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3 Types of Apartment Complex Insurance Coverage To Consider

3 Types of Apartment Complex Insurance Coverage To Consider

What would happen if someone sustained an injury in your apartment building's elevator or a resident destroyed the workout room? To be sure, there are numerous liability and property risks that apartment complex owners face. As such, understanding apartment complex insurance coverage options is essential if you want to protect your investment.

1. General Liability

For a wide variety of liability claims that can result from an injury or property damage that occurs in an apartment complex, general liability is necessary. With this coverage, you can protect your building's halls, lobby, staircases, reception area, elevators and parking lot.

2. Property Insurance 

When you own an apartment complex, maintenance costs are one of the most expensive yet necessary expenses. Because of this, having property coverage is another smart idea because it can cover the costs of repairs and renovation. Additionally, it can also protect your property against perils like fire, vandalism, and lightning damage.

3. Business Income Insurance 

Sometimes, tenants need to vacate their apartments before the end of their lease and there is no prior notice. When this happens, having solid business income insurance can help you recover the substantial amount of lost funds that can result from this scenario.

Understanding apartment complex coverage options can help you protect your investment, and it can also help keep residents safer. An insurance agent can help you figure out what kind of policy is best for you.