Insurance Coverage for Your Apartment Complex
You need to have the right types of insurance coverage to protect your apartment building as well as against personal liabilities that may arise against you. As a landlord you are vulnerable to risks and only by taking the right insurance covers you can get the required level of protection. Some of the basic types of insurance you must take include:
- General liability insurance: against liabilities that may arise against you for the loss of property or bodily injury sustained by others while they are in the general common areas of your apartment property
- Property insurance to protect your property from damage due to Fire, Explosions, Windstorms, Lightning, Damage from smoke, Vehicle and aircraft damage, Vandalism, Riots, etc.
- Business income or business interruption insurance is necessary to reimburse you for the income loss suffered by you due to various reasons.
- Umbrella Insurance to help you pay the claims that may arise over and above the general liability policy you are required to pay.
In addition to these, you have to take other insurance like Crime insurance
- Directors and officers insurance
- Employee dishonesty insurance
- Equipment breakdown insurance
- Errors and omissions insurance
- Cyber liability insurance etc.