Choose the Right Apartment Building Insurance for Your Property
If you own or manage a multi-family apartment building, you already know the challenges of keeping up with maintenance and properly insuring the property to prevent financial and legal vulnerabilities. It’s important to understand the types of apartment building insurance you need and what factors can influence your coverage.
Your insurance may not cover all the factors that put you at risk. An experienced agent at Hawsey Insurance can conduct a review of your current policy to see if there are gaps that could cost you money in uncovered claims.
As a landlord, there are several policies to include in your business insurance that can help your tenants feel safer and protect your own financial interests. For example, commercial liability and property insurance cover losses within the apartment building and structures on the lot such as office space, fences, common areas, storage units, and swimming pools.
Talk to your insurance agent about types of policies that can cover the risk of owning and operating an apartment building. If you’ve made improvements or have invested in construction, make sure that your insurance limit covers the updated value of the building and liability associated with upgrades.
Find out whether you can reduce your deductible to limit out-of-pocket expenses. If you prioritize a lower premium, calculate the maximum deductible you can afford. Accepting a higher deductible can lower your monthly or annual premiums. Additionally, figure out whether the deductible applies per building or for the entire property. If you have multiple buildings, a per-building deductible can significantly increase your expense in the case of a hailstorm or other covered disaster.
The following factors influence what type and amount of apartment building insurance you need:
Loss of income coverage can protect you in the following situations:
If part of your building becomes damaged due to fire or another covered event, having loss of income insurance can prevent you from also missing out on revenue.
Commercial general liability insurance protects your tenants, contractors working on the building, and delivery people who may experience injury or property damage on your premises. If you have a gym, pool, or other common areas, you may need this coverage.
Contact Hawsey Insurance at one of our three offices in Madison, Jackson, or Southaven, MS. We provide apartment building insurance throughout Mississippi and the surrounding states. Call 601-856-7707 to set up an appointment.