Apartment building owners are responsible for the actions of tenants, their guests and even vendors on his or her property. For example, should a tenant or guest sustain bodily injury on the property, the apartment building owner is liable. If a hurricane or an electrical fire causes structural damage to the building that keeps it from meeting building codes, the apartment building owner is liable.
For an apartment building owner, there are many potential insurance liabilities. You are liable for theft, maintenance, fire; any action or occurrence that can or might cause damage to a person or to the building itself. These considerable responsibilities make it very important to have comprehensive coverage that anticipates and allows for the unknown. Apartment building owners insurance should cover medical expenses for injured tenants and guests. To protect your business and one’s tenants your policy should also cover crime, such as theft of property or employee fraud. Did you know that Aspen can write a policy for you that even covers the services of a professional, such as a plumber or electrician, are required for the upkeep of the building? And, if one or more units are rendered uninhabitable for a period of time due to necessary repairs, renovations, construction, and so on, insurance can cover loss of income. These are but a few of the strategies Aspen can employ to customize the right coverage for your Apartment building, its inhabitants and your business.
Aspen Agency Inc. to assess your business as an apartment building owner and provide convenient and comprehensive coverage you’ll need at the rates you deserve.