Finding the Right Insurance for Your Residential Properties
Whether you own an apartment building, a condominium complex or a homeowners association, or a combination of some or all types, property management of all stripes presents its own unique set of considerations. Finding the right insurance for these different forms of residential properties is imperative.
The first type of must-have coverage is property insurance. For apartments, that often means adding contents coverage to protect not just the building itself, but also appliances, carpets and even the light fixtures. Condo property insurance varies. You want to be sure you have coverage for all of the property you actually own and the residents are responsible for obtaining insurance for the parts of the unit they own. Homeowners associations may or may not actually own property, but some do have shared structures such as a maintenance shed, a pool, tennis court, or other recreational facilities that you will want to protect from damage, theft or vandalism.
The other type of insurance you should be sure not to overlook is liability coverage. As a property manager, you are at risk for lawsuits and claims any time someone is injured or experiences damage to their belongings while in your apartment, condo or homeowners association. A loose step, slippery sidewalk, malfunctioning heating or cooling systems — all could lead to a liability claim. You want coverage that will protect you and your business from the costs associated with a legal defense, court fees, judgments and settlements.
You may also want to consider additional coverage options, such as loss of rent coverage, which provides you with the same revenues you would receive through rent or condo fees in the event your property needs repairs that require the residents to live elsewhere for a time. Flood insurance is a huge benefit if your residential properties are located near a known high-risk flood zone.
Whatever your property management insurance needs may be, knowledgeable, independent agents at Boyle Insurance are always available to answer any questions you may have, suggest coverage options best suited for your property, and even assist you in filing a claim. These experienced agents are able to locate you a variety of quotes from a number of providers, ensuring the policies you choose offer the best protection at the most competitive rates. Contact us to find out how you can obtain the perfect landlord, condo or homeowners association insurance package.