Quality Apartment Building Insurance in Massachusetts
Your apartment property is a big financial investment, and it can yield a significant financial reward. However, there are significant risks. If you don’t have the right apartment building insurance, you could end up paying for losses out-of-pocket. Property damage, combined with the loss of income could be catastrophic for your bottom line.
LoPriore Insurance is an independent insurance agency in MA with insurance that fits your lifestyle. If you own an apartment building in the Greater Boston area, our agents can help you find the policies you need to keep your investment safe from financial loss.
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What is Apartment Building Insurance?
Apartment building insurance protects apartment building owners from property damage and liability risks associated with owning and running the apartments.
It works similarly to landlord insurance since these policies are designed for property owners. Both of them also offer similar coverage options since they involve policyholders renting out their building units to tenants.
Why Do I Need Apartment Property Insurance?
Owning residential property comes with a variety of risks. Besides damage to the property itself, an apartment building owner needs to be protected from liability risks, loss of rental income, and other dangers.
Property damage and liability are real risks that apartment building owners can face, no matter how cautious you may be. Whether it be natural disasters or cases like theft, the truth is that these risks are virtually impossible to predict. It makes sense to protect yourself from potential lawsuits or financial burdens before anything even happens.
Who Needs Apartment Property Insurance?
Residential building owners need apartment building insurance to get various types of coverage to protect against financial risks. Like how landlords need insurance to protect themselves from the risks of renting out their properties, apartment building owners also need insurance to keep them free from legal or financial harm.
What Protections Does Apartment Complex Insurance Offer?
Apartment building insurance helps protect property owners from two main things: property damage and liability. If perils like fire ever damage your apartment buildings, you can be compensated for the extent of the damage. Likewise, if any accidents or injuries occur on your property, you can file a claim to help you pay for legal or medical expenses.
Do These Policies Include Workers Compensation?
Worker’s compensation is a form of insurance that protects employees from work-related injuries or accidents. It helps pay for medical expenses or rehabilitation costs for workers or supplies lost wages that may result from them being unable to work for some time.
Although insurance for apartment owners focuses more on protecting your property and keeping you free from liability, you may be able to include worker’s compensation in your policy as an additional coverage option. It is not typically included in the standard apartment insurance, but some carriers allow you to add it to your policy.
Contact any one of our independent insurance agents today to learn more about whether this option is available for you. We can connect you with various insurance companies and help you find a suitable policy.
Apartment Building Insurance Coverage Details
Owning an apartment building is a business, and owners need multiple types of commercial insurance policies to get the coverage they need for protection against various financial risks. For example, apartment building owners typically require commercial property coverage and commercial liability coverage. Other optional policies help protect against additional losses.
Whether you own one or many apartment buildings or multiple properties, you can secure coverage to avoid harm’s way. Property damage can happen causing them to be uninhabitable, disturbing your income flow.
Insurance for apartment building owners also comes with business liability coverage to help you pay for lawsuits or medical fees if you are held liable for incidents within your property. Another common coverage that is highly recommended for apartment owners is business crime insurance, which protects you from wrongdoings, like theft or forgery, committed by your employees or third parties.
Commercial Property Coverage
Commercial property insurance protects against damages to the buildings and structures within your apartment complex. This coverage includes structures like garages, swimming pools, fences, storage space, office buildings, and common areas. Further, coverage extends to additions or construction completed or in-progress, and business personal property used to maintain the building or grounds.
Commercial property insurance is subject to a deductible. Multiple factors determine your deductible amount in your coverage, including premiums and the specific terms detailed in your policy.
Commercial General Liability Insurance
As the owner of an apartment building, you’re responsible (liable) for losses on your property. Commercial liability protects you against bodily injury claims or property loss or damage by third parties within the complex. Third parties may include other tenants, visitors, repair-persons, delivery persons, or other people that have valid reasons to be on the property.
Some of the most common incidents covered by general commercial liability for apartment building insurance include:
- Theft
- Slip and fall type injuries
- Water damage
- Property damage
- Unlawful eviction
Loss of Income Coverage
When rental income is your livelihood, serious property damage can be catastrophic. If your apartment building is damaged so severely that it’s temporarily uninhabitable, you won’t receive rent. Income loss coverage reimburses you for the rent you miss in such cases.
