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Apartment Building

Liability Insurance for Rental Property

Protection for the owner when many people call YOUR property THEIR home.

Real estate, including rental property, can be a lucrative business. That’s one of the reasons so many people become interested. Like any other business there are inherent risks and having the right insurances in place can help to reduce a property owner’s exposure to loss.

Common Needs

What insurance does a landlord need? There are common elements to good protection for all of your needs. Some of the descriptions will sound much like Homeowner’s insurance and in some cases the language used is very similar. But as a property owner, your insurance agent will likely advise you that “similar” is not “the same”, once a property becomes “rental property” and there are means by which the owner should be protected.

Real Property:

In most instances, this covers the property owner’s structure in the event of weather, fire, or tenant-caused damage. In some cases flood insurance is considered as coverage separate from “weather”. There is even coverage for vandalism and theft. The cost of landlord insurance is important to every property owner we work with. That’s also one of the reasons we urge owners to be covered for replacement value in the event of a loss. Due to the specific needs of each property, not all insurances are available for all areas. Review your needs and concerns with a trusted insurance professional.

Liability:

As a Landlord you probably have some concern with the desire to have your house or building as structurally “safe”. Should a tenant, guest or even a trespasser become injured on your property you can become the target of a lawsuit. The best-rated landlord insurances will protect owner and property by covering things such as claims for settlements and legal costs, bodily injury, medical and even funeral costs. This can even cover you in the event that a broken water pipe causes damage to your tenants’ property like a big-screen TV.

Loss of Income:

In the event of a severe loss through natural disaster (like fire), should your property become uninhabitable, this would cover your financial short-fall up to those limits offered and purchased.

What Type of Property is Covered?

For the sake of this topic, we are assuming that the space has already passed any local requirements for rental property. These requirements or codes are traditionally governed by the state, city or township in which the property is located. Most often these properties are

  • Condominiums
  • Residential Homes
  • Apartments within a larger building

But there are particular needs to each as well. So let’s address them individually.
For Condos, Look here

Residential homes:
Some of the topics determining how much landlord insurance costs are value, location and structure.
In the event you are renting-out a house to your tenants is it occasional or a routine business? Is the replacement value of the home $50,000 or $1 million?

Even the basic structure of a home can affect these costs. Some are built as single-family residences. While others have been constructed to house two, three or more living-units within them. If there are internal common areas such as hallways, these can affect both insurance rates as well as your costs to maintain the property. Understanding these needs and how they affect your risk is the job of a seasoned insurance professional.

Apartments within a larger building:
From understanding electrical wiring codes to how towns require fire-alarm systems, multi-unit apartment buildings pose unique needs. When you have a dozen or more tenants living in close proximity to each other on YOUR property it’s important to have an experienced insurance professional to advise you.

For more information on the coverage and cost of apartment building and landlord insurance, contact us here. NJINSURE.com looks forward to serving you.

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