What is Apartment Insurance?
As an apartment building owner, it is important to protect yourself against liability exposures from owning the property. Apartment Insurance would respond for legal defense costs and court settlements made against you as the owner of the property if a third party is injured or suffers damage to their property on the property premises. Tenants should carry this important coverage as well, but their coverage will not protect you as the property owner.
Insurance can be purchased to cover various loss exposures to the apartment building. This can also include sewer backup, overland water (flood coverage), equipment breakdown or business interruption coverage. Business interruption coverage can replace your lost rental income if your property suffers an insured loss and your tenant(s) moves out.
Contents coverage would need to be added as well to cover items such as the appliances in each suite of the apartment building or recreational equipment in a fitness room. Coverage under a policy varies and can be customized to meet your needs. Contact Swift Insurance today to discuss your options.
What is Covered by Apartment Insurance?
Typically apartment insurance covers costs associated with court settlements and legal defense costs that were made against you as the apartment owner if the third party has suffered damages to there belongings or there own personal health. You can also purchase various other coverage’s such as business interruption, equipment breakdown, overland water, sewer backup, ECT.
How Much Does Apartment Insurance Cost?
This depends on a lot of factors and isn’t that simple to estimate, especially for apartment building owners. If you would like to get an accurate quote contact a broker today 1-833-277-9438 or get a commercial quote online here!
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