Helpful Suggestions from the Brokers at The Business Insurance Center
Owning an apartment building or two, or an entire complex is not a small investment. You may be bringing in passive income from rent, but you still have the expense of maintenance and potential lawsuits. There are plenty of risks you face as a landlord. There may be property damage from weather or vandalism. You may have a claim filed against you for personal injury. If those claims go to court, you may face increased costs because of legal fees that can tap out your insurance limits.
Safeguard your livelihood when you carry the appropriate policies for your needs. The knowledgeable brokers at The Business Insurance Center help landlords like you with finding the best coverage for your situation. We offer a variety of policies backed by prominent insurers through our apartment building insurance program. Let us help you rest easier at night knowing you are properly covered.
Apartment Building Insurance Policies to Keep Your Livelihood Protected
You provide a safe place for your tenants. When things go wrong, you need to know you have safeguarded your business. Here are four policies you should consider having in your plan:
- General Liability Insurance: Every business benefits from this policy. It steps in when someone gets hurt while on your premises. For example, you keep the common areas, like hallways, gym, pool, and parking lot maintained. However, a tenant’s guest accidentally slips on a mat in the lobby and hits their head. They may file a claim, and your general liability can help cover costs including legal fees.
- Property Insurance: This coverage is slightly different as it protects the building structures from covered events. This can include things like fire, smoke damage, vandalism, vehicle and aircraft damage, explosions, and riots.
- Business Income Loss: When tenants must leave because of a covered loss, you lose money. You might be reimbursed for the income you lost from events like fires or flooding for example. The tenants have to leave, but you can still get paid.
- Umbrella Insurance: Your policies have limits. When claims exceed those limits, the balance comes from your pocket unless you have umbrella insurance. Think of it this way, you wear a raincoat for protection over the majority of your body, except your head. If it rains, you put up your umbrella to keep your uncovered head dry. Your general liability policy might pay out a portion of claims against you in a lawsuit and your umbrella policy can step in to cover the rest.
Sleep Easier – Choose Apartment Building Insurance from BIC
No more lying awake at night wondering when catastrophe may hit your complex. Choose to work with the experienced brokers at The Business Insurance Center. We help you determine the best plan to give you the appropriate protection against property damage, personal injury, and income loss claims. We also find gaps in your current coverage. Sleep better knowing you have safeguarded your livelihood.
Request a quote online or call and speak with a knowledgeable and experienced broker at the Business Insurance Center about purchasing apartment building insurance. We have a 24/7 call center to serve you and an online Live Chat operator.