If you own an apartment complex, you own a property with a very unique set of legal issues, hazards, and safety considerations. Unlike most property owners, other people reside in your buildings, living their own lives and conducting themselves in their own manner. You have a serious set of responsibilities as an owner, and they also have a set of responsibilities. When something goes wrong, it is absolutely vital that you have the insurance coverage you need to handle the situation quickly and effectively—and that you are able to successfully file a commercial property insurance claim.
What insurance coverage does an apartment owner need?
The types of insurance policies you need depend heavily on your properties and on your business. Below, we’ve listed a few policies that often fit these property owners’ needs.
- Building/property coverage – These policies protect the structures on your land in the case of severe weather, wind damage, fire, and other unexpected damages. It also often covers you in the event of theft or vandalism.
- Building ordinance and law coverage – This type of insurance will help get your buildings up to code in the event that your property is damaged and a local law or ordinance requires that you to fix or update your buildings in a specific way.
- Liability coverage – If someone on your property is injured, you could be found liable for damages. Accidents could include slips and falls, dog bites, or motor vehicle accidents.
- Business interruption coverage – This insurance policy can come to your rescue if an unexpected loss event makes you unable to operate your business for an extended period of time.
- Business crime or data breach coverage – This type of coverage can help your business recover from a variety of crimes, from identity theft to forgery or embezzlement.
Want to learn more about commercial insurance to protect your livelihood as an apartment building owner? Read our free guide about commercial insurance claims.