In recent times, investment in buildings and apartments have become one of the most profitable. Many have made millions from this venture, but as with any other business, it doesn’t come without its troubles – the constant need for upkeep and tenant maintenance is on a high. The risks involved may cost you thousands of dollars, but you can rest easy when you have an adequate insurance plan to cover all bases.
An apartment building’s profitability depends on several factors, such as the building’s age, location, construction type, available amenities, security, etc. However, you don’t have to highlight these factors all by yourself when you have an experienced broker to do the work. We found a better way to make profits and protect you and your property against damage – by implementing the right Apartment Building policy. Overall, we pride ourselves in excellent services that include:
General Liability/Landlord Insurance
First on our list of services is the standard policy coverage called General Liability. It is a coverage that protects against liability claims for property damage and bodily injury by visitors, tenants, maintenance specialists, and any third parties. We also make sure this general liability extends to apartment buildings with swimming pools and play structures against accidents.
The next service you should expect from us is that which concerns building structures. This coverage is only available for structures declared in the insurance policy to be valued at the cost of rebuilding. We also list some factors that would play a huge role before this value is determined, such as appraisals and reputation, client request, and an automated rebuild cost-estimator software program. Further, we introduce you to insurance policies that will cover fixtures, such as dishwashers, washing machines, etc., in the apartment building.
Building Ordinance Coverage
Building Ordinance Coverage hasn’t always been considered because it seems it is not of intrinsic value. However, we consider this a part of apartment building insurance policies because it takes the stead of General Liability Insurance. There are three coverage options to this insurance policy:
A – Covers an undamaged part of a building.
B – Covers demolition cost.
C – Covers construction cost when it increases.
We would like you to know that we provide Available Discounts coverage, also as a part of a standardized insurance policy for apartment buildings. Each of these discounts is based on amenities and extra services provided. For instance, discounts on fire alarms, on-site labor, sprinkler system, etc., are crucial.
Finally, to ensure you are protected against losses either in the profits to be made from an apartment building or due to damages covered, we set up Business Income coverage. It is only valid within the period of repair. However, we often advise that you keep records of expenses via receipts so that you can claim payments after repair is complete.
What Other Apartment Building Coverage Options Should You Consider?
It doesn’t have to stop at us trying to provide basic coverages for an apartment building; there are a few other coverage options that we offer.
Breakdown of Equipment
When building an apartment, there are chances that equipment could breakdown; we set up coverage to help. The damages and losses caused by that breakdown are covered.
Every worker in the building deserves a certain level of protection. We offer Workers’ Compensation insurance to ensure they are taken care of when they are injured or fall sick.
For vehicles such as maintenance trucks and shuttles used in constructing apartment buildings, we also provide safety coverage.
Fence and Landscaping
Our commercial property insurance further extends to the structures surrounding a building, i.e., fence and landscaping. A heavy storm or any natural disaster could tear these structures down. We provide coverage for them as well, so you don’t suffer heavy losses.
Why Choose Us?
Our services go beyond trying to help you gain profits; we are also interested in keeping your property in good condition. The difference between other brokers and us is that we are experienced in what we do and make sure we deliver.
Every year, you’ll find many apartment building owners at the mercy of liability claims and lawsuits because of poor insurance management. We are here to change the status quo by minimizing those risks. We know the market; we desire to show you how it works. For this reason, we are the best apartment building insurance broker you will ever find.
What our insurance services cover is beyond the extraordinary. We understand how cash flow is important in this business, and we hope you can bank on us to ensure it goes smoothly. We further extend our services to Apartment Building coverages so that you are protected at all cost. There is nothing else you would expect from us that we aren’t ready to offer.
Whatever you are paying a trusted broker, like us, for will be worth it. Contact us today, and let’s get your apartment buildings insured and secured!