Property owners recognize the importance of carrying sufficient insurance to mitigate the risk of loss. Threats exist from storms, fire and inappropriate tenant actions. Adequate insurance includes apartment building owners coverage with multiple components.
- Replacement value coverage on the structure
- Reimbursement for rental income while the property is being restored
- System breakdown, such as furnace, boiler, air conditioning and plumbing
- Vandalism, theft and arson
- Sewer and drain malfunctions that cause damage from backed up sewer lines
- Debris removal coverage for storm recovery
Comprehensive apartment building insurance includes liability coverage that is intended to pay for losses in two separate categories.
- Personal injury – Individuals who incur injuries while present on the property can sue the property owner to cover the medical expenses.
- Third-party property – Vehicles parked around the apartment buildings can be damaged from any number of threats. Owners can require that the owner of the apartment building pay for repairs.
Litigation is a real threat to property owners. Insurance providers are encouraging apartment building owners to carry umbrella liability insurance policies to protect against litigation actions. Millions of dollars in liability insurance are affordable through umbrella policies.
For all your apartment owner insurance needs, contact Medwin Insurance Agency, today.