Apartment Building Insurance—Common Areas to Consider
Owning an apartment building or renting out a home can be a lucrative way to generate income. But if a disaster occurs—a fire, flood or tornado, for instance—you not only stand to lose your valuable investment, you lose an important stream of revenue as well.
Thomas Ward Insurance Group will guide you through common areas of apartment building insurance coverage to consider so that if a catastrophe happens, your finances aren’t left in ruins.
Dwell on This
There are a great number of risks involved in owning rental property:
- Catastrophic events such as fire, flood, earthquake or storm.
- Tenant or employee injury that occurs on your property that can be tied to your negligence.
- Theft or vandalism by tenant or employee that results in you having to replace valuable property.
- Discrimination lawsuits filed by potential renters who may claim they’ve been rejected due to discriminatory rental practices.
These risks and more could cost you hundreds of thousands of dollars to rectify. Apartment building insurance protects you by ensuring these types of losses are covered.
No Room for Doubt
Multiple factors determine the cost of apartment insurance coverage:
- The age of your building or buildings
- The condition and age of your roof and mechanical systems
- Where your building or complex is located
- The type of building materials used in construction of the unit
- The presence or lack of security features and fire protection systems
- The type of building, whether high-rise or single-family dwelling
- Additional structures on the property such as garages, office space, or storage facilities
- The presence of a swimming pool
These factors will impact the type of coverage you need and ultimately, it’s cost. Additional factors to consider:
- Will you need loss of income coverage should the dwelling become uninhabitable while being repaired?
- For multi-unit complexes, will your deductible apply to each building or per claim?
- If you have a pool or on-site fitness center, are you covered for liability for injuries that take place on-site?
- Are you covered for breakdown of equipment, such as boilers, electrical systems, plumbing, and more?
Protect Your Investment—Get Your Free Quote Today
You can breathe easier if you know that your valuable investment is protected by the right amount and kind of apartment building Insurance. The licensed and experienced pros at Thomas Ward Insurance Group are connected to industry-leading carriers that will protect your assets. Call 312.254.1500 today to get a quote or email our agents to learn more.