All landlords need insurance, but how do they determine the amount of coverage they need? Many factors go into determining the insurance policies for your rental property, including building age, location, liability, the use of equipment, and more. In business for over 100 years, Muller Insurance looks at the different policies landlords must consider to decide how much coverage they need for their apartment building.Property CoverageProperty insurance policies protect the apartment building and other constructions on the premises from damage or loss caused by inclement weather, fire, smoke, theft, and vandalism. Some policies may also cover additions to the property, whether finished or under construction, and personal property used for business purposes on the apartment grounds. Numerous variables related to the building’s structure go into how much property insurance coverage you need, including:The age of the building, roof, and mechanical systems: Newer buildings can result in lower premiums.Location: Apartment buildings in coastal regions or areas with harsher weather conditions can face increased insurance costs.Type of apartment building: Insurance coverage can be different depending on the type of apartment building you own.Construction: A well-built structure can result in decreased insurance needs.Inclusion of common areas: The presence of pools, gyms, and other shared areas can impact how much coverage you need.At Muller Insurance, we offer a residential building policy that protects your apartment complex from accidental or deliberate property damage and water damage caused by backed-up sewer systems, equipping you with more comprehensive protection.Keep in mind that your property coverage does not extend to tenants and their belongings, and they will not be compensated by your policy if their personal items are lost, damaged, or stolen. Landlords should encourage all tenants to purchase a renters insurance policy in an amount that will compensate them for the value of their belongings. In fact, many landlords require such a policy and minimum coverage levels as part of the rental agreement to avoid confusion in the event of tenant property loss.Loss of Income CoverageRegardless of your building’s structure, you should consider coverage against income loss due to significant damage. If a covered incident such as a snowstorm forces tenants to move out until your apartment building can undergo repairs, a loss of income policy reimburses you for missed rent payments. Since repairs can suspend the residential use of your building indefinitely, a loss of income policy can be vital to keep you afloat financially, which is why Muller Insurance includes this coverage in our residential building policy.Liability CoverageIf you receive claims from tenants, visitors, or vendors of alleged or confirmed injury and property damage, an additional liability insurance policy covers any legal defense costs that you may face. This coverage is especially important for apartment complexes with common areas like swimming pools or tennis courts, but it is also necessary if someone trips or slips on a sidewalk.To ensure you are financially and legally protected in these cases, Muller Insurance includes liability coverage for incidents that happen in common areas with their residential building policy. Please note you will not be covered for injuries or damages that occur in an apartment unit because of a tenant’s negligence, as these accidents are the tenant’s responsibility.Get Personalized Apartment Building Coverage with Muller InsuranceFiguring the specific insurance needs of your apartment building is complex, but it is also vital to ensure you are fully covered without paying pricey premiums. As an independent agent that works with over 20 leading insurance companies, Muller Insurance is committed to finding the right policies for apartment buildings of all sizes and capacities throughout New Jersey, New York, Connecticut, Pennsylvania, Nevada, and other states. To learn more, contact us today and ask about receiving a free quote.