Blanket Insurance is an insurance term that has a few different commercial and personal lines applications. In this article we will focus on blanket coverage for commercial buildings, primarily apartments and other commercial buildings with more than one building on the same policy and most often at the same location.
Blanket insurance coverage allows you cover multiple buildings under one large limit. An example would be 10 apartment buildings each with a replacement cost of $1,000,000 insured under one policy with blanket coverage giving each building a maximum of $10,000,000 in coverage making it very difficult for any one building to be underinsured.
Recently I reviewed coverage that another agent had provided to a prospective client including multiple single-family homes on one policy without blanket coverage. One of the homes had been involved in a fire and the coverage was about $50,000 short. Had this agent “blanketed” the buildings, this Utah property investor would not be out of pocket for the repairs.
With blanket coverage each building still needs to be insured to value and the additional cost compared to the benefit is minimal.
Call Anderson Insurance Group for an agent who will pay the most attention to the details of your Utah Apartment or investment property coverage.