What Kind of Insurance Do You Need for an Apartment Building in Salt Lake City, UT?

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Here are just a few of the important parts of an apartment insurance policy:

Property Coverage

When considering insurance for your apartment building, one of the key components is commercial property coverage. This protects the physical structure of your property from specific risks, known as perils such as:

Wind

Hail

Lightning

Fire

Water

Vandalism

Does your property need earthquake coverage? That depends on your location. Make sure your policy covers the main building and any outbuildings, like pools or parking structures. One crucial detail: does your policy pay for replacement RCE costs or just ACV – actual cash value? It’s something to confirm.

Liability Coverage

Liability coverage is essential to protect against lawsuits and medical bills. What happens if someone gets injured on your property and sues? General liability insurance can cover you. Do you rent out spaces to commercial businesses? Make sure those tenants have liability insurance for damages to the premises they rent.

Additional Coverage Options

Beyond the essentials, are you considering extra coverage for your apartment building? Here are some options that could enhance your policy:

Special Form RCV (Replacement Cost Value) Coverage:

Not all buildings qualify for replacement cost coverage, especially older ones. We always strive to offer RCV coverage where possible, ensuring your building is fully protected.

Ordinance & Law Coverage:

This coverage pays to bring the undamaged part of your building up to current code after a covered loss. It’s crucial for avoiding unexpected expenses. Learn more in our blog: Ordinance & Law Coverage – How Important Is It? | Anderson Insurance Group

Blanket Insurance for All Buildings:

If you own multiple apartment buildings, blanket coverage can help prevent underinsurance by covering all your properties under one policy. For more details, visit: Blanket Insurance for Apartment & Commercial Buildings | Anderson Insurance Group

Backup of Sewer & Drains:

This is a critical coverage that requires higher limits for apartment buildings, given the potential damage and repair costs.

General Liability Insurance:

This is a critical coverage that requires higher limits for apartment buildings, given the potential damage and repair costs.

Personal Injury Coverage:

Worried about accusations of discrimination or wrongful eviction? Personal injury coverage can protect you from the legal issues and costs that might arise from such claims.

Business Income Coverage:

Often overlooked, this is one of the most important coverages. Make sure your policy includes adequate limits to cover lost rents in the event of a total loss.

How Much Does Apartment Building Insurance Cost?

The cost of apartment building insurance varies based on several key factors:

The age and location of your property.

The size and number of rental units.

The condition of essential systems like roofing, plumbing, and electrical.

The materials used in construction.

Security features, such as fire protection or water sensors.

Any additional coverage options you choose

Tip: As you compare insurance options, pay close attention to the deductibles, this can significantly impact your overall costs and help you find the best fit. These are just a few of the details that are important parts of apartment building insurance coverage. Contact us today to review your coverage and make sure you get the coverage you deserve.

At Anderson Insurance Group, we not only strive to provide the best coverage, we are landlords ourselves and understand the coverage you need because we live it everyday.

RHA Utah | Rental Association of Utah Home

Are You Requiring Renters Insurance? | Anderson Insurance Group

House Rules for Renters | Anderson Insurance Group

Landlord/Tenant Move Out Checklist | Anderson Insurance Group

Contact us today to review your coverage and make sure you get the coverage you deserve.

At Anderson Insurance Group we not only strive to provide the best coverage, we are landlords ourselves.

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