Insurance for apartment buildings.

Property, loss of rents, liability, and umbrella for apartment buildings of five units and up, from garden complexes to mid-rise. Written in the name on your deed, with the mortgagee clause your lender asks for.

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What apartment owners usually carry

Building at replacement cost
Loss of rents
General liability, $1M / $2M
Umbrella
Equipment breakdown
Ordinance or law
Sewer and drain backup

Watch for these in an apartment policy

Habitability claimsMany apartment liability policies exclude suits claiming a unit was unfit to live in, over things like heat, pests, or mold. Those suits are common, and the exclusion is easy to miss at renewal.
Assault and batterySome habitational policies exclude fights and attacks on the property, or cap them at a small sublimit. The exclusion usually reaches claims that your lighting, locks, or gates fell short too.
Animal liabilityTenant dog bites are often excluded outright or limited to certain breeds. Your lease’s pet rules and your policy should say the same thing.
Water and sewer backupBackup from a sewer or drain is excluded unless it is added back, often with a small sublimit. Most forms also exclude a slow leak that went on for 14 days or more.
Wind and hail deductiblesIn storm-prone areas the deductible is often a percentage of the building’s insured value, not of the loss. A 2% deductible on a $6M building is $120,000 before the policy pays.

What lenders and management companies ask apartment owners for

Mortgagee clauseThe lender’s exact name, address, and loan number on the property policy, plus notice to the lender if the policy cancels.
Loss of rentsMost lenders want at least 12 months of rental income insured, sized to the full rent roll.
UmbrellaMany multifamily lenders scale the umbrella they require to the number of stories.
Your management companyYour manager will ask to be covered on your liability for its work on your building, and to see a certificate showing it.

Questions apartment owners ask

Straight answers.

The questions we hear most, answered plainly.

How is apartment building insurance priced?

Property is priced on what it would cost to rebuild, the construction, the age of the roof, wiring, and plumbing, and the location. Liability is usually priced per unit, then adjusted for pools, playgrounds, and claims.

Does the policy pay my lost rent after a fire?

Only if you carry loss of rents, also called rental income. It pays the rent you lose while the building is repaired, up to its limit and time period.

Do my tenants need renters insurance?

Your policy covers the building, not your tenants’ belongings or their own liability. Many owners require renters insurance in the lease and ask to be listed as an interested party, so a lapse gets reported.

Do I need flood insurance?

Flood is excluded from nearly every property policy and bought separately. If the building sits in a high-risk flood zone and has a federally backed loan, your lender will require it.