Apartment Owners: Include Insurance In Your Business Plan

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Do you own an apartment building?

If you do, you understand fully that apartment buildings are a landlord’s livelihood. Renting out an apartment complex is a strenuous business; it requires hours of work as landlords oversee building maintenance, pay various bills, and of course, work with tenants to ensure that everyone has as pleasant a living experience as possible.

With so many people living together under one roof, even a minor issue has the potential to become a bigger one of it’s not properly addressed. This is why owning the right insurance policy to help protect your building – a.k.a. your entire business – should be a vital part of any landlords’ business plans.

Solid insurance plans on an apartment building offer assistance when the unexpected happens, whether that means a minor incident such as a visitor injury, or an extreme catastrophe, such as a building fire. But what sort of insurance should an apartment building owner look into?

Currently there are four broad, popular insurance categories to consider:

Business Property Insurance: Business Property insurance helps to protect and cover the building, equipment and income you rely on each day. This insurance offers financial assistance when your building is damaged or your office contents – including leases and financial paperwork – are destroyed or stolen.

Business Liability Insurance: Your apartment building is not a bubble; tenants, workers, or visiting friends all walk the halls you’re responsible for. Should any of these people slip, fall, or injure themselves otherwise on your property, liability insurance offers assistance with legal defenses, as well as legal damage payments.

Business Crime Insurance: Sometimes, despite the best efforts to prevent it from happening, the wrong people get into an apartment complex – determined thieves may break in or vindictive employees may steal something important as they leave. At the end of the day, even the safest apartment needs protection from crime; business crime insurance offers coverage for when criminals – whether they’re an employee or a third party vandal – wreak havoc in your office or on your property.

Building Ordinance Insurance: Sometimes your building needs major repair or remodeling work done; maybe a storm damaged part of your complex, or maybe a new law means that your building is no longer up to code. Either way, ordinance insurance will help you cover the cost of any necessary rebuilding and maintenance work.

Of course, ideally a landlord’s insurance policy will offer a customized level of protection that considers all four of these popular insurance categories. Fortunately, forming an insurance policy that’s perfect for your building is extremely easy.

A quick consultation with our Fisher Widmann Flick Insurance Agency staff can help you develop the policy that’s right for you. We’re proud to work with landlords and building areas throughout the Johnstown area, as well as in Blaire County, Cambria County, Somerset, Latrobe, and all other surrounding areas in central Pennsylvania.

We offer personalized assistance and have numerous local contacts across the state ready to help you at a moment’s notice. We also have connections with 15 major insurance companies, including our newest partner, Safeco Insurance, a Liberty Mutual-owned company that will work with our team to ensure that you receive the best Landlord protection insurance possible.

Using these resources, our insurance sales team at F.W.F. will always help you purchase the best apartment property insurance policy to ensure that your apartment complex – your business – continues to run as smoothly as possible. Contact us today to learn more about what we can do for you!

–Image courtesy of commons.wikipedia.org

 

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