Enhancements And Optional Coverage
- Equipment Breakdown (Boiler and Machinery Coverage): Covers damage and loss of income due to a breakdown of equipment or mechanical systems.
- Commercial Umbrella Insurance: Provides excess liability coverage that exceeds your existing coverage limits. Commercial umbrella insurance picks up when your liability policy’s limits are exhausted.
- Business Owner’s Policy (BOP): Conveniently bundles commercial property, commercial liability, and loss of income coverage into one policy designed for business owners.
- Professional Liability Coverage (Errors and Omissions Insurance): Protects against claims that you have financially harmed a third party with your negligence or errors.
- Worker’s Compensation Insurance: Protects your employees from work-related illnesses or injuries. Massachusetts law requires any business with employees to carry worker’s compensation insurance.
- Commercial Auto Insurance: Any vehicle used for a business can be considered a commercial vehicle for apartment building insurance. This policy covers automobiles owned by your property business like maintenance trucks or shuttle buses.
How Much Do Apartment Building Policies Cost?
The cost will vary based on your property’s location, the number of units you want to insure, your insurance provider, and the amount of coverage you will be getting. Standard general liability insurance coverage of $1 million to $2 million for small apartment buildings may cost somewhere between $804 to $1,680 annually. This price is a very rough estimate since it can differ based on the situation.
To learn more about your potential insurance expense, you can get in touch with our team today. We can help you compare quotes and shop for insurance policies to save you the time and hassle of doing it yourself. With our wide network of insurance partners, we can help you find the most suitable policy to fit your needs and budget.
How Do You Secure Apartment Building Insurance?
Secure your properties and assets now by getting apartment property insurance. If you are interested in learning more about your policy options, please contact our team with your questions and concerns. You can request a quote to get a rough estimate or upload whatever policy you may currently have in place if you wish to modify or customize it.
Precautions You Can Take to Avoid Lawsuits
Insurance policies reimburse you for financial losses after a covered event has occurred. There are also steps you can take to help avoid certain lawsuits from happening. Take these precautions to help protect your apartment complex from becoming the target of a lawsuit.
- Purchase and maintain proper insurance. Lawsuits can be expensive even if they’re fraudulent or you win. Maintaining your insurance policies can protect you against these costs.
- Take safety precautions. Safety measures like extra security, working fire alarms, and worker safety programs can help you avoid dangerous accidents and help lower your insurance premiums.
- Communicate important information: Tenants must always be notified of important and changing information about your apartment building. Divulge anything considered dangerous to all tenants.
- Keep your property in good condition. Poor maintenance can lead to dangerous conditions and leave you open to a liability lawsuit. Make sure you stay compliant with all required state and local safety regulations.
- Prioritize security. When you own a residential property, you could be held liable for crimes in the building or on the grounds. Maintain doors and locks. Take extra measures like putting up security cameras.
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Apartment Building Insurance FAQ's
The are some common are some risks that may occur within an apartment building complex.
• Severe weather or fire
• Theft or vandalism
• Liability for third party injuries
• Loss of rental income
• Discrimination lawsuits
• Invading the right to privacy
A variety of elements are used to figure out the individual cost of an apartment insurance policy. You may need to provide this information to your agent to help determine the cost.
• The age and location of your building
• Extra features like a swimming pool, fitness center, or clubhouse
• The type of building and construction
• The presence of up-to-date safety and security systems
The amount of your deductible is an important feature of your insurance policy. A per building deductible describes a set amount that you will pay for each building in the event of a covered loss. A per occurrence deductible allows you to pay one fee for all buildings affected. It’s important to discuss these options with your agent to decide which is best for your personal needs.
Earthquakes and floods aren’t typically covered by apartment building insurance. However, if this is coverage you need, you can get additional policies that provide protection for these events.
The two policies provide similar types of coverage, but apartment building insurance adds additional coverage because you have multiple tenants on the property. An apartment building complex requires protection that covers employees, common areas, and additional security and liability concerns.
Learn More About Quality Apartment Building Insurance
If you are an apartment building owner in Massachusetts, you need the proper insurance to protect you. Our independent agents take the time to listen to your unique needs and help you find the ideal coverage for your situation. Instead of trying to sell you huge commercial policies, we provide you with the coverage you need at prices you can afford.
Get in touch with the LoPriore team today to learn more about our policies, get answers to your questions, or get a quick quote for the policy you need.
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