Multifamily Property Insurance
Multifamily properties can range from a small duplex to a large apartment complex. You need to protect your investment as the source of income it is. You need specialized multifamily property insurance to cover all your bases.
Customized Insurance for Every Building
Multifamily property insurance tailored to your rental dwelling, your location, building specifics, and the number of dwelling units all factor into your insurance policies. We will evaluate the unique nature of your risks and customize your policy appropriately.
Their rent is your income
Even with the most thorough credit and background checks, a tenant can default on their rent. It can take months or longer for you to take legal action necessary to remove them and secure a new tenant. The whole time, however, you’ll still need to make your mortgage payments. Consider a policy that protects you in the event your resident defaults, dies or is deployed, and cannot or does not pay their rent. Such a policy may also provide coverage for legal fees related to eviction proceedings.
Your multifamily property itself requires specialized coverage.
Of course you’ll insure your building. But to really be protected, you must be sure to consider all of your options. If your multifamily property needs extensive repairs or a full rebuild, you’ll want to have coverage that includes the additional cost of making sure it’s up to the current building code. Most business owners and property insurance policies won’t provide coverage in case of a flood, so flood insurance should be considered. If your building is in an area prone to hurricanes or earthquakes, you may wish to obtain these policies as well. Finally, you should also insure against common business concerns, such as workers’ compensation, general liability, cyber liability, and more.
Is your property covered when no one lives there?
From time to time, your multifamily properties may be vacant. You need to make sure the property is covered appropriately. If you know your apartment building will be uninhabited for some time, it’s important to find out if it will be covered under your existing policies. If not, consider obtaining a vacant property policy to cover you until a tenant moves in.