David B. Sydney Insurance Agency

Insurance…Let Us Explain It To You

67 Red Hill Ave
San Anselmo, CA 94960

Phone: 415-258-1703

Apartment Owners Insurance Coverage

If Owning and Managing an Apartment Building was easy… Everybody would be doing it, right?

No, it’s not easy. You know better than anyone else what’s involved. Mortgage payments, rent collections, broken plumbing and electrical, marketing vacant units…and, Insurance.

We’re here to help with the insurance. You can call us at (800) 500-9972 or click here and email some information for a fast, easy, low cost quote.

Here’s what you want to know about policy coverage for your Apartment Building:

  1. Building Coverage: This is the limit of coverage for each apartment building and other buildings such as separate carports, garages or service or storage buildings. The amount of coverage should be adequate to rebuild the structure. Policies are written either on a Replacement Cost Basis or an Actual Cash Value basis.
  2. Building Law and Ordinance: This allows for payment in the event of an insured loss to the building when the local building authorities require updates and upgrades to the structure because of enhanced or updated code requirements. The ‘basic’ policy provides for replacement of what existed before a loss and this coverage provision pays the necessary increased cost mandated by rebuilding laws. This coverage has a stated limit.
  3. Business Property: This is the limit of coverage for contents or items owned by the building owner such as drapes, appliances not attached to the building and any property used in the service of the buildings. The amount of coverage should be enough to replace these items in the apartment building units in the event of a loss.
  4. General Liability: This coverage is the protection for harm done to others. Most apartment owners think of it as ‘trip and fall’ liability protection but it also covers things like libel/slander and wrongful eviction. Experts advise coverage in the multi millions of dollars as prudent. A policy will generally offer maximum limits of $2 million per occurrence and $4 million aggregate coverage.
  5. Loss of Rents: This coverage reimburses the building owner for the loss of rental income due to the inability to rent because of insurance losses. When the building suffers an insurable loss, tenants have to relocate and the rent is not paid. This coverage provision takes care of that problem.
  6. Other Available Coverages: Sign coverage, Hired & Non Owned Auto coverage, Extended period of Business Income/Loss of Rent Indemnity, and other customized coverages that help manage the risks associated with landlord’s owning and managing rental apartment buildings.

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