Must-Have Insurance Coverages as an Apartment Building Owner

​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.

General Liability Insurance
As the apartment building owner, you must be responsible for maintaining frequently visited areas like the lobby, hallways, gym, pool, etc. If your guest, tenant, or employee got hurt on any of your premises, they might sue you for it. General liability insurance compensates for any property damage or bodily injury caused by your apartment building.

Property Insurance
Your apartment building is your investment, but you might encounter inevitable disasters that can ruin your property. This insurance covers property damages or losses caused by covered incidents, which are as follows: 

• Fire
• Damage from smoke
• Windstorms or hurricanes
• Lightning
• Riots
• Vehicle and aircraft damage
• Explosions
• Vandalism

Business Interruption Insurance
During a renovation or a rehabilitation covered by your insurance, your tenants have to move out, resulting in income loss. In this case, business income or interruption insurance can reimburse the income loss due to a covered incident.

Umbrella Insurance
If you have reached your liability insurance policy limits, then umbrella insurance kicks in to help you pay beyond what your underlying liability insurance can cover. For instance, if your insurance has a limit of $500,000 and you have a $1 million umbrella policy, your underlying insurance pays for $500,000, and the umbrella covers the remaining $500,000.

Other Insurance to Consider
Aside from the policies mentioned above, here are more insurance coverages that you can consider for your apartment building needs:

• Crime insurance
• Cyber liability insurance
• Directors and officers insurance
• Employee dishonesty insurance
• Equipment breakdown insurance
• Errors and omissions insurance

Conclusion
After becoming the owner of your apartment building, there are still many more steps you need to take to benefit from your hard work. To decrease these grievances, allow insurance companies out there to help you save more money while minimizing liabilities and stressful first-hand crisis management.

At Hayek Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (805) 496-8835. Get your free quote today by CLICKING HERE.