118 N. Kansas St.

Edwardsville IL 62025

Multi-Family Housing Insurance

Hosto Provides Multi-Family Property Owners Throughout the Region with Trusted Property Insurance Plans

As a multi-family property owner, you understand the importance of keeping your renters happy and safe. To protect both your tenants and your investment, turn to Hosto Financial & Insurance Services. We provide robust insurance policies for multi-family housing to mitigate risk and provide you with peace of mind. While you can’t predict the future, you can properly plan for it with a solid property insurance plan.

Insurance Policies for Multi-family Properties

There is a variety of insurance policies for multi-family properties; however, these are the most commonly recommended.

  • Property Insurance: This policy protects against damage to the structure of the property, including damage caused by fire, flooding, hail, etc. There are two types of property insurance policies available for owners to choose from—structure insurance or whole-property insurance. Structure insurance covers each structure owned individually, meaning each building will have its own deductible. With whole-property insurance, the policy covers all properties under one single policy. A trusted insurance agent can talk through the pros and cons of each policy and help you choose the best option for you and your properties.

  • General Liability Insurance: This policy protects against claims for injuries of tenants or their guests that occur on the property. For example, if a tenant slips on the icy sidewalk in the winter, general liability could cover medical expenses, lost wages, etc. if they decide to sue you. This type of coverage is often a necessity for multi-family housing owners, as more units owned equals more risk for an accident.

  • Business Income Insurance: This policy compensates you if one of your properties suffers damage outside of your control, resulting in a halt of normal business income. There are variables to consider when choosing the amount of coverage for your business income insurance policy, including time frame, payroll limit, etc. Your trusted insurance agent can walk you through each one to determine what makes the most sense for your properties.

  • Umbrella Liability Insurance: This policy provides additional coverage and protection where other policies might not, specifically general liability insurance. It prevents significant losses due to gaps of coverage. While it is not required by law, it is typically a smart investment for multi-family property owners who have a lot of assets.

While the different options for multi-family housing insurance can seem daunting, Hosto Financial & Insurance Services is well-versed in all areas of property insurance and will work with you every step of the process to ensure you get the right coverage for you.

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