Garden Apartment Insurance
It comes as no big surprise that garden apartments are an attractive real estate investment in The Garden State. These ground floor dwellings are often meticulously landscaped with an abundance of flowers and flowering shrubs and trees adding outstanding curb appeal throughout the year.
Garden apartment property owners, however, need to take great care to ensure that they have proper insurance coverage to meet their needs and protect their interests.
The Insurance Center of North Jersey has been serving the insurance needs of New Jersey property owners for more than 80 years and will work with you to make sure you have the coverage that is right for your needs.
Insuring the Business Side of Your Garden Apartments
There is no doubt about it, your garden apartments are part of your business. This means that you need to have an insurance policy that covers all the basics. This includes all of the following:
Business Property Insurance. Your garden apartments are your business properties and they need to be insured against general named perils such as fire, wind, hail, vandalism, and similar causes of damage to the property. So that you can make the repairs needed or rebuild if necessary.
Business Personal Property Insurance. While most garden apartments are leased to tenants unfurnished, business personal property coverage will cover personal items on the property that has been destroyed. This may include tools, computers, appliances, and other furniture that may be part of the office or a display apartment unit.
General Liability Insurance. Liability coverage for businesses of all shapes and sizes has taken on new importance in the last few decades and is something no business can afford to operate without.
Business Crime Insurance. While you take great pains to hire trustworthy employees, not all employees live up to their reputations or representations. This protects you and your apartments from the action of dishonest and criminal employees.
Building Ordinance and Law Coverage. New Jersey is a state that always seeks to improve things for the people who call it home. New laws and ordinances are passed all the time in order to make homes safer. This coverage provides the funds necessary to bring your home up to current code if it is damaged in a covered event.
Loss of Income Coverage. Garden apartments bring in income. They can’t do that while unoccupied for repairs. This coverage provides you with income to cover your expenses while waiting on repairs to be complete so you can rent your apartments out again.
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.
Equipment Breakdown. Mechanical equipment always seems to break down at the worst possible moment and the costs of replacing or repairing units can soar. Equipment breakdown helps provide coverage for breakdowns caused by covered types of damage helping to mitigate the costs and lessen the impact on your property and your business.
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.
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.
Other types of insurance you’ll want to keep in mind to protect your business include: Data Compromise Liability and Identity Restoration, Commercial Umbrella Insurance, and Sewer Drain and Back-up Coverage.
Why is the Insurance Center of North Jersey a Good Choice for Your Garden Apartments?
With more than 80 years of service, and counting, Insurance Center of North Jersey understands that needs that all New Jersey property owners face. We can help you make informed decisions about your insurance coverage needs, keep your insurance rates affordable, and work with you throughout the claims process – something bargain insurance companies won’t do.
Don’t rely solely on quotes from so-called bargain insurance companies.