Insurance Essentials for Apartment Complex Owners: What You Need to Be Fully Protected

Owning or managing an apartment complex comes with a need to manage many risks and exposures. From property damage to liability claims, the right insurance coverage is essential to protect your investment, interests and revenue. Additionally, certain policies may be mandated by law, potentially exposing you to costly fines and penalties for noncompliance.

Key Insurance Coverages for Apartment Complex Owners

Securing comprehensive protection starts with understanding the core policies available for apartment complexes:

• Property insurance—This coverage helps protect your buildings and common areas from losses caused by fire, storms, vandalism, and other covered events. It can also include coverage for equipment, signage, and landscaping.
• Liability coverage—General liability insurance is crucial for apartment owners. It can help cover legal costs and damages if someone is injured on your property or if you’re held responsible for property damage to others.
• Loss of rental income coverage—If your property becomes uninhabitable due to a covered loss, loss of rental income coverage can help replace the income you would have received from tenants during repairs.
• Umbrella insurance—For added peace of mind, umbrella policies provide extra liability coverage above your standard policy limits, helping to protect your assets in the event of a major claim.
• Workers’ compensation insurance—If you employ staff to operate your apartment complex, such as maintenance personnel and cleaners, this type of policy may be legally required to offset losses arising from employees’ work-related injuries and illnesses.
• Commercial auto liability coverage—Many complexes may utilize maintenance vans, trucks and other vehicles. If this applies to you, you’ll need to satisfy state requirements regarding commercial auto insurance.

How We Help You Stay Protected

As knowledgeable and experienced landlord insurance professionals in Lake Oswego, OR, the team at Action Insurance Company is well-positioned to help you assess and address your coverage needs.

Contact us today to discuss how we can help you assemble an ideal insurance package.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.