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What is apartment complex insurance?
Texas landlords who invest in apartment buildings and complexes pour substantial resources into these buildings. Those resources should be protected whenever possible, and part of protecting them can be by purchasing apartment complex insurance.
Apartment complex insurance is specialized insurance for insuring multi-unit apartment buildings and multi-building apartment complexes. Policies typically come with many coverages and high limits.
What landlords in Texas need apartment building insurance?
Most Texas landlords with multiple apartment buildings should have apartment building insurance. Buildings are often located at a single address, but policies may be available for different locations.
In many cases, investors are required to have some insurance because their buildings are financed. Lenders commonly require certain coverages so that their financial interests in properties are protected.
An insurance agent who specializes in apartment complex policies can help landlords and investors make sure all of the coveages they need are in place. An agent can review any lender coverage requirements, and also help landlords assess their own insurance needs.
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What coverages are included in apartment complex policies?
Apartment complex policies offer a variety of coverages that can be tailored to meet the unique risk mitigation needs of a business. Some of the most commonly selected coverages include:
- General Liability: Could cover common accidents that take place on the business' property
- Professional Liability: Could cover mistaken advice that employees might give to tenants
- Commercial Umbrella: Could provide secondary liability protection for potentially expensive claims
- Commercial Property: Could cover buildings and other structures
- Boiler and Machinery: Could cover major equipment that might be installed in buildings
- Commercial Contents: Could cover portable equipment that might be kept in buildings
- Backup and Sewer Drains: Could cover water damage that could be caused by plumbing issues
Most landlords who need these policies are LLCs or similar businesses, and thus have employees and rely on revenues. It’s common to add additional protections, such as employment practices liability coverage and business interruption coverage, to protect against these sorts of risks.
Are earthquakes and floods covered by apartment building insurance?
Typically, standard apartment building insurance policies exclude both earthquakes and floods from their coverage. To obtain protection against these perils, separate policies are usually needed. Earthquake coverage may be available through the private market. Flood coverage may be obtained through either the private market or the National Flood Insurance Program, depending on the location of the property.
How much are premiums for apartment complex policies?
The assets that apartment complex policies protect and the risks they protect against are not inconsequential. For this reason, apartment complex policies tend to have substantial premiums. Some of the details that might influence a particular policy’s premiums include the:
- Proximity to the nearest firehouse
- Building construction material
- Year of construction for the buildings
- Number of units in the buildings
- Number of buildings in the complex
- Selected coverages and limits for the insurance policy
Even though premiums can be substantial, they’re usually affordable given the rents and other revenues that these complexes bring in. An independent insurance agent can help landlords assess their insurance costs, and make sure that a policy falls within their budget’s allowance.
How can landlords get apartment complex insurance for Texas properties?
If you need help insuring apartment complexes located in Texas, contact the independent insurance agents at Ramey King Insurance. We’ll work closely with you to assess your apartment complex insurance needs, and then show you the best available options that meet those needs. With our expertise, you can have confidence that your properties will be well-protected.
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