Insurance is more than a box to check for owners of apartments, condos, and rental properties, it’s a critical safeguard against real financial and legal risks. Property damage, tenant safety, and rising legal liability make commercial habitational properties some of the most complex to insure. To get it right, owners need coverage that reflects their unique exposures and responsibilities.

Commercial property insurance is important in helping commercial habitational community owners prepare for weather-related risks like hail, lightning, tornadoes, and more. So many things can happen, hail compromising roofs, trees falling from wind, lightning causing fires, or something as simple as leaving something cooking on a stove top, forgetting to turn off an iron or an unattended candle can cause a horrific loss of property and possible life.

Beyond the physical damage, these events can also result in significant financial disruption, especially when units become uninhabitable and rental income is lost. That’s why having coverage for business income and extra expenses is critical in a commercial habitational policy. A well-crafted property policy can ensure owners can repair and damaged property and keep their building operations afloat during these difficult periods.

Owners of habitational properties have liability exposure 24/7/365, there may be more responsibility to tenants when someone is living on the property than to the owner of other types of buildings that have set hours. As the owner of an apartment building ensuring the safety of your tenants is paramount.

Whenever you are having contractors do work on the premises make sure, they are properly insured and you have established proper risk transference protocols. Contractual agreements with indemnity clauses and hold harmless agreements should be created by your corporate attorney. A common transference technique is to be named as an additional insured on the contractor’s insurance policy.

As the owner of an apartment building don’t overlook all of the amenities that you are providing your tenants and make sure, they are properly insured. Lobby furniture, gym equipment, party room furnishings or outdoor patio furniture need to be insured under the class of business called business personal property.  Equipment used to service the building such as lawnmowers, snowblowers are considered building.

So, before you look to become a landlord or renew your current policy contact the Trusted Choice Insurance Agents at Richey-Barrett Insurance to assist you in addressing your insurance and risk management needs. We would be happy to visit your property and address your unique needs for property and liability insurance.