Do I need Building Insurance for my Apartment in Florida?
When you are renting a piece of your real estate to other people, the risk of something that might happen to your property can increase dramatically. The more number of tenants you have on premises, means more potential trouble for something to go wrong.
From fire damage to vandalism to water damage, your individual units could become inhabitable due to circumstances you cannot control. If you own an apartment building in Florida for income generation, obtaining an apartment insurance policy is important to protect your assets and tenants.
What does Apartment Insurance policy cover ?
Unlike homeowners’ insurance, apartment insurance policy is specifically designed for Landlords who have tenants generating income from the property. Some of the coverage options for landlord insurance include:
- Property Damage – Whether it is due to tenant negligence, bad weather, fire, theft, named hurricane, high wind, water damage, or other circumstances, apartment insurance policy covers the loss of damaged property for full restoration.
- Liability Insurance – If one of your tenants, a guest, or anyone located on your premises suffers a bodily injury due to negligence, whether it is done by you and by one of the tenant, a liability insurance can help covers the cost of legal defense cost, medical payments, settlement fees, and other costs associated with bodily injury claim, if landlord is found at fault by the court.
- Loss of Rent – If major damage happens to one of your unit while it is occupied by a tenant, such as fire, water damage, windstorm damage, and the tenant has to relocate to a nearby hotel, this policy covers the loss of rent since you are no longer collect rent for that unit.
- Optional Coverage – Many optional coverages can be added to this insurance policy plan. Such as equipment breakdown, non-owned auto or glass coverage. Check with G. Zein Insurance Services to determine what is the proper coverage needed for your apartment building, and to help you choose the type of endorsement you need.
Why Is Apartment Insurance Important to Landlords?
As a landlord, you are taking on a lot of risks by having tenants on your property. Whether the risk is due to natural disasters, fire, theft, tenant negligence, employee negligence, accidents, or other causes, this apartment insurance policy gives you peace of mind that you are protected from financial losses n the event you get sued.
With so many exposures that could go wrong, you can financially suffer in tens or hundreds of thousands of dollars in damages. You could be stuck repaying from your pocket if you do not have an adequate apartment insurance policy in Florida.
Get The Most Out Of Your Apartment Insurance Policy.
If you own an income property for rent in Florida, give G. Zein Insurance Services a call now at (954) 454-9599 or (866) 454-9555 to discuss options how to lower cost of insurance, right before you renew your existing policy.