Landlords face various liability and property risks, making proper insurance policies vital to their success. Besides general apartment building packages, there are several other coverage policies all landlords should consider. In business since 1906, Muller Insurance offers clients throughout NJ, NY, CT, PA, NV, and other states exceptional customer service and independent advice. Here, we discuss additional coverage for landlords.

General and Personal Liability Insurance

While renters are responsible for their personal belongings, the landlord is responsible for the property in common areas of the building, such as the hallways, gym, pool, and parking lot. If anyone gets injured or their property gets damaged in these areas and holds you liable, they can sue. Personal liability insurance helps you pay the legal costs of a lawsuit and any court-ordered awards or settlements.

Property Coverage

Many disasters can cause severe physical damage to your building, making property insurance a necessity. These policies protect your building against damages from a covered loss. These losses typically include the following hazards:

  • Aircraft and vehicle damage
  • Explosions
  • Fire
  • Lightning
  • Riots
  • Smoke-related damage
  • Vandalism
  • Windstorms

Business Income Insurance

Certain circumstances force your tenants to leave their apartments for a period. You will not be able to charge them rent during this time, which leaves you without a source of revenue. Business income coverage helps reimburse you for income lost while the building is inoperable due to a covered loss. These policies give you peace of mind about your livelihood as the apartment complex is rebuilt or repaired.

Dwelling Coverage

Tenant-occupied dwelling insurance covers buildings that landlords own and rent out but do not live in themselves. This situation applies to most apartment building owners, making it necessary to consider. Dwelling policies can include property insurance, general liability, and loss of income, but you can also purchase add-on coverage to protect personal property that tenants use. These items include the following equipment, fixtures, furniture, machinery, and supplies:

  • Cooling and heating systems
  • Fences
  • Water softeners
  • Outdoor antennas or reception dishes
  • Outdoor decorative pieces
  • On-site construction materials
  • Swimming pools
  • Yard signs

Umbrella Insurance

General liability coverage offers invaluable financial protection for numerous situations, but you may encounter a claim that reaches outside the limits of your current policy. You might have to pay out of pocket to cover such claims unless you have umbrella insurance. This coverage goes beyond the offerings of most general liability policies to settle what remains of the claim. Umbrella policies are usually available in increments of $1 million, but the details of your coverage depend on the company and the specifics of your plan.

Explore Additional Coverage for Your Apartment Building with Muller Insurance

Given the numerous risks associated with owning an apartment building, you must consider all possible insurance policies. At Muller Insurance, we offer two apartment building policies to cover properties of all sizes and capacities: residential building coverage and mixed-use building coverage. These packages protect against various threats, from disastrous weather and theft to legal liability and building code issues. Many owners also choose to bundle their policies with extra coverage for sewer systems and water backup.

Our independent agents work with more than 20 leading companies in NJ, NY, CT, PA, NV, and other states to provide customized and affordable policy options. Request a quote today for more information on landlord insurance coverage from Muller Insurance.

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