Commercial Property Coverage
Commercial property insurance protects against damages to the buildings and structures within your apartment complex. This coverage includes apartment building(s), and other 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. The amount of your deductible is determined by a variety of factors 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 that occur on your property. Commercial liability protects you against claims of bodily injury or property loss or damage by third parties within the complex. Indeed, third parties may include other tenants, visitors, repairpersons, delivery persons, or other people that have a valid reason to be on the property.
Some of the most common incidents covered by commercial general liability for apartment building insurance includes:
- Slip and fall type injuries
- Water damage
- Property damage
- Lastly, 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 with damage and repairs.