Apartment Building Insurance Offers Hidden Profit Strategies
Types of Coverage and Their Benefits
When considering apartment building insurance, it's crucial to understand the different types of coverage available. Standard policies include property insurance, which covers damages to the building from hazards like fire and storms. Liability insurance protects against legal claims if someone is injured on the property. Business income insurance covers lost rental income if the building becomes uninhabitable due to a covered peril1.
These coverages not only protect your investment but also provide a competitive edge by maintaining cash flow during disruptions. Additionally, some insurers offer specialized add-ons like equipment breakdown coverage or ordinance and law coverage, which can be particularly beneficial in older buildings requiring updates to meet current codes2.