The most important part of insuring your apartment building are the details of the coverage. Some policies do not include all the coverage you need. An uninformed or unengaged agent many brush over these details and that is why you need an agent from Anderson Insurance Group who has a passion for insuring apartments and is engaged in their business. Here are just a few of the important parts of an apartment insurance policy:
- Special Form RCV – Replacement Cost Value coverage.
- Not all apartment buildings will be eligible for replacement cost coverage based on the age of the building. We will always make our best effort to provide RVC coverage.
- Ordinance & Law.
- Ordinance & Law pays to rebuild the undamaged part of a building to code when there has been a covered loss. See our blog here Ordinance & Law Coverage – How Important Is It? | Anderson Insurance Group for a great example.
- Blanket Insurance for All Buildings.
- If you have multiple apartments buildings you can greatly reduce the possibility of a building being underinsured if you “blanket” the coverage across all buildings. Blanket Insurance For Apartment & Commercial Buildings | Anderson Insurance Group
- Backup of Sewer & Drains.
- A very important coverage that needs higher limits for apartment buildings.
- General Liability Insurance.
- Make sure your limits are adequate to cover the unknown liabilities that an apartment owner may be exposed to. This is proably your biggest investment so make sure you have the highest limits.
- Personal Injury.
- Do you ever worry about an accusation of discrimination or wrongful eviction and the legal issues and costs that may arise? Personal Injury coverage will help protect you against this exposure every apartment owner has.
- Business Income.
- Business Income has to be the most important part of apartment insurance coverage that we see left off of apartment policies. Make sure your limits are adequate to cover your lost rents in the event of a total loss.
These are just a few of the details that are important parts of apartment building insurance coverage. Contact us today to review your coverage and make sure you get the coverage you deserve.
At Anderson Insurance Group we not only strive to provide the best coverage, we are landlords ourselves. Here are a few links to help you have a successful and financially rewarding landlord experience:
Are You Requiring Renters Insurance? | Anderson Insurance Group
Utah Landlord Rental Criteria | Anderson Insurance Group