Multifamily residential buildings
Insurance for your apartment:
There are several risks that come with owning a multifamily residential building. Obviously, property damage is the first thing that comes to mind, but there are several other risks that need to be considered.
Below are the standard coverages associated with insurance for an apartment. It is important that you discuss each type of coverage with your agent to ensure that the coverage meets your needs.
- Property insurance
- Liability insurance
- Business income
- Umbrella insurance
When looking for coverage, it’s important to know what you may be more at risk for as an apartment building owner. Once you know these risks, you can take steps to mitigate them, prepare for them, and protect your property from them.
Some of the most common risks apartment building owners face are:
- Tenant or employee injury on-site due to negligence
- Theft or vandalism by a tenant or employee
- Discrimination lawsuits
- Natural disasters such as storms, fires, or floods