Hayek Insurance Blog
Whether it is for rent or not, owning an apartment building needs insurance for you and your tenants’ and guests’ safety. As a landlord, you must do something to alleviate the liability and property risks that you might face once an accident occurs. Out of numerous apartment building insurance coverages, here are the most significant ones you need to consider.
Like any other business, owning an apartment complex exposes its owner to a lot of risks. Thus, it is essential to get financial protection for your property. You need to realize that an apartment building is more than just a property since it is an investment. You built that apartment as a source of income. That is why you need insurance coverage for it.
Moreover, your apartment building is home to multiple individuals and families. The more people occupying your apartment, the more vulnerable it becomes to potential risks. So, it is good to know the existence of insurance policies that understand apartment building owners. Apartment building insurance is specifically designed to meet the needs of apartment building owners.
The COVID-19 pandemic has struck the economy to the point where it forced several insurance providers to change their policies. Among those that have altered their service coverage are companies selling landlord insurance policies.
If you own a residential property and plan to rent it out, it’s a smart move to acquire landlord insurance. Not only does it give you coverage, but it also helps keep your finances safe and secured at unprecedented times.
The COVID-19 pandemic has turned everyone's world upside down, sending businesses tumbling, unemployment rising, and confining us all into our homes. Most people are suddenly finding themselves without work and are now struggling to afford their monthly rents.
For that reason, here's how your landlord policy covers non-paying tenants and liability.