Small Apartment Building Insurance

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Insurance Type:

Insurance for apartment buildings is broken in to two main categories the building and liability.

Apartment Building:
There are several areas one must consider when insuring an apartment building.

Special Form: Includes all direct physical loss subject to exclusions and limitation

Loss of Earnings: Actual loss sustained for 12 months rent

Mechanical Breakdown: Repair & maintenance of air conditioning & heating equipment

Plate Glass: Separate coverage

Building Ordinance or Law: Additional coverage for compliance with local law

Choice of deductibles

Liability
Today apartment building owners must pay special attention to liability concerns. Litigation on personal injury and mold claims have had a tremendous impact on the cost and availability of insurance for apartment buildings. Property owners must provide coverage for:
Bodily Injury & Property Damage: single limit, choice of limits
Medical Payments: Pays first dollar coverage for injury to guest on premises

Eligibility
In general there are a few requirements property owners must meet when insuring an apartment building.
1) The unit must be built 1960 or newer.
2) The unit must be well maintained.
3) Property owner must document prior insurance history (5 years).
4) Property must contain three (3) units to thirty (30) units.
5) Property value must not exceed $3,000,000.
6) Property may be 1 or 2 story.

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