Multi-family is any home larger than a one-family house. The insurer will consider a multi-family dwelling any one that can accommodate more than one family, with multiple bathrooms, kitchens, bedrooms, and some type of separating wall.

Personal-lines insurance generally covers duplexes, triplex and even four-plex structures. Insurance that is commercial-lined covers multifamily dwellings larger than apartments, townhomes, and condominiums.

Apartment building owners are exposed to risks

Apartment building owners are concerned about protecting their property from any catastrophic events. It is difficult to get property insurance. The cost and coverage you receive will vary depending on where the building is located, how it was constructed, and many other factors.

Apartment complex insurance must also cover you against liability claims. Independent insurance agents can help you decide the right coverage to ensure you are fully covered.

These are just a few of many risks that apartment building owners must deal with:

  • Property damage from fire, storms and other catastrophes
  • Tenant, employee, and visitor injury liability
  • Vandalism or theft
  • Loss of rental income
  • Invading your privacy
  • Advertising liability
  • Discrimination lawsuits brought by tenants and employees
  • Employees are accused of misrepresentation, fraud, and other intentional acts.

All of these risks can be mitigated with a few insurance policies that are tailored to your specific needs.

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