Protection when your business is someone else’s home.
Multifamily property insurance secured with Lakeland Insurance Group.
Multifamily properties can range from a small duplex to a large apartment complex, and you might own just one building or multiple. Regardless, you’re not just someone’s landlord, you’re a business. You need to protect your investment as the source of income it is. Standard homeowners or business insurance won’t do. You need specialized multifamily property insurance to cover all your bases.
Multifamily property insurance tailored to your rental dwelling.
Because multifamily properties can vary greatly in many ways, an off the shelf insurance package won’t likely be the right fit. Your location, building specifics, and the number of dwelling units all factor into your insurance policies. The insurance carrier you choose to insure with must understand the unique nature of your risks, and your property should fit well with the types of buildings they specialize in covering.
Their rent is your income.
Even with the most thorough credit and background checks, a tenant can default on their rent. It can take months or longer for you to take the legal action necessary to remove them and secure a new tenant. The whole time, however, you’ll still need to make your mortgage payments. Consider an insurance policy that protects you in the event your resident defaults, dies, or is deployed, and cannot or does not pay their rent. Such a policy may also provide coverage for legal fees related to eviction proceedings.
Defending harassment claims is costly.
Companies of all sizes can face charges of harassment and discrimination, so employment practices liability insurance can be quite beneficial. Even groundless claims must be defended, and EPLI can provide funds for legal costs. Third-party coverage is also available, which can offer protection in the case of claims filed by current, past, or potential vendors, customers, and tenants.
Is your property covered when no one lives there?
From time to time, your multifamily properties may be vacant. This could be due to tenant transitions or renovations. Regardless of the reason why, you need to make sure the property is covered appropriately. If you know your apartment building will be uninhabited for some time, it’s important to find out if it will be covered under your existing policies. If not, consider obtaining a vacant property policy to cover you until a tenant moves in.
Your multifamily property itself requires specialized coverage.
Of course you’ll insure your building. But to really be protected, you must be sure to consider all of your options. If your multifamily property needs extensive repairs or a full rebuild, you’ll want to have coverage that includes the additional cost of making sure it’s up to the current building code. Most business owners and property insurance policies won’t provide coverage in case of a flood, so flood insurance should be considered. If your building is in an area prone to hurricanes or earthquakes, you may wish to obtain these policies as well. Finally, you should also insure against common business concerns, such as workers’ compensation, general liability, cyber liability, and more.
To review your multifamily property insurance needs and to learn more about how we can help, contact us today.
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