It goes without saying that if you own an apartment building in Massachusetts, you face a plethora of risks as a landlord from both a liability and property damage perspective. That means you need to have the proper apartment building insurance policies in place in order to be able to sleep at night. Otherwise you are taking an unnecessary risk that can cost you a significant amount of money out of pocket. The bottom line is that you need to ensure that your assets are fully protected. That being stated, there are many apartment building related insurance policies available.
Some are more important than others. That means your budget will help to determine the insurance policies you absolutely need to take out, and which ones will remain on your wish list. However, there are a few apartment building insurance policies that you simply cannot live without. The following article will provide you with information about the must have apartment building insurance policies.
General Liability Insurance
First and foremost, if you own an apartment building or multiple buildings, you need to have a general liability insurance policy in place. There is absolutely no question about this. If someone ends up getting hurt in one of the common areas such as a hallway, lobby, parking lot, outside gathering area, pool, or gym to name a few they may very well sue you for damages in a court of law. In essence, your general liability policy helps to protect you and your assets from a financial standpoint when anyone claims that they suffered from either bodily injury or property damage based on something that occurred at your building.
We happen to live in an incredibly litigious world, which means people will sue you for everything and anything. For example, one of your tenants may have a visitor that trips over a piece of uneven carpet in the hallway. The trip causes the visitor fall and break his or her ankle. In addition, the visitor hits his or head and ends up with a broken nose and a concussion. The visitor decides to sue you based on the injuries that he or she sustained. General liability insurance covers the legal expenses that are required to defend yourself in a lawsuit.
It also covers damages that you must pay that person if you lose the case. Lawsuits tend to get incredibly expensive and can bankrupt landlords that do not have enough general liability insurance coverage. That is why you need to discuss your apartment building insurance policy with an insurance agent that has the knowledge and experience working with property owners.
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If you own an apartment building, you need to have the proper apartment building insurance policies in place. Please consult with a professional insurance agent that specializes in providing apartment building insurance. It is important to fully understand exactly what you are buying when it comes to insurance policies. If you have any questions, please call (508) 831-0133 to contact an associate at Zawada Insurance. We are happy to walk you through the details of your insurance policies and explain your coverage options. We look forward to helping you with all of your personal and or business related insurance needs now and in the future.