Apartment Complex Insurance

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Apartment Complex Insurance

If you’re an apartment building owner, then apartment complex insurance is made for you. This type of commercial insurance is designed to meet the needs of rental property owners like yourself. Whether you’re looking to protect against lost rental income, property damage, liability claims, and more, ALIGNED can help.

Apartment Complex Insurance

What types of apartment complexes need apartment complex insurance?

The good news is that apartment complex insurance can benefit all kinds of rental property or apartment complex owners. For example, if your apartment complex is single-storey, multi-storey, high-rise, or anything in between, apartment complex insurance can come in handy. Before matching you with a policy, your ALIGNED insurance broker will get all the details about your complex so that we can find the best coverage for your needs. 

Customized insurance for apartment buildings

Finding the right coverage for your apartment building is no easy task, but luckily, that’s what the ALIGNED team is trained to do. We will reach out to insurance companies on your behalf and compare coverage options in an effort to find your ideal policy. We can also provide invaluable advice on which coverage your policy should feature. Below, the experts at ALIGNED have put together a list of coverage types that we recommend for apartment complex owners.

  • Commercial general liability insurance: Commercial general liability insurance is recommended if you want to protect your apartment building against personal liability claims. This type of coverage will be useful if a third party, such as a guest of one of your tenants, injures themselves while visiting the apartment building. If this happened and they sued you, you could be held liable as the apartment complex owner. Thankfully, with an apartment building insurance policy that includes commercial general liability insurance, your insurer could step in to help pay for the associated costs (e.g. legal fees, medical expenses, etc.). 
  • Commercial property insurance: Commercial property insurance is a must if you wish to protect your physical apartment complex and its contents from damage. There are many components to commercial property insurance coverage, which are outlined below, but generally, this type of coverage can protect your apartment complex from damage caused by insured perils, such as fire, theft, vandalism, windstorms, etc.
    • Rental income coverage/loss of income coverage: No one wants to potentially lose rental income. Luckily, many commercial property insurance policies feature loss of income coverage, which is designed to replace lost rent payments from tenants if your complex becomes temporarily uninhabitable due to damage from a named peril.
    • Dwelling/building coverage. Dwelling coverage protects against damage to the physical structure of your apartment complex, as long as it was caused by a covered loss.
  • Contents coverage: Lastly, contents coverage is designed to protect the items inside your apartment complex from property damage caused by an insured peril. Covered items are usually those that are not permanently attached to a structure, such as appliances, electronics, or furniture. With this type of coverage, if any belongings in your apartment complex which you own are damaged or stolen due to a named peril, your insurer might cover the cost of replacing or repairing them. 
  • Equipment breakdown insurance: Equipment breakdown insurance, or boiler and machinery insurance, may help cover the costs of repairing or replacing broken equipment in your apartment complex. For example, equipment breakdown insurance may cover kitchen appliances, HVAC units, washers/dryers, etc. if they suddenly stop working due to a mechanical or electrical issue.

Is there any other insurance coverage my apartment complex needs?

The insurance needs of apartment complexes vary. However, there are a few other coverage types that may be worthwhile to apartment building owners.

  • Sewer backup insurance: Sewer backup insurance can cover your apartment complex if it suffers from a sewer backup. For those that don’t know, a sewer backup occurs when the sewer system in your apartment building malfunctions and wastewater from the sewer or septic tank seeps into your property. As you may have guessed, sewer backups can lead to serious damage to the walls, building, and floors of your apartment building. To avoid the financial ramifications of such an incident, adding sewer backup insurance to your apartment complex insurance policy can help.
  • Overland water insurance: Overland water coverage may also be an important type of coverage for the owners of apartment buildings as it protects your complex from damage caused by excessive water (e.g. if a flood, rain, melting, overflowing bodies of water, etc. caused water damage in your building). It is worth noting that not all insurance providers offer overland water protection, so if you want a policy with this coverage, contact an ALIGNED broker for more information. 

Calculating the cost of apartment complex insurance 

The following factors have been known to influence insurance premiums for apartment complexes: 

  • The location of your apartment complex 
  • The size of your apartment complex (e.g. how many units are in it)
  • The years of experience you have as a landlord or apartment complex owner
  • The number of apartment units you rent and the type of occupancy per unit (e.g. professionals, students, or commercial businesses)
  • The annual and projected revenue of your apartment complex
  • The coverages, deductibles, and policy limits you wish to include with your apartment complex insurance policy

Find apartment complex insurance that meets your needs with ALIGNED

What is the point of an insurance policy if it doesn’t include the protection you need? ALIGNED will ensure that you find an apartment complex insurance policy that protects you against the most common risks you face. Take advantage of our resources and expertise by getting in touch today. You can give us a call or click here to get a free quote now.

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