Your apartment property is a big investment, and you may depend on it for your income. So when it comes to apartment insurance, you want coverage you can customize to your property. You need an insurer that has the financial strength to back up its obligations, and an agent who can help you find the right coverage and be there for you during a claim.
Owning an apartment building is a big investment. Insuring your investment is not as easy as taking the lowest quote! In many cases this is your retirement money. Business Insurance Professionals have aligned our agency with top carriers to make sure you get the best coverage with the best pricing!
At Biz Insurance Pro we work with every type of residential building and property. This includes everything from the near perfect complex to the low claim apartment complexes to those that have had claims issues and or have some upkeep needs.
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small apartment buildings ranges from $67 to $89 per month based on location, number of units, payroll, sales and experience.
The right coverage is vital to the future success of your buildings and your tenants. Many things can occur that thwart your ability to maintain your property and keep your tenants comfortable. Here are a few risks you should keep in mind as a landlord:
Dwelling coverage applies to your rental property or apartment building and all attached additions and extensions. It also covers
Other structures coverage applies to structures permanently attached to the premises (but not to your rental property or apartment building) that are designed to service your rental property. Examples include
Personal property coverage applies to the contents of your rental property or apartment building. It includes
If property damage or loss occurs, you will be reimbursed for the loss of net rental income.
Liability coverage will help you pay for bodily injury and property damage that you are legally liable to pay. For example, if your child breaks the neighbor’s window playing baseball, or if a visitor slips and falls on your icy sidewalk, your personal liability coverage can help protect you.
Medical payments coverage will help you pay for reasonable medical payments if someone is accidentally hurt or injured
Medical payments coverage will not apply to injuries sustained by you or members of your family who live with you.
Debris removal coverage pays the reasonable expenses to remove debris following a covered loss.
Emergency removal of property coverage pays for damage to covered property that happens while you’re trying to remove it in an emergency.
It may be necessary to protect covered property from additional damage following a loss. This coverage pays for the cost of those repairs.
Fire department charges coverage will reimburse you up to $500 of service charges if a fire department is called to protect your covered property.
Trees, shrubs, plants, and lawns coverage will pay for a loss, caused by certain perils, to trees, shrubs, plants, and lawns at your residence.
The following coverage options are also included with your apartment owners insurance policy:
The following coverage options can be added on to your apartment owners insurance policy:
Regulating Agency and References
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works.
Visit us at https://www.iii.org.
We Insure in the following states: Alabama, Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Maryland, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Nevada, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming