Apartment Owners Insurance

Apartment Owners, Landlords

If you own an apartment building, multi family property such as a triplex, duplex or even a single family residence you have unique needs when it comes to insuring your property. Listed below are a few coverage that every policy should contain.

Many Business Property Insurance features are available to cover your apartment building:

Building Coverage allows apartment complexes damaged by a natural disaster or other catastrophe to be repaired or rebuilt quickly so you minimize loss of income and return to “business as usual.”

Business Personal Property Coverage covers costs to replace contents in your apartment building if they are destroyed by an unforeseen event.

Business Income (also known as Business Interruption Insurance) allows you to continue to receive income while your apartment building and its contents are being rebuilt and replaced. Business income not only helps you to replace lost rents but it also helps you cover operating and payroll expenses needed to keep a business operating after a loss. Farmers Insurance provides coverage for up to 18 months in most states to keep your business operating until goods and services are being produced again. Extended Business Income Coverage can also help you to protect your business by offering 30 days additional support after your business is back on its feet again.

Outdoor Signs and Property Coverage covers costs to replace outdoor fences, signs, trees, shrubs or plants if lightning, fire or other events strike.

Equipment Breakdown Coverage covers onsite equipment like air conditioning systems and pool pumps if they suddenly or accidentally break down.

Computer Coverage covers costs to replace or repair damaged hardware, software or any other media vital to your operations.

Back-up of Sewer and Drain Coverage covers costs to repair or replace property damaged by back-up or overflow of a sewer, drain, or any other system designed to remove surface water from foundation area.

Building Ordinance Coverage covers the increased cost to comply with a building ordinance or law when you repair or remodel the building where your apartment complex is located after a natural disaster or other catastrophe. This coverage also increases the limits for demolition and debris removal beyond basic policy limits.

Fire Department Service Charge Coverage covers service charges you would pay if you call the fire department to save your building in the event of a blaze.
Fire Extinguisher Recharge Coverage covers costs to recharge or replace fire extinguishers that were accidentally discharged or used to put out flames at your apartment complex.

Personal Property Off-Premises Coverage covers items damaged by a fire, theft, or other covered cause of loss, that are in transit or at a temporary location you don’t own, lease or operate.

Pollution Clean-Up Coverage covers costs to remove of pollutants from your building’s water or premises as a result of a covered cause of loss during the policy period.

Umbrella Coverage goes above and beyond basic liability insurance limits, offering up to $10 million of additional funds to the legal aftermath of situations where you are potentially liable for millions of dollars in medical and other payments.

To get your personalized quote for your apartment or similar rental property CLICK HERE or call us directly at 877-567-2886

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