Apartment Building Insurance
When It Comes to Comprehensive Insurance Plans for Apartment Buildings, Hosto Delivers.
What Does Apartment Building Insurance Cover?
Since an apartment building is not only your business, but also a home to many tenants, it is advised to invest in multiple types of insurance coverage to protect your assets. These types of coverage include:
- Commercial Property Insurance: This standard policy protects the physical structure(s) of your apartment complex, including the apartments, garages, storage sheds, etc. If one of your apartments are damaged due to inclement weather, a fire or vandalism, commercial property insurance would compensate for the damages. With most policies, you have the option to add coverages if your apartments reside in a high-risk area for earthquakes or floods.
- General Liability Insurance: If a tenant would happen to injure himself or herself on your property and sue you for negligence, general liability would help cover the associated expenses. This is a comprehensive policy that protects you when unexpected events or accidents occur at one of your properties.
- Business Income Insurance: As a business owner, you want to take action to protect your income in the event that something occurs to your apartment complexes and your tenants have to temporarily evacuate. This is where business income insurance comes in. The policy will cover your loss of income while the apartment units are being repaired so they can be rentable again. Some business income insurance policies even cover payroll for your employee(s).
- Umbrella Insurance: Just as the name insinuates, umbrella insurance provides apartment building owners with additional coverage and protection. If a catastrophic event would occur and the claims surpass your other policies, umbrella insurance would cover the excess expenses. This insurance policy can give you peace of mind that you are doing everything in your power to protect your properties and assets.
At Hosto Financial & Insurance Services, we understand that your schedule is filled with taking care of your properties and your tenants. Let us give you some time back in your day. We will find the best apartment building insurance plan for you, so that you can continue to do what you do best.