establish a schedule to keep your property up-to-date. Schedule of inspections: Fix any appliances or mechanical system that could present a fire hazard, clear snow and ice from walk ways in the winter, and always eliminate environmental hazards are minimal examples.
  • Update safety equipment. Replace old or malfunctioning smoke detectors and fire extinguishers. Install security cameras around the property too, to prevent vandalism and theft.
  • Follow landlord laws. Provide a copy that the tenant signs as well. This can avoid any unnecessary legal fees or loss of rent by respecting your tenants’ privacy and following the law.
  • Alert tenants to any hazards. Create email distribution lists, post notices. Help your tenants stay safe by communicating about any ongoing maintenance work, hazardous weather, or other events and activities.
  • Assure every contractor you hire is fully licensed and bonded. Always verify that proper permits are posted. Insurance policies will not provide coverage for work that has not been properly inspected.
  • Be sure to contact and advise us about repairs. These may very well reduce your premiums.
  • Work with us and keep us informed. A roof repair is an expense. A roof replacement is an improvement. The addition of safety improvements eliminates risk which might also reduce premiums.
  • Communication will assure you have adequate coverage. Insurance is the transfer of risk from you to your carrier.

Lets discuss your insurance needs. An evaluation often finds opportunities to reduce premiums, improve coverage and provide more peace of mind

“The best insurance is no accident”™