Apartment Buildings Insurance
At FarmerBrown.com we understand many of the concerns and questions you may have when it comes to insuring your Apartment Buildings.
Having an income producing property is a difficult risk to insure properly.
Your Apartment Building Insurance must cover you for a myriad of possibilities.
You want to know a secret: Most insurance agents are not familiar with the in and outs of most Apartment Building Insurance policies.
Being a Landlord is much harder than most people realize. You have enough to deal with, let us at least take one thing off your plate.
At FarmerBrown.com, we are committed to evaluating your apartment buildings and helping you choose the best insurance coverage.
What is Apartment Building Insurance?
It is important to realize that traditional property insurance policies do not cover losses when a property is being rented out for habitational use.This is because of the higher risk of losses in Apartment Buildings.
You need to have a specialized policy that covers you for these risks. Apartment Building Insurance is critical to make sure assets are covered.Many of the risks in owning property are the same no matter what type of building you own.
There are losses to the structure and losses from people being injured on the property.
While many of the risks are the same, the frequency that these losses occur are much greater than single family homes.
It is also important to remember, that owning an apartment building is a business. Your unique needs must be addressed.
What Does Apartment Building Insurance Cover?
The most common kind of Apartment Building Insurance is sometimes referred to as “basic form” coverage. Your policy covers those causes of loss listed by name in your policy documents such as fire, lighting, wind, hail, explosion, and others. This is know as named peril protection. It covers the essentials, but not everything.
It is important to realize that there is just no just one policy.
If you own Apartment Building, we have developed the package just for you. Our Apartment Building insurance covers both property and liability/medical needs. In addition to protecting your real estate structure, this insurance may also provide Liability Insurance Coverage to protect you from financial ruin if someone is injured on your property and sues for damages.
List of Additional Policies for Apartment Buildings
Like all businesses there are some basic needs that you may or may not need such depending on the situation:
This type of insurance can cover a wide range of equipment, including HVAC systems, boilers and furnaces, and elevators.
It is also called equipment breakdown insurance. It covers the cost of repairing or replacing the damaged equipment and business losses incurred from the equipment not functioning
Commercial umbrella policy.
This coverage provides greater liability protection for any events that occur that are in excess of the liability coverage you own.
For example your general liability insurance coverage has a limit of $2,000,000 for any claim. If someone is injured on your property say as a result of an open elevator shaft and the amount of the judgment exceeds your General liability coverage, your umbrella if you have one will cover you for any additional losses up to the amount of the umbrella policy coverage.This is an additional policy that must be purchased if you wish to be covered.
Business owner’s policy (BOP)
A business owner’s policy (BOP) provides a package of coverage for apartment properties, business interruptions, and commercial liability all in one. What is the advantage? You have all the basic coverages you need in one policy and is generally cheaper than purchasing each coverage separately.
Worker’s compensation Insurance.
This policy covers employees working on your premises from any work-related injury or illness.
Did you know this? If you have somebody that you use on a regular basis to preform regular maintenance such as painting, plumber and minor repairs they maybe in the eyes of the law employees in many circumstances. As a result you could be on the hook for any injuries they sustain on the premises.
Commercial auto coverage.
Any vehicles owned and operated by your business must be covered under commercial auto coverage.
Did you know that if your maintenance worker is using his personal vehicle to drive to Home Depot to purchase some paint for a vacant unit in your building you could be responsible for any claims that might arise if they are involved in a car accident on the way to or from the store?
These policies do not cover your tenants for losses to their personal property. It is normally a best practice to require your tenants to purchase their own renters insurance policy
How Much Does Apartment Building Insurance Cost?
The cost of Apartment Building Insurance for a property will vary depending on many factors that go into determining the rate. Some of those factors are:
- Geographic location.
- Valuation of the property.
- Age of the property.
- Claims history of the insured and the property.
- Number of units in the building.
Those are the most basic items in determining price.
You want to know a little-known fact? The type of tenants in the property also greatly influence the price and even your ability to obtain coverage. Many companies will not accept buildings that are used for student housing, Section 8 tenants and housing the elderly. If they do you can expect your premiums to be significantly higher.
If you complete the simple quote form here we can give you a ballpark quote.
Why Choose FarmerBrown.com?
We have experienced team members that can analyze and recommend the appropriate coverage for your Apartment Building Insurance. Being a Landlord is a complicated business, it just is not just collecting rent. All your business and personal assets need to have some type of protection. Protecting your valuable physical assets with the quality affordable insurance coverage, we are here to help customize that coverage to your needs.
- Our team members are professional and knowledgeable and able to help you choose the perfect policy for your income producing property.
- Being a landlord requires specialized a policy to cover your unique needs
- Flexible agents to work on your time schedule.
- We provide easy online payment options.
- We can provide a policy at closing subject to payment from closing/escrow proceeds.
- We are licensed in all 50 States to offer Apartment Building Insurance.
- Same day service in most cases.
- “A” Rated insurance companies that pay claims quickly.
FarmerBrown.Com has the capability to provide quotes for the hard to place risks and get you insured quickly and conveniently. We have the experience to analyze and recommend the appropriate Apartment Building Insurance coverage for your property. Assets have one thing in common…they all need protection. Protect your valuable physical assets with quality insurance coverage.
By selecting the best policies from the nations top insurance carriers FarmerBrown.Com is able to deliver coverage that represents the greatest value for you. You can obtain an Apartment Building Insurance quote by clicking here, or by calling (888) 973-0016 today to find out more about the extensive insurance programs offered by FarmerBrown.Com to reduce premium cost and risk. Let the FarmerBrown.Com team make obtaining insurance coverage trouble-free. Get the coverage you need at the rates you deserve.
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