Top 5 Questions for Condominium and Apartment Insurance

1. What are the coverages needed on condominium and apartment insurance?
  • Property Insurance
  • Contents Coverage or Business Personal Property
  • General Liability Coverage
  • Workers Compensation
  • Umbrella Coverage
  • Employee Dishonesty
  • Employment Practices Liability
  • Equipment Breakdown
  • Boiler Insurance
  • Commercial Auto
  • Inland Marine
  • Professional Liability

2.  If I own more than one condominium or apartment complex, can I have them on the same policies?
Yes. These would be written on a commercial policy. Depending on what carrier is the best for you, we may put blanket coverage on the properties or schedule them all individually. Either way, you can put multiple properties on one policy.

3. If I own apartments, what should I request from my tenants or people working on my property?
It is best practice to require all renters carry renters insurance and to have all contractors give you their proof of insurance for the General Liability Insurance.

4. What are discounts for Apartment and Condominium Insurance?
Common discounts are sprinkler systems, fire and burglar alarm system, safety programs in place, clean claims history, and the length of time you have had insurance can all qualify for discounts.

5. How much liability coverage is needed for each property?
The coverage amount needed will be subject to how much you are trying to protect and will vary from location to location. The ways to protect the property are through a general liability policy first and then an umbrella policy to cover limits above your underlying general liability policy.