Basic insurance topics for a Landlord were addressed a few weeks ago in my blog “Crafting a Solid Insurance Program for Owners of Apartment Buildings.” A new semester is starting (read more)
The previous blog addressed property insurance including business income, general liability insurance, equipment breakdown, crime insurance and auto insurance. However, the owner of an apartment building faces many other pitfalls.
Tenant Discrimination Insurance: This coverage protects the owners, managers and employees against discrimination, harassment or wrongful eviction lawsuits that may be brought against them by applicants, current tenants or past tenants.
Employment Practices Liability Insurance (EPLI): EPLI covers businesses against claims by workers that their legal rights as employees of the company have been violated. Examples include sexual harassment, wrongful termination, failure to employ or promote. EPLI also can provide 3rd party coverage for claims by non-employees against owners and their employees for sexual harassment and infliction of emotional distress.
Cyber Insurance: Cyber insurance generally covers your business’s liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers. If you are running background checks or credit reports in a tenant screening process this coverage is a must.
Ordinance and Law Coverage: This 3-part insurance coverage applies to the enforcement of ordinances or laws regulating construction and repair of damaged buildings not covered by a standard property policy. Buildings may need upgraded electrical, heating and plumbing systems to be in compliance with current law. In some municipalities, if a building is more than 50% damaged, the entire building may need to be demolished.
Coverage A-For Loss to the Undamaged Portion of the Building.
Coverage B-Demolition Cost Coverage
Coverage C-Increased Cost of Construction
A well thought out insurance program requires a Trusted Choice agents like the Team at Richey-Barrett Insurance. If you want us to create a solid program for your building contact us at 440.835.4800.