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Small Apartmant Building Insurance
Insurance for apartmant buildings is broken in to two main catigories the building and liability.
Apartmant Building:
There are several areas one must consider when insuring an apratment building.
Special Form: Includes all direct physical loss subject to exclusions and limitation
Loss of Earnings: Actual loss sustained for 12 months rent
Mechanical Breakdown: Repair & maintenance of air conditioning & heating equipment
Plate Glass: Separate coverage
Building Ordinance or Law: Additional coverage for comliance with local law
Choice of deductibles
Liability
Today apartment building owners must pay special attention to liability concerns. Ligitation on personal injury and mold claims
have had a tremdious impact on the cost and avialablility of insurance for apartment buildings. Property owners must provide coverage for:
Bodily Injury & Property Damage: SingIe limit, choice of limits
Medical Payments: Pays first dollar coverage for injury to guest on premises
Eligibility
In general there are a few requirements property owners must meet when insuring an apartment building.
1) The unit must be built 1960 or newer.
2) The unit must ve well maintained.
3) Property owner must document prior insurance history (5 years).
4) Property must contain three (3) units to thrity (30) units.
5) Property value must not exceed $3,000,000.
6) Property may be 1 or 2 story.
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