Risks Faced by Apartment Building Owners

The primary concern for apartment building owners is the protection of the property from catastrophic events. Property insurance alone is complicated; your coverage and how much it costs vary depending on the building’s location, type of construction, and a number of other factors. Your apartment complex insurance also needs to protect you from liability claims and other, less obvious things, like lost rent after a covered loss. We can help you determine the coverage you need to make sure you are fully protected.

Commercial property coverage protects against the loss of your apartment building or buildings within a complex, as well as other structures on the property, like garages, office space, common areas, fences, swimming pools, and storage buildings. Your apartment building property insurance should also cover any additions or improvements that are completed or under construction, as well as any business personal property that is kept on the premises and used to maintain or service the building and grounds.

The amount of coverage you need and the cost of coverage depending on a variety of factors including the following:

• Age of your roof and mechanical systems
• Age of the building
• Location of your building or complex
• Type of building (e.g., high-rise, duplex, multifamily, etc.)
• Type of construction
• Presence of a swimming pool, fitness center or clubhouse
• Presence of up-to-date security and fire protection systems

Commercial general liability insurance protects against claims of actual or alleged property damage or bodily injury by third parties (tenants, visitors, repairpersons, delivery persons, etc.). This is the type of coverage you need to protect you from lawsuits if a tenant or visitor is injured at the property’s pool or gym, or suffers a minor event like a slip, trip, or fall on the premises.

Risks Apartment Building Owners Have to Deal With Include:

• Fire, storms, and other catastrophic damage to the property
• Liability for tenant, employee and visitor injuries
• Theft or vandalism
• Loss of rental income
• Invading the right to privacy
• Discrimination lawsuits filed by disgruntled tenants or employees
• Allegations of fraud, misrepresentation, and other intentional acts by employees

Bottom Line

These risks can all be addressed with just a few insurance policies tailored to your needs; that’s why we’re here. To help walk you through the coverages you need to properly protect yourself. We’ll shop multiple companies, bring you more options than anyone else, and make sure you get the price you’re looking for. Call our office today at 937-388-8046 to get started.