As an apartment building owner or manager, you know that there are a lot of things to keep track of—from maintenance and repairs to rent collection and lease agreements.
One of the most important things on your list should be finding the right insurance for your property. With so many options, it can be tough to know where to start.
Don't worry - we’re here to help you make sense of things. This blog post will give you tips on finding the best insurance for your apartment building and share some things to keep in mind as you compare policies. So read on, and rest assured, knowing that you're well on your way to finding the right coverage for your property.
Looking to protect yourself and your investment? Get an instant quote from Obie today. No paper applications, week-long waits for quotes, or back and forth with brokers.
Having good insurance coverage is important. But it can be hard to choose the right policy. This is especially true when you are dealing with apartments because there are so many things that could go wrong.
It helps to have a list of requirements and minimum coverage an insurer should provide. Here are some of the questions to ask when purchasing insurance for an apartment building:
There are many insurance providers to choose from, but not all will be a good fit for apartment building owners. You need to research and find a provider who caters to your specific needs. Sometimes it can be helpful to work with an online insurance broker like Obie to compare different providers and find the best one for you. (If you own an apartment building with 20 or more units, be sure to check out Obie's private client service.)
However, if you prefer to do your own shopping for insurance, here are a few of the best apartment building insurance providers to consider, according to Fit Small Business.
Chubb insurance is one of the largest insurance companies. It is traded publicly and has a Superior (A++) A.M. Best rating. Chubb provides property and casualty insurance to individuals and companies of all sizes.
It offers various insurance products, from commercial property insurance to workers' compensation and umbrella policies. In addition, it allows you to fill in your details online for an instant quote customized to your needs.
Founded in 2012, Farmers Insurance Group has an A Rating from A.M. Best. It has made a name in the industry as a provider of coverage for homes, vehicles, and small businesses. However, it is widely known for its commercial property coverage wrapped in a Business Owner's Policy.
Its online portal is quite helpful as it allows you to make claims. It also includes educational resources with a wide variety of information to ensure you are well-educated on all insurance matters.
State Farm Insurance provides various insurance products, including customizable coverage for apartment building owners. Generally, its policy for apartment owners includes coverage against fire, tenant misuse, liability lawsuits, and destruction by natural disasters.
It also has additional policies you can add as riders, including laws or ordinances. Most notable, though, is its online portal that allows you to enter your zip code and connects you to agents in your location. It also has an A++ A.M. Best rating.
The Travelers Companies, or in short, Travelers Inc., is among the largest insurance providers in the country with an A++ A.M. Best rating. It offers landlord insurance for rental property owners with 1 to 4 units.
This makes it an ideal provider if you own a duplex, triplex, or fourplex apartment building. Besides covering the property's primary and additional structures, it also covers the landlord's contents, liability, and loss of use.
There are several insurance types available for apartment buildings:
Like any insurance policy, the cost of your apartment building will depend on several factors. These include:
Besides these, carriers set different prices, so the insurance company you choose for your coverage matters. The best way to ensure you have the best coverage at a reasonable cost is to work with an insurance broker who can shop and compare different carriers on your behalf.
The insurance coverage for your apartment building will depend on the risks involved. For example, is your building located in an area that is at risk for natural disasters, like hurricanes and tornadoes? Or is the area known for having high levels of violence, which could lead to vandalism or burglary? Your apartment's insurance should cover property, rent loss, and liability damages.
Besides the covered perils and standard deductibles, you also need to know if you have other deductibles. For example, wind and hail, flood, and earth movement policies attract separate deductibles. Knowing what your deductible is can help you plan accordingly.
Although insurance costs for apartment buildings can be costly, you can still get the best price. One of the best ways to achieve this is to compare quotes from several providers. Every provider has its pricing strategy and perils covered. Sampling the market allows you to compare and contrast.
However, this can be an overwhelming task. That's why it is advisable to work with an online insurance broker like Obie. Obie can help you find the best insurance for your needs and will make the process much easier. They have experience with different carriers and can quickly source the best providers to insure an apartment building. More than $4 Billion in property is insured with Obie, and coverage is available in all 50 states.
Enter your property address and get an instant quote here.