Our agency currently provides insurance for apartment building owners with portfolios ranging from 5 to 500 units. We access insurers brokers cannot, and often offer superior premiums and coverage, to include guaranteed replacement cost. Some of the services we provide include ensuring coverage is adequate and updated to keep up with increasing building costs (without overcovering), assessing losses to determine whether filing a claim warrants any potential surcharge, and working closely with underwriting to ensure all available discounts and credits are applied, so policy premiums are competitive.
A considerable investment warrants considerable protection.
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Insurers We Work With
We work with a variety of Insurers but here are a few of our most popular.
Covers the apartment buildings and anything attached to them. The limit is based on a replacement cost valuation. Many insurance policies include agreed value, extended replacement cost, or guaranteed replacement cost, which acts as an important safety net.
Replaces lost rental income should a covered loss render the apartments uninhabitable. We recommend enough coverage for at least 12 months of rent.
If you experience a loss that is severe enough to require permits to repair, the local government may require you to modify your apartment complex so that it adheres to current building codes. Ordinance insurance coverage pays to rebuild (ordinance A), demolish (ordinance B), or upgrade (ordinance C) if it is required by law. Sufficient ordinance A coverage is automatically included. Unless the apartment complex is brand new or recently renovated, we recommend at least 10% ordinance B & C.
Sewer & Drain
Sewer/drain backup insurance coverage offers protection if, for example, a toilet, tub or sink overflows and damages the apartment building. Recommended is a limit of at least $50,000 per floor.
Protects apartment owners financially if you are held responsible for injuries or property damage. A limit of at least $1,000,000 is recommended. This would cover the vast majority of losses, and help to prevent a situation where you run out of insurance coverage and must pay out of pocket.
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Collect the bare minimum information.
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