Apartment Insurance Can Minimize The Owner’s Risk
By Tony Freeman
For most people, apartment ownership means a big investment with special risks. Buying an apartment is a big undertaking and as an owner you need to make sure that you are adequately protecting your investment.
You’ll want to make sure you have coverage for your property, your liability and loss of rents. The main components of an apartment policy include: the building, business property, business liability and loss of rents.
Building
The building provides coverage for accidental loss to the building and other structures attached to it like a garage or wall. If there are detached structures on the property, make sure to clearly define their use. If the structures are used for commercial, manufacturing, farming, or if your tenant decides to use them for any of these purposes or other business purposes, a standard apartment policy may not cover losses arising from these activities.