Apartment Building Insurance
If you own an apartment building with several units, chances are good that you’ve purchased the apartments as an investment. Chances are also good that you’ll want to protect that investment with the proper kind of insurance.
Here at The Insurance Center of North Jersey, we understand the unique risks and needs for insurance coverage that apartment building owners in New Jersey face. We have more than 80 years of experience serving the insurance needs of New Jersey business and property owners and will ensure that you get the right coverage for your needs at rates you’re sure to appreciate.
Types of Apartment Building Coverage You Need
Every property has different needs. At The Insurance Center of North Jersey, we’ll work with you to create a custom policy for your business that includes the coverages listed below and more.
Business Crime Insurance. Apartment building companies have maintenance professionals who work in private apartments while homeowners are out. Office staff has access to personal and financial information. This insurance protects your business from the criminal acts of your employees.
Commercial Umbrella Insurance. Liability insurance is critical in today’s litigious society. Unfortunately, it does not always provide sufficient protection. A commercial umbrella policy offers additional protection and kicks in for liability coverage when your general liability coverage has been exhausted.
Data Breach. Apartment owners have a great deal of access to personal and financial information about their renters (past and present). In the event of a data breach, this coverage will help with notifications, public relations, and other legal matters resulting from the breach.
Flood. Far too many garden apartment owners fail to understand the importance of flood insurance – especially considering most units are on the ground floor. Flood is usually not covered by your business or property owner’s policy and should be purchased in addition to your standard insurance coverage.
Equipment Breakdown Coverage. This important apartment building insurance helps with the costs of repair or replacement of covered equipment that suffers mechanical failures or similar named fates.
General Liability Insurance. Liability is a constant concern for today’s apartment building owner. Lawsuits are a constant plague especially if someone becomes injured on or by the property you own. This insurance provides protection and helps to cover your legal fees when defending your business.
Loss of Business/Income Coverage. In the event of a covered loss, this policy will replace some of the income lost while you are making repairs or rebuilding your apartment building or certain units within the building.
Ordinance and Law Insurance. Because laws, codes, and ordinances can change over the course of your ownership of a property, and some local laws require bringing your apartment building up to current code if a certain percentage of the unit is damaged, this coverage can be a financial lifeline for your apartment building.
Property Insurance. This coverage damage or destruction to your property by specific covered events. This generally includes things like fire, hail, vandalism, etc. but policies can vary widely.
Workers Compensation Insurance. If you have employees in the state of New Jersey, you are in need of this special type of coverage. Not only does it protect your employees in the event of a disaster, but it also protects your business assets.
Optional Coverages that may Prove Important
It’s not all about the insurance coverages mentioned above. Those are critical, but not the only types of coverage you’ll need for full protection. Here are some other important condominium association insurance coverages to consider.
- Building Ordinance and Law Coverage. Helps you bring building up to code in the event that local laws require it.
- Demolition Coverage. Provides for the costs of demolishing and clearing the debris from a covered loss.
- Backup of Sewer and Drain. No one wants to experience a sewer or drain backup, but when it does happen, you do not want to be without the appropriate coverage.
Insurance Center of North Jersey
Insurance Center of North Jersey has more than eight decades of experience providing New Jersey property owners with sound advice for their coverage needs and helping them understand appropriate coverage values to meet those needs.
Getting an estimate for your apartment building, large or small, can help you make informed decisions about the right choice for your insurance coverage.