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FEB
15
2022

What type of insurance do I need if I own an apartment building?

Owning an apartment building

There are many types of dwellings to own from single-family homes to entire estates. In between there are multi-family homes, condominiums, and apartment buildings, among others. Owning an apartment  building means becoming a landlord and the responsibility of caretaking for every unit, the property, and the building as a whole. It’s difficult to own, manage, and run a property at all hours of the day, which is why many apartment complexes have a staff of people assigned to do work to keep it up and running. 

 

From management to maintenance, long-term renters to short-term leases, there are a lot of eyes on any building and people who want the best possible experience while inside the building. Number of tenants can vary greatly from building to building along with amenities to those tenants, but many of the risks are the same. 

 

With all the different people coming in and out of the building, it’s important to understand all the risks and have coverage for when something happens – because it will. There’s no way to prevent people from behaving poorly, weather not cooperating, and everyday damages that can add up. Apartment buildings are meant to be nice, so it’s important to keep them nice for everyone in the building.

Risks with owning an apartment building 

Being that apartment buildings are filled with ever-changing tenants, there is a lot of wear and tear on each individual unit, let alone the common spaces. Building owners can expect damage to painted walls, carpeted floors, regular use of appliances, plumbing issues, floor scuffs, damage to built-in cabinetry, doors and windows, among many other possibilities.  

 

There are many different risks with owning an entire apartment building, beyond what kind of damage a tenant can cause. Depending on the building and its surroundings, the causes of damages can be from a variety of things like unit or building fires, severe weather damages, vandalism, burglary and theft, trees falling, electrical issues, and even accidents that happen to people while on the property. 

Apartment house insurance package

Owning a home is one thing, but owning a property that is home to many others is a completely different responsibility altogether. Nickerson Insurance Systems, Inc. can explain what is needed on top of everyday homeowners insurance and answer any questions you might have. While the risks are many, it is possible to be prepared for some of the major disasters that can leave a building damaged and people without a home. 

 

Plus, when it comes to filing a claim about any of the aforementioned risks, there are usually legal fees incurred with tenant claims. Having the right package can help cover those as well. 

Need insurance for the apartment building you own? Nickerson Insurance Systems, Inc. can help get you covered 

Avoid risking everything when not insuring an apartment building that you own. Damages go beyond your investment and can greatly interrupt the lives of each and every tenant. The right apartment house insurance package is out there, so let us help you find it.

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