Apartment Building Insurance

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. 

Get the coverage you need today.
ll For A Free Quote @  855-718-1061


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.

apartment building insurance

How Much Does Apartment Building Insurance Cost?

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.

What to Ask your Apartment Building Insurance Provider:

  • How are your loss of rents covered?
  • What about liability insurance limits?
  • Do you need an excess liability policy?
  • What deductible is the best value?
  • Do you have special form coverage?
  • Is there coverage for fences, entry gates, signage, mail box clusters, carports, landscaping?
  • Do you have or need ordinance or law coverage?
  • What about sewer or water backup coverage?
  • Are coinsurance penalties waived?
  • If you have multiple residential buildings do you have blanket coverage?
  • Is your coverage RC or ACV?
  • Do you have a property manager?  If so, are they covered under your policy?
  • Do you have Tenant Discrimination coverage?  Most owners don’t and it could be a very large exposure in today’s world!
  • Do you employ anyone to work at your property?  If so, do you have the proper worker’s compensation in place?
  • Do you hire other vendors to work on the property such as landscapers?  Has your current agent helped you put together minimum insurance requirements for the contractors that work on your property?  Are you named an additional insured?  Should you be?

Risks Apartment Building Owners Face

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:

  • Fire and Other Catastrophic Events: It doesn’t matter if a fire starts in a unit’s kitchen or is caused by lightning. If the property is damaged, it needs to be repaired quickly. Other weather events such as tornadoes, hurricanes, and earthquakes can also wreak havoc on your structures. Having the right policy in place may help.
  • Injuries to Tenants, Employees, or Visitors: A single trip over a broken sidewalk resulting in an injury can lead to a lawsuit. Even a delivery driver can suffer from a fall while dropping off packages.
  • Theft or Vandalism: Unfortunately, thefts happen. It might be from an employee embezzling rent payments or a thief looting your office and property. Sometimes theft and vandalism are tied together as destruction and defacing of property can happen.
  • Liability for Discrimination: At some point in your business, you could be hit with a discrimination claim from an unhappy tenant.
  • Loss of Income: If you have to close units for reconstruction after a covered event, you can lose out on rental income. It helps to have coverage to pay expenses during this time of rebuilding.

Get the coverage you need today.
ll For A Free Quote @  855-718-1061

Types of Coverage


Dwelling coverage applies to your rental property or apartment building and all attached additions and extensions. It also covers

  • Fixtures, machinery, and equipment permanently attached to and used to service your rental property or apartment building and its premises. This includes
    • Heating systems.
    • Cooling systems.
    • Water heating systems.
    • Water softeners.
  • On-site construction material you plan to use in repairing or altering your rental property or apartment building.
  • Working outdoor antennas or reception dishes.

Other Structures

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

  • Fences and other decorative fixtures on your property.
  • Swimming pools and yard signs.

Personal Property

Personal property coverage applies to the contents of your rental property or apartment building. It includes

  • Furniture, fixtures, and supplies.
  • Refrigeration and ventilation equipment.
  • Floor coverings.
  • Cooking, dishwashing, and laundering equipment.
  • Outdoor furniture.

Loss of Rental Income

If property damage or loss occurs, you will be reimbursed for the loss of net rental income.

Personal Liability

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

Medical payments coverage will help you pay for reasonable medical payments if someone is accidentally hurt or injured

  • While on your property.
  • Through some activity that involves you or your family members.

Medical payments coverage will not apply to injuries sustained by you or members of your family who live with you.

Debris Removal

Debris removal coverage pays the reasonable expenses to remove debris following a covered loss.

Emergency Removal of Property

Emergency removal of property coverage pays for damage to covered property that happens while you’re trying to remove it in an emergency.

Necessary Repairs after Loss

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

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

Trees, shrubs, plants, and lawns coverage will pay for a loss, caused by certain perils, to trees, shrubs, plants, and lawns at your residence.

Other Coverage

The following coverage options are also included with your apartment owners insurance policy:

  • 30 days of automatic coverage on newly acquired property (buildings and business property)
  • Off-premises coverage
  • Extra expenses
  • Personal effects
  • Accounts receivable
  • Valuable papers and records
  • Fire extinguisher recharge
  • Transportation
  • Elevator collision
  • Loss assessment
  • Damage caused by others’ cars

Additional Coverage Options

The following coverage options can be added on to your apartment owners insurance policy:

  • Business computers
  • Sprinklers
  • Extended coverage for outdoor radio and television equipment
  • Windstorm damage to trees, shrubs, plants, and lawns
  • Piers, bulkheads, wharves, and docks, including collapse
  • Comprehensive personal liability
  • Earthquake damage assumption
  • Garage keepers legal liability
  • Builders risk
  • Replacement cost coverage, business personal property
  • Construction theft


Get the coverage you need today.
ll For A Free Quote @  855-718-1061

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.

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