As an owner of an apartment complex, it is crucial that you have a comprehensive coverage plan that covers not only you but your apartment buildings and rental properties. Since apartment building owners carry on more liability than most property owners, it is especially crucial to make sure that all aspects of your investment are protected. The last thing you want is to find out that you are lacking necessary coverage after an accident occurs in your apartment complex. Compiled is a list of the varying types of coverage apartment building owners should have:
- Dwelling Coverage – This refers to coverage of your rental property/apartment building and all of its extensions/additions. This provides cover to the fixtures, machinery, and equipment that is permanently attached or used to service your property and its premises. This would include heating, cooling and water heating systems, as well as water softeners. Reception dishes and working outdoor antennas are also included under dwelling coverage.
- Other Structures Coverage – This applies to permanently fixed structures such as fences, decorative fixtures, swimming pools and yard signs.
- Medical Payments Coverage – This type of coverage will help you pay for reasonable medical payments if someone is injured on your property.
- Comprehensive General Liability Coverage – Applies to protect you against liability caused by bodily injury, property damage, personal injury, and advertising injury to others.
- Ordinance and Law Coverage – Refers to coverage against the loss of value and increased cost due to enforced municipal laws or ordinances that regulate the repair or construction of damaged buildings caused by an insured loss.
- Data Compromise and Identity Restoration Coverage – This type of coverage helps your company during the rehabilitation period after a data breach occurs or if the business owner becomes a victim of identity theft.
The insurance experts at Medwin Insurance Agency are eager to help you protect your apartment complex by perfecting your insurance policy. Contact us today to receive personalized and experienced service.