Apartment Owners Insurance

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Here at InsuranceHub, we have experience helping business owners get the coverage they need.

Here at InsuranceHub, we understand how to manage the risks associated with owning an apartment complex. What does that mean for you?

  1. We have extensive experience in providing comprehensive insurance for apartment complex owners and insurance for other habitational risks like condominium associations, developers, and property management companies. This means that we can assure that you will be placed with a  top rated carrier with the best pricing available.
  2. We can help no matter if you have 10 units or 100,000 units! No one is excluded.
  3. All of the carriers we work with are “A” rated or above. This means you are guaranteed carriers with a good reputation and a solid financial background to make sure your claims are paid.
  4. We have the ability to write coastal and non-coastal properties. Some carriers will not write you if your apartment is located in an area that traditionally has a lot of hurricanes. Here at InsuranceHub we represent carriers that will write apartments that exist on the coast.
  5. We have the ability to write with non-standard markets if buildings are in need of repair, have a low occupancy rate, or are located in high crime areas. Some carriers will not write coverage for non-standard markets. InsuranceHub represents carriers that can usually provide coverage no matter where your complex is located.
  6. We can provide Umbrella coverage up to $50 Million. This means you will have the protection that you need in case you ever receive a liability lawsuit.

What states can you write apartment insurance for?

We understand that as an investor that you might own apartments in several states.

Here is the good news for you: while we are based in Georgia and are Member of the Atlanta Apartment Association, we can write policies in almost all 50 states and have access to National programs. This means you can have one point of contact for all of the apartment complexes in your investment portfolio.

Where do most property claims from apartments come from?

The number one reason for property claims is from fire losses. Here are a few tips to help you reduce claims here:

  • Make sure you have a monitored fire alarm system.
  • Install a working sprinkler system.
  • Are there fire extinguishers at every landing?
  • Is your electrical wiring up to code?
  • Only use licensed electrical contractors to work on your wiring.
  • Do not allow tenants to use BBQ grills on their patios and terraces.

Additional reasons for increased risk of claims:

  • When was the last time your roof was replaced? Roofs that haven't been updated within the past 10 years increase the odds of filing a claim. So here is the question... When was the last time you received a roofing inspection?
  • Polybutylene piping (in buildings built in 1978-1995) Have you had a licensed plumber check this for you yet?
  • Cracks/potholes in sidewalks, pavement, and parking lots.
  • Inadequate lighting in stairwells and parking lots - can lead to trips, accidents, and crime.
  • Poorly maintained grounds - can lead to people slipping, tripping and falling, especially in snowy and icy conditions.

What kind of apartment owners insurance will I need?

Here is the list of Necessary/Recommended Coverages for Habitational Risks (Apartment complex owners, Condo Associations, etc)

  • Building Coverage: This protects you from fire, water damage, vandalism etc.
  • General Liability: This protects you from liability risks resulting from lawsuits from accidents.
  • Loss of Income: What if there was a fire and it took 4 months to rebuild your apartments and start collecting rents again? Loss of income coverage pays you until your apartments are being rented again.
  • Ordinance and Law (if building is older than 1980s): Just suppose a building inspector forces you to upgrade plumbing, electrical, or HVAC work to meet the current building codes. This policy pays you to update and meet the current codes.
  • Umbrella: Picks up where your general liability leaves off.
  • Workers' Compensation: Covers employees who get hurt on site. Maybe your maintenance man throws his back out moving a refrigerator. Workers' comp protects your employees.
  • Board of Directors: Directors & Officers Liability: Protects you from the choices and decisions your directors and officers make.
  • Property Manager Professional Liability Insurance: Simply put this is errors & omissions coverage for screening tenants, etc.