Apartment complexes come with their own sets of issues. Yes, they are a good addition to your real estate portfolio, but they also require a lot of work, diligence, and care. You need to manage the teams that find renters and process information, those that clean and maintain the premises, and more. And on top of all of this, there are a number of liability risks where the tenants and their visitors are concerned.
With so many potential issues, based on the number of employees and residents, it makes sense to have the right insurance policies in place, just in case the unexpected happens.
Liability Insurance for Apartment Buildings
Apartment owners need to have several types of insurance, including building coverage, which pays for rebuilding or repairing the apartments should a fire or flood occur, and liability coverage. This last type of insurance is where you need to make sure that you have the right amount of coverage because accidents happen frequently in large apartment communities, and you could be found liable.
Here are a few examples of potential liability risks:
Swimming Pools – Pools, hot tubs, and related amenities look great on paper and in brochures. Obviously, they are attractive, and people like to live in apartment complexes that have them. However, even with proper signage and lifeguards on duty, these pools are a liability due to the risk of injuries and drowning. Both are accidents that you might be held liable for.
Parking Lots and Garages – Obviously, your tenants need to have some place to park. The nicer the parking options, the better your tenants will like them. With that said, parking lots and garages have a lot of maintenance needs. Otherwise, cracks can form, creating a tripping hazard. Add to that the other things that can go wrong, like collisions due to problematic signage, people accidentally stepping off of the edge of the parking garage, and other issues. All of these are things that may lead to using your liability policy.
Hallways and Entryways – Accidents can happen anywhere, including the lobby, hallways, and other common spaces in your building. All that it takes is a slippery floor without a warning sign, a loose stair, or even a decorative table that has sharp edges. When an accident happens in one of these places in the building, you could be found liable.
Other Amenities – In addition to swimming pools and upscale parking setups, there are other amenities that could lead to liability issues. These include tennis or pickleball courts, gardens with brick walkways, and building entry systems. Accidents can occur in any of these places, and hopefully your liability insurance can manage the court cost and fines should you be found liable. There are a lot of different things that can happen at any time.
Have Questions? Contact Charlotte Insurance
vWant to learn more about liability insurance for large apartment buildings? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your business needs.