As the owner of an apartment, you have to monitor many things. Since an apartment owner is routinely exposed to multiple risks, getting apartment complex insurance is important. However, the problem arises when you don’t know which one to choose.
Here are some apartment complex insurance policies you can consider in 2020:
General Liability Insurance
A landlord has to keep the shared areas of the apartment, such as the gym, parking lot, pool, and hallways safe. You can be held accountable in case someone suffers an injury within the said premises.
Therefore, it is essential for you to foolproof the situation by getting general liability insurance. The policy can cover a lawsuit’s legal expenses, saving you a hefty amount of money.
Getting property insurance should be perceived as an investment since it covers your property from disasters that can potentially cause severe damage to the building, such as:
- Damage from smoke
- Aircraft and vehicle damage
Business Interruption/Business Income Insurance
If your tenants had to leave the apartment because of a covered loss, they probably won’t pay rent. This situation can prove to be disastrous, and that is why you need business income insurance.
The policy can compensate for the revenue you may lose during the apartment’s non-functionality because of a covered loss.
Owning liability insurance is always beneficial, but what happens when you face an unforeseen situation that far exceeds the limit of your insurance? This is where umbrella insurance helps. Simply put, it covers the additional liability that exceeds your general policy.
These are some apartment complex insurance policies you can consider. Are you looking for the best apartment complex insurance? Contact the experts at Pittman Insurance Group. We are ready to help you with all your coverage needs.