Multifamily Property Insurance

Insurance for Multifamily Properties – to protect your assets and your future.

Multifamily properties can range from a small duplex to a large apartment complex. Whether you manage a single building or multiple properties, it’s essential to view your role as a landlord and also a business owner.

To effectively safeguard your investment, consider obtaining multifamily property insurance or apartment building insurance. These specialized policies offer the coverage necessary to protect your assets, income, and operations.

Frequency of Multifamily Property Insurance Claims

According to the National Multifamily Housing Council (NMHC) the following are the most frequently filed insurance claims by multifamily property owners and managers.

Customize your multifamily property insurance.

Because multifamily properties greatly vary, an off-the-shelf insurance package may not provide you with everything you need. Your location, building specifics, and the number of dwelling units all factor into your insurance for multifamily properties. Discuss your unique needs with your agent when purchasing your apartment building insurance policy. Here are some things to consider. 

Tenant rent is your income.

Consider an apartment complex insurance policy that protects you if your resident defaults, dies, or is deployed. This coverage helps when they cannot or do not pay their rent. Such a policy may also cover legal fees related to eviction proceedings.

Defending harassment claims is costly.

Companies of all sizes can face charges of harassment and discrimination. Employment practices liability insurance can be quite beneficial insurance for apartment building owners to help provide funds for legal costs. 

Is your property covered when no one lives there?

Your multifamily properties may occasionally be vacant. This could be due to tenant transitions or renovations. Regardless of the reason, it’s essential to check whether your uninhabited apartment building will be covered under your policies. If not, consider obtaining a vacant property policy to cover you until a tenant moves in.

Your multifamily property itself requires specialized coverage.

Of course, you’ll insure your building and check with your agent to ensure your property’s coverage limits are adequate. If your multifamily property needs extensive repairs or a complete rebuild as a result of a covered claim, you’ll also want coverage that includes the additional costs of ensuring it’s up to current building codes.

Most business owners and property insurance policies won’t provide coverage in case of a flood, so consider flood insurance. If your building is in an area prone to hurricanes or earthquakes, you may wish to obtain these policies as well. Finally, you should also insure against common business concerns, such as workers’ compensation, general liability, cyber liability, and more.

There is a lot to consider when getting an insurance policy for your multifamily home or apartment building. Talk to an experienced agent about your unique situation and needs.

Contact us today to review your multifamily property insurance needs and learn more about how we can help.