Insurance for Apartment Complex Owners in Lake Oswego, OR

Owning or managing an apartment complex comes with significant responsibilities and risks. From property damage to liability concerns, it’s essential to have the right insurance in place to protect your investment and maintain a stable living environment for tenants. Working with a qualified insurance professional can help you secure ideal insurance solutions meticulously tailored to your needs.

Key Insurance Coverages for Apartment Complex Owners

Apartment complexes typically face a range of exposures that require multifaceted, customized coverage. The right combination of policies can help address various risk levels and unique circumstances. Consider building your apartment complex’s coverage portfolio around the following types of policies:

• Landlord insurance—Also known as rental property insurance, these policies may form the core of your coverage package. Specifically, it may help pay for structural repairs, damage to property you leave on the premises (e.g., maintenance equipment) and landlord liabilities if you’re at fault for a tenant’s losses.
• Workers’ compensation insurance—If your apartment complex has management staff, cleaning personnel or other employees, this type of coverage is likely required by law. Payouts can play a critical role in helping to manage the financial implications of on-the-job injuries, such as if affected workers need help with medical bills or wage replacement.
• Commercial auto insurance—Also often legally required, these policies are essential if your complex uses vans, trucks or other vehicles for business purposes. Suitable coverage can help pay for other parties’ losses if you’re at fault for an accident, as well as repairs to vehicles you own or rent.
• Commercial umbrella insurance—Additional liability coverage can be critical when owning an apartment complex, as incidents affecting multiple tenants could impose extensive losses for which you may be held responsible. Fortunately, umbrella policies can offer additional aid if particularly damaging situations exhaust other policies’ limits.

In addition to the aforementioned types of policies, various endorsements and coverage enhancements may be advisable. For example, property owners at risk of floods and earthquakes should strongly consider retaining additional coverage for such incidents. Additionally, equipment breakdown coverage may be valuable to limit out-of-pocket costs should your complex’s systems, such as HVAC equipment or elevators, malfunction or suffer mechanical failures.

Find the Right Coverage Near You

Are you looking to review your coverage or get a quote for suitable policies? Contact Action Insurance Company today.