Apartment owners, do you have the right property insurance?
Owning an apartment is a big responsibility. You not only have to manage the property you own, you also have to manage all of the tenants in it. With all of that space and all of those people to care for, it is not surprising that many apartment owners do not have a lot of time left over to spend thinking about their insurance coverage.
To help busy apartment owners understand the policy they need to protect themselves and their buildings, here is a brief guide to the basics of property insurance for apartments.
Because the apartment building you own is your business, you need business insurance to protect it. Specifically, you need commercial property insurance. With this type of coverage, you ensure that not just your building itself is protected, but you also protect the things you store in it and your bottom line.
What if, for example, a fire breaks out, burning up your building, landscaping, fencing, outdoor signs and everything you had stored in your apartments? Can you imagine the expense that comes with rebuilding plus replacing damaged or ruined any items you had stored in your building? Now, can you imagine managing all of that expense without the revenue stream of your tenants since they will all have to be relocated while you rebuild?
Fortunately, if you have the right business property insurance you cannot just cover the cost of rebuilding your apartments, you also get coverage for everything you had stored in them and a replacement business income to make up for the revenue lost until you get things up and running again.
We know that you already have a lot of plates to keep spinning. That’s why the knowledgeable team at 01 Insurance is ready to present you with the best property insurance for buildings, ensuring your Astoria apartments get the right coverage. For all of your building insurance needs, contact our staff of Astoria, New York business insurance experts today.