The Special Insurance Needs Of Multi-Family Complex Owners

Owning and renting out different properties can be a great financial investment. After spending some years as the successful owner of a few rental properties, you may be considering branching out into renting out something bigger. An apartment building or condo can be a property owner’s dream. You can have a building full of happy renters and have an extra steady source of income, but only if you’re properly prepared for it.

A building full of renters will come with its own unique responsibilities, and potential dangers. In the past you may have protected your home with a home owner’s insurance policy, and may have even encouraged your tenants to get their own renter’s insurance to help protect themselves. If you’re planning on owning a condo or apartment, you’re entering into a whole new world of insurance needs. Homeowners and property insurance will only go so far, now you need to look into landlord building insurance policies that can help protect your building.

Business property insurance

If you ask any real estate damage public adjuster what kind of insurance policy every apartment owner needs to have, they’re going to mention business property insurance. Once you own an apartment building you’ve gone beyond making some money on the side from renting a home or two. Your apartment building is a business, and it needs to be protected at all costs. Fire, windstorms, and other unexpected events can cause a lot of expensive damage. A business property insurance policy can help protect you against the unexpected, and can come in handy during an emergency.

Business liability insurance

Accidents happen, and anyone that comes into your apartment building has the ability to file a claim or lawsuit when injuries occur. Something as seemingly benign as a slightly icy walkway or a slick floor can result in an accident, that’s why business liability insurance is crucial for any apartment building owner to have.

Business crime insurance

There will be a lot of people coming in and out of your apartment building. Sometimes your renters, contracted maintenance workers, and even your own employees may not be as trustworthy as you’d like. What would you do if you found out that the employee you trusted to collect rent money has been pocketing some cash or checks? What if you find out that a tenant had their signature forged on the original rental agreement? These situations are exactly why you need to protect yourself and your apartment building against crime with a business crime insurance policy.

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