Here are just a few of the important parts of an apartment insurance policy:
Property Coverage
When considering insurance for your apartment building, one of the key components is commercial property coverage. This protects the physical structure of your property from specific risks, known as perils such as:
Wind
Hail
Lightning
Fire
Water
Vandalism
Does your property need earthquake coverage? That depends on your location. Make sure your policy covers the main building and any outbuildings, like pools or parking structures. One crucial detail: does your policy pay for replacement RCE costs or just ACV – actual cash value? It’s something to confirm.
Liability Coverage
Liability coverage is essential to protect against lawsuits and medical bills. What happens if someone gets injured on your property and sues? General liability insurance can cover you. Do you rent out spaces to commercial businesses? Make sure those tenants have liability insurance for damages to the premises they rent.
How Much Does Apartment Building Insurance Cost?
The cost of apartment building insurance varies based on several key factors:
The age and location of your property.
The size and number of rental units.
The condition of essential systems like roofing, plumbing, and electrical.
The materials used in construction.
Security features, such as fire protection or water sensors.
Any additional coverage options you choose
Tip: As you compare insurance options, pay close attention to the deductibles, this can significantly impact your overall costs and help you find the best fit. 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 and understand the coverage you need because we live it everyday.
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