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What Should Apartment Building Owners Consider When Evaluating Insurance Options?

Apartment complex insurance for apartment ownersIf you are a landlord looking for apartment owners insurance you are taking your responsibilities as an apartment complex owner seriously. What many don’t realize is that there are nuances in apartment building insurance policies since every apartment complex is unique.

Typically, commercial apartment insurance is influenced greatly by the size of the buildings, the number of properties that are owned and the types of coverage and limits needed to provide appropriate coverage in case of loss.

A specialist in apartment building insurance will examine your business structure including these elements as well as the overall size of your business, previous loss experience, etc. A package is then built that will meet the needs of each building as well as the business as a whole. 

Some important elements you should inquire about as you evaluate your apartment building insurance coverage include:

  • Are there discounts available for no claims bonuses? Some apartment complex insurance carriers may offer a discount if you have held insurance on the property for a period of time without claims on the property.

  • Are there discounts for insuring multiple properties under the same policy? Some apartment building insurance providers are may offer more competitive pricing when they are bundling more than one property together in the policy.

  • Are there payment programs available? Some apartment owner insurance providers offer payment options that can help break up the cost of carrying insurance.

  • Most importantly, have you evaluated the level of service that you are likely to receive from your insurance broker? This is perhaps the most critical step – not only to ensure you are receiving the best coverage for your apartment property insurance needs but also to ensure you receive the best service possible when you are eventually faced with a claim situation.

You can find out more and talk with an apartment building insurance specialist by visiting BobGabrielInsurance.com or calling (310) 829-0305.

ISU Bob Gabriel Company has over 60 years of experience assisting apartment, condo, and mixed-use building owners. We take great pride in our ability to custom tailor insurance programs to meet the needs of each client. As independent agents, we represent several insurance companies and are not restricted to just one. This enables us to maximize discounts and offer you the most comprehensive coverage and competitive pricing.

You may also CLICK HERE to complete a free apartment building insurance quote request.