Owning an apartment building can be a wonderful investment and source of income – but are you and your property adequately protected? Capital Insurance Brokers understands the need for proper insurance coverage. Since 2005, we have helped landlords protect their properties from damage and protect themselves from liability. As local independent insurance brokers in Edmonton, we offer competitive insurance rates for landlords and rental property owners. Control your risk as an apartment building owner by ensuring you have the proper insurance coverage.
What Is Apartment Building Insurance?
Owners of multi-family homes face more risks than typical homeowners, such as loss of rental income, major disasters, and lawsuits resulting from injuries.
Apartment building insurance is a tailored insurance policy that protects landlords by extending beyond a standard homeowners policy.
What Does Apartment Building Insurance Cover?
An apartment building insurance policy includes coverage to protect from liabilities, such as general liability insurance and commercial property insurance.
- General Liability: This policy covers the basics when it comes to property damage and bodily injury related to your apartment building.
- Commercial Property: Property insurance will cover damage caused to the physical structure of the building due to perils such as fires, vandalism, and theft.
- Business Interruption Coverage: If something happens to your tenants or building that disrupts your rental income, this insurance policy will cover loss of income during the time it takes to repair and make your units rentable.
Who Needs Apartment Building Insurance?
Anyone who collects a rental income from a residential property needs to have apartment building insurance.
It’s important to note that apartment building insurance is different from tenant’s insurance.
Tenant insurance is not required by law and only covers their belongings and liability coverage if they unintentionally damage your property.
To manage risks when it comes to your apartment building, here are some common claims you should take into consideration:
- Tenant or employee injury on the property due to negligence.
- Theft or vandalism by a tenant or employee.
- Natural disasters such as fires, storms, and floods.
Capital Insurance Brokers Has You Covered!
We understand that owning an apartment building is an amazing way to earn an income but also a serious investment.
Don’t put your investment at risk by not properly insuring your apartment building!
Get in touch with us today for peace of mind! You can request a free apartment insurance quote or contact us for more information.