When it comes to insuring apartment buildings, most people tend to automatically think of renters insurance. This makes sense, as renters do need to have insurance on their belongings just in case the worst happens, or disaster strikes. However, what about the apartment building itself? As it turns out, the owners of the property need to have some protections in place as well, especially in a world where fire, theft, and natural disasters can potentially occur without warning.
Property Insurance
Protecting your property is incredibly important. After all, if something happens to it, like a fire or a flood, you could end up having to pay for repairs out of pocket if you don’t have enough insurance coverage. And who will pay for things like wind damage or a roof that’s damaged in a heavy storm? Thankfully, commercial property insurance is easy to set up, as long as you have the help of an insurance agent who can help make sure that you have all of the coverage that you need, just in case.
Crime or Theft Insurance
Sometimes terrible things, like theft, occur in your building. While your resident’s belongings in their apartments are covered by renter’s insurance, the items in your hallways, lobby, and other common spaces are not. You’ll need to have a crime or theft insurance policy in place to cover these types of occurrences. In addition, these insurance policies often also take care of theft by employees, or fraud if they allow people to become residents based on falsified documents or information. After all, you can vet your employees as much as possible, but things can still happen.
Liability Insurance
What happens if someone gets hurt in the common spaces of your apartment building? If it’s found to be your business’ fault, due to something like freshly mopped floors and the lack of a proper sign, then your company could have to pay for the person’s medical expenses and more out of pocket. However, if you have business liability insurance, your policy may cover all of those expenses and more. It all comes down to the amount of coverage that you have. Thankfully, these policies are designed to be affordable, although that depends largely on many different factors.
Specialty Insurance
Depending on where your apartment building is located, you may need to have a type of specialty insurance to cover flooding or hurricane damage. While a property insurance plan will take care of things, like flooding due to damaged pipes, water damage that occurred due to a large storm is another matter. If your building is located in a flood plain or your area is prone to high windstorms, you may need to obtain flood insurance or hurricane insurance policies.
Have Questions? Contact Charlotte Insurance
Want to learn more about insuring apartment buildings in order to protect your property? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your business needs.