On our previous Cornerstone post, we talked about options Landlords need to be aware of. Here we're talking Apartment Owners' insurance. Rental property insurance can be purchased in two broad ways for those who own multiple rental properties. It can be insured with a personal lines insurance policy or with a commercial property insurance policy. Depending on your whole ownership picture determines the best course of action.
Apartment owners insurance provides comprehensive coverage for you and your apartment buildings and rental properties. Here are the primary types of coverage to consider:
Types of Coverage
Dwelling
Dwelling coverage applies to your rental property or apartment building and all attached additions and extensions. It also covers fixtures, machinery, and equipment permanently attached to and used to service your rental property or apartment building and its premises. This includes heating systems, cooling systems, water heating systems, water softeners, on-site construction material you plan to use in repairing or altering your rental property or apartment building, working outdoor antennas or reception dishes.
Other Structures
Other structures coverage applies to structures permanently attached to the premises (but not to your rental property or apartment building) that are designed to service your rental property. Examples include:
Fences and other decorative fixtures on your property, swimming pools and yard signs.
Loss of Rental Income
If property damage or loss occurs, you will be reimbursed for the loss of net rental income.
Medical Payments
Medical payments coverage will help you pay for reasonable medical payments if someone is accidentally hurt or injured while on your property.
Debris Removal
Debris removal coverage pays the reasonable expenses to remove debris following a covered loss.
Emergency Removal of Property
Emergency removal of property coverage pays for damage to covered property that happens while you're trying to remove it in an emergency.
Necessary Repairs after Loss
It may be necessary to protect covered property from additional damage following a loss. This coverage pays for the cost of those repairs.
Fire Department Charges
Fire department charges coverage will reimburse you up to $500 of service charges if a fire department is called to protect your covered property.
Trees, Shrubs, Plants, and Lawns
Trees, shrubs, plants, and lawns coverage will pay for a loss, caused by certain perils, to trees, shrubs, plants, and lawns at your property.
Other Coverage
The following coverage options are also included with your apartment owners insurance policy: 30 days of automatic coverage on newly acquired property (buildings and business property)
Off-premises coverage
Extra expenses
Personal effects
Accounts receivable
Valuable papers and records
Fire extinguisher recharge
Transportation Elevator
Collision Loss
Assessment Damage caused by others' cars
Additional Coverage Options
The following coverage options can be added on to your apartment owners' insurance policy:
Business computers
Sprinklers
Extended coverage for outdoor radio and television equipment
Windstorm damage to trees, shrubs, plants, and lawns
Piers, bulkheads, wharves, and docks, including collapse
Comprehensive personal liability
Earthquake damage assumption
Garage keepers legal liability
Builders risk
Replacement cost coverage
Construction theft
Here at CH we offer a wide range of coverage options to add to your policy. "Because our number one priority is ensuring you get the coverage that best suits your apartment properties, we'll walk you through our comprehensive assessment and offer you the most effective, efficient recommendation. says Jim Coleman, Senior Insurance & Business Advisor at CH. We're in your corner!"