After making such a hefty investment in the construction of your new apartment building, the last thing you want to worry about is whether or not you picked the right insurance coverage to protect you against the countless risks associated with being a landlord. That’s why Muller Insurance is here – to eliminate the stress and set you up with apartment building insurance policies that are optimal for your situation.
Know the Risks
The right apartment building insurance policy is one of the most important investments owners can make in their new property. Not only will it ensure the resolution of any physical damage to your apartments, but it also protects landlords from liability claims, lost rent and more. Regardless of your building’s location and type of construction, all apartment building owners face these common risks:
- Property damage: Every building is at risk for catastrophic damage from smoke and fires, but it doesn’t end there. Severe weather such as tornadoes, hurricanes and flooding can cause structural destruction. In some areas, high winds and hail can even shatter windows or cause trees to fall on the building, while heavy snowfall can sometimes force the roof to cave in.
- Liabilities: If something goes wrong on your property, you’re usually the first to hear about it – unless the police are called first. Find insurance that will cover you in the event of injuries to tenants, visitors or employees, advertising liability, invading the right to privacy and discrimination lawsuits.
- Criminal activity: The right insurance policies can protect against vandalism and more.
- Loss of rental income: If you have a tenant unexpectedly move out or refuse to pay rent, there are policies that will protect you from feeling the financial burden.
Per Building vs. Per Occurrence
When weighing your apartment building insurance options, landlords with multiple buildings on their property must know the difference between two types of deductibles. A per-occurrence deductible means you pay one deductible and one deductible only for the damage caused by a singular event. However, per-building deductibles require that a separate deductible be paid for each building that was damaged. This is why it’s important to analyze the fine print with one of the trusted insurance agents at Muller Insurance.
Common Apartment Building Insurance Policies
There are several types of policies that all new apartment buildings should be insured with so landlords can operate their businesses with peace of mind. Some building owners can find all the coverage they need in one policy, while others may choose multiple plans to have all of their bases covered. Depending on the type of structure you’re insuring, these are some of the most common policies for landlords to consider that we are proud to offer at Muller Insurance:
Protection for Landlords
Owners of apartment buildings are well aware of the risks involved in their business, but protecting your property with the proper insurance plans will alleviate worries and provide for an extremely rewarding experience. At Muller Insurance, we’ve been assisting landlords and property owners with apartment building insurance since 1906. We’ll carefully review all of your options so you’re making the best possible decision and are protecting yourself against any of the threats facing your property. For more information, contact Muller Insurance by calling 201-659-2403.