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We’ve been discussing the different types of insurance coverage that apartment owners should purchase in order to fully protect their interests against loss events. Perhaps the most important type of insurance to hold as a rental property owner is commercial building or property insurance. But what does this type of policy cover?

It is important to understand that different insurance companies—and differing policies—cover different loss events. The only truly reliable way to know what your policy cover is to read the contract you signed with your insurance company.

What do commercial insurance policies typically cover?

  • Weather-related damage, such as from a windstorm, tornado or hurricane
  • Damage to leases and other paperwork
  • Fire and smoke damage
  • Damage to business equipment, such as possessions used to maintain the property
  • Theft and vandalism

What do commercial insurance policies typically NOT cover?

  • Acts of God
  • Flooding
  • Damage caused by a lack of maintenance
  • Expensive repairs required by local ordinances
  • Loss of business income
  • General liability, such as when a person is injured on your property
  • Identity theft and other business-related crimes

Apartment building coverage doesn’t just cover the main apartment complex. It often also covers any adjoining garages, storage facilities, recreational areas, office areas, swimming pools, fences and walls. 

Commercial insurance coverage is vital to your success as a business or landlord, and yet the process of choosing your insurance and your filing claims can be very confusing. To learn more about commercial property insurance, you may wish to download our free guide, Commercial Insurance Claim:  The Basics.

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