Two Essential Types of Apartment Building Insurance

apartment building insurance

apartment building insurance

If you currently own an apartment complex, tower or senior living housing complex, you should be informed that there are different types of apartment building insurance available. Recently, the rental property industry has seen a positive shift towards higher rental rates and lower vacancy rates: this means it is critical that you ensure your assets are protected from any exposures and potential losses. Be sure to contact an insurance agent to learn about all your options.


1. General Liability


As an apartment building owner, you are required to maintain a safe and habitable community, warn of any identified hazards and repair defects as they are made known to you. As a property owner, you have likely experienced situations such as slips and falls from tenants or claims of prior property damage. It is important to gather evidence and find out as much information as possible in order to determine if the complaint is valid. General liability insurance typically covers incidences involving bodily injury, personal injury and property damage.


2. Property


The second essential type of apartment building insurance is property insurance. This insurance covers the apartment building and structures surrounding the complex. Since various insurance carriers are different, be sure to ask your agent to identify exactly what structures are included (e.g., swimming pools, garages, etc.).


By ensuring you have general liability and property insurance on your apartment building, you can rest assured knowing your property and investment are protected.

This post was written by , posted on February 27, 2014 Thursday at 1:14 pm