If you’re a property manager, chances are you speak insurance like a second language. It’s something that you’re used to dealing with, so you know the coverages and you understand the risks you need to be protected from. But what might need some clarity is how insurance companies – particularly standard insurance carriers – determine whether they want to insure your building. Here are seven details that can help you stay in the standard insurance market.
Property owners and property managers are often veterans when dealing with insurance, so chances are you are familiar with the coverages you need. It comes with the territory. You understand the risks you face, and you know how insurance can protect you. But there is more to it than just having the correct coverage. You must also ask yourself if you have the right coverage for your situation, and if you are setting yourself up to be in the best possible insurance situation – especially if you are insuring an “older” building. (By insurance terms, “older” typically means that the property was built more than 30 years ago.) Here are a few ways you can improve your insurance situation as a property manager or owner if you’re insuring an older apartment building.
A Condo-owners Association (or COA) is responsible for a lot. It’s in charge of maintaining the shared common areas of the condominium, such as walkways, swimming pools, parking areas, the grounds, and recreational areas – among their other responsibilities and duties. However, all of these responsibilities open the Condo-owners Association (or the board members in charge of the COA) to a certain level of risk. And that’s where COA insurance can help you – it can protect you from those risks. We’ll explain some of the common risks COAs face and how COA insurance protects you.
If you’ve invested in or operate an apartment complex and you’ve been turned down for insurance, your apartment buildings may be considered “high-risk.” High-risk apartment complexes can be a little trickier to insure than “normal” ones. Many people don’t even know that their apartment investment is high-risk until they search for coverage. Plus, getting an answer from insurance companies as to why your apartment complex is high-risk can be like pulling teeth. Here’s some insight on why major insurance carriers may consider your apartment complex “high-risk.”
If you own an apartment complex, you might be worried that the insurance side of things could get complicated. You face a lot of risks as a landlord, both liability-wise and property-wise (apartment buildings aren’t cheap, after all!) It’s crucial to get the apartment complex insurance you need to protect yourself from the risks you face. There are many apartment complex insurance coverages you can consider, and we’re going to go over four of the main types of insurance you can consider for your apartment building.
Just suppose your business property was hit by:
- A Burglar
- An Embezzler
What would you do? Hopefully, these things will never happen to your company, but an astute business owner however protects himself/herself and their company from the worst case scenario by:
- Commercial Property Insurance
- Managing Risk
What is a business owners policy and how can it help you save money on your small business insurance? If you are a small business owner shopping for commercial insurance, then read closely. Did you ever go to a restaurant that had a la carte pricing? It can get expensive very quickly. However, when you ask about the “specials” they are having, you find out you can get a meal with an appetizer and desert while saving a lot of money!
Did you know that business insurance works the same way? You can purchase individual insurance policies separately or in a package called a business owners policy, or a BOP.