Our agency currently provides insurance for apartment building owners in Greater Seattle 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 multifamily insurance policy premiums are competitive.
A considerable investment requires 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.
Available Apartment Complex Insurance Coverages
Building coverage covers the apartment buildings and anything attached to them. The building limit is based on a replacement cost valuation. Many apartment owner insurance policies include agreed value, extended replacement cost, or guaranteed replacement cost, which acts as an important safety net.
Business income coverage replaces lost rental income should a covered loss render the apartments uninhabitable. We recommend enough business income coverage under apartment complex insurance 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 coverage pays to rebuild (ordinance A), demolish (ordinance B), or upgrade (ordinance C) if it is required by law. Sufficient ordinance A coverage is typically automatically included under apartment owner insurance. Unless the apartment complex is brand new or recently renovated, we recommend at least 10% ordinance B & C.
Sewer and drain backup coverage offers protection if, for example, a toilet, tub or sink overflows and damages the apartment building. Under commercial apartment insurance, we recommended a sewer and drain backup limit of at least $50,000 per floor.
Liability coverage protects apartment owners financially if you are held responsible for injuries or property damage. Under apartment owner insurance, a general liability 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.
Earthquake, flood and landslide coverages are available under separate policies. Building and income coverage limits under these policies should match the primary commercial apartment insurance package policy.
With our easy process, you can rest assured knowing that you are getting the best value and most coverage for your apartment building in Greater Seattle.
Collect the bare minimum information.
Present a quote, including all available discounts.
Offer recommendations to improve coverage or lower premium.
Bind coverage and provide insurance documentation.