Protect Your Multifamily Property with Apartment Building Insurance
There are several benefits to owning an apartment complex. Being a landlord can enrich you personally and financially. However, owning commercial property involves numerous risks. If you have the right types of insurance coverage, it can greatly reduce your risk, so you can concentrate on finding new renters and taking care of existing tenants. A Hawsey Insurance agent can help you determine the best apartment building insurance to protect your building, employees, tenants, and visitors.
What Types of Apartment Building Insurance Are Most Important?
There are four types of insurance that you need to cover the risk associated with owning an apartment complex, as follows:
General liability insurance: As a responsible landlord, you do everything you can to properly maintain the lobby, hallways, parking lots, pools, and other common areas. General liability insurance helps you ensure that one lawsuit doesn’t put you out of business. GL pays for court ordered awards and legal expenses for covered risks.
Property insurance: This insurance covers damage to the building for losses included in your policy. While every policy is written differently, most include natural disasters and other events that can impact the structure of your building. To review your policy with a licensed insurance agent, reach out to one of our three locations in Madison, Jackson, and Southaven, MS.Covered events typically include:
Windstorms and lightning
Let us help you review your current property insurance for significant gaps that leave you vulnerable.
Business Income Insurance: If tenants leave you high and dry, you can stand to lose a lot of money. However, sometimes situations arise where it’s not feasible to live in the building. If you have business interruption insurance, it will reimburse you for lost income due to a covered event such as a fire or natural disaster.
Umbrella Insurance: If you want to extend your insurance coverage beyond your regular policy, umbrella insurance can help you accomplish that. This insurance kicks in after you file a claim and reach the maximum coverage limit on your property insurance. Umbrella insurance adds another layer of protection and reimburses you up to the limit of this secondary policy.
Other Coverage to Help You Sleep Better at Night
Here are some other apartment building insurance options to consider:
Errors and omissions
Directors and officers
Apartment Building Insurance in Mississippi
Hawsey Insurance offers business insurance policies that cater to apartment complex owners. Call 601-856-7707 or contact us online to find out more about the various types of commercial insurance available, and our agents will help you find the best combination to protect your property.