What type of insurance does an apartment owner need?

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Maybe you have broadened your investment portfolio and just purchased an apartment building or maybe you’ve been an apartment owner for decades. Either way, you’ll need to make sure that you have a proper insurance for your investment.

An Apartment owner insurance portfolio provides coverage some or all of these:

Property Damage

To start off, every apartment owner should have Business Property Insurance. Business property insurance will cover damages to the building, equipment and other personal property from fire, storms, theft, vandalism, and tenant damages. The insurance should cover the replacement costs even if there was a total loss of the building.

Business Liability

Anyone that is injured on your property can file a claim or lawsuit, whether the fault lies with you or not. Business Liability insurance provides coverage for the costs associated with a lawsuit as well as the costs associated with any injuries, such as hospital bills, funeral costs and settlement costs.


If the building is damaged and the tenants cannot occupy the property, there could be a significant loss of generated income. Your apartment owner’s insurance can provide rental reimbursement to replace lost income due to a covered circumstance.

Ordinance and Law

Most ordinances and laws have grandfather clauses that protect apartment owners from having to get their buildings up to code immediately. However, if there is damage to the apartment building and the loss is covered, then the insurance can cover the costs associated with construction or repairs to bring your building up to current municipal laws or ordinances.

If you’re not sure whether or not you have proper coverage for your apartment buildings and rental properties or if your looking to get a better deal on your apartment owner insurance premiums, then contact us today! We understand the needs and concerns of apartment and rental property owners.


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