Owning multifamily dwellings in Charlotte is a business and like any business you have a number of risk factors to consider. However, insurance for a multifamily home or apartment is much different than standard commercial insurance policies, and if you try to cut costs too much, you could be placing your entire financial future at risk. Let's take Ted R for an example.

Ted was not the kind of man who liked to work for others and as soon as he got out of high school he started a plan for running his own business. Within a few years, he was able to get a loan on an old apartment building and with the help of friends and family, Ted upgraded and made the old building look good.

Ted knew he needed to insure his building but he didn't like to spend money on insurance. For example, he only carried minimal liability coverage to satisfy the mortgage company on his apartment building. This turned out to be a huge mistake.

Ted got by for several years with no problems, and then one day disaster struck. The Carolinas were hit by several rain storms over the period of a few weeks and this completely saturated the ground. During a very heavy downpour, the local sewers became overloaded and flooded into some of the houses, including Ted's apartments. Ted's property management insurance did not cover this incident.

Ted's tenants were forced to vacate the building and he lost a great deal of money in damages and lost rental payments. In fact, he had to remortgage the building to pay for the damages and it took years to recover from this financial disaster. For several years, Ted had to take a part-time job at a local home improvement store just to make ends meet.

Ted learned a valuable lesson about insurance, but unfortunately it came at a high cost. From that day on, Ted always made sure he was fully covered for his business and personal risks.


Multifamily Home & Apartment insurance coverage is designed to protect business owners who rent out residences. It is similar to homeowners insurance but has features specifically made for landlords.


If you lease units to live in, you are a landlord and you need insurance for your multifamily home or apartment. This includes:

  • Apartments
  • Duplexes
  • Triplexes
  • Large apartment complexes
  • Rental condos
  • Rental townhomes
  • Vacation rental properties


As a landlord, you should consider several things for your basic coverage. They include:


You might have many business options. For example, if you have employees, you'll need to provide workers' compensation insurance. You also may want to consider:

  • Business interruption coverage - suppose damages keep you from collecting rents for several months. Your property insurance may pay for the damages but not lost income.
  • Umbrella insurance - provides additional liability protection for your business
  • Flood insurance - don't forget to include sewer backups
  • Extra liability for amenities like club houses, pools, gyms, and tennis courts
  • Earthquake insurance
  • Crisis management coverage
  • Replacement cost coverage - as opposed to fair market value
  • All peril hazard coverage - covers things you may not be aware of
  • Commercial auto insurance - if you have company vehicles they need to be insured. Also, if your employees drive their own cars for you, they need special liability protection called ENOL (employer non owned liability). Personal auto insurance does not cover driving for business purposes.


When an insurance agent works for one insurance company, your options can be limited. This is why you should consider the many advantages of choosing an independent agent from Charlotte Insurance. We routinely do business with some of the top insurance companies in the industry. As a result, we are in a position to find you the best possible insurance and at the most affordable rates.

There is a big difference between an insurance agency and a full service agency like Charlotte Insurance. We are not just here to sell you an insurance policy. Your agent will go over all your policies to make sure you are getting the right coverage you need, at the right premiums.

You have a lot of risk factors to consider and that is why it's important to have a trained risk management professional on your side. This insures you have everything covered. In addition, we are there for if you have to file a damage claim, and will guide you through the process.

To join with an insurance provider that truly cares about your commercial insurance needs, get a free quote from Charlotte Insurance by filling out the form on this page. If you have questions you’d like to ask us directly, give us a call or stop by one of our our offices in North Carolina.