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Maryland Apartment Owners Insurance

Apartment owners don’t watch your income go up in smoke

As a Maryland apartment building owner you need to be concerned with the Business Property Insurance coverage and liability insurance. But something just as important is business income insurance. Everyday in the evening news you see another apartment building fire Not only will there damage to your building that needs to be repaired, but you will also have income that you will lose. You have to be equally as concerned to the loss of business income as to the cost to repair the building.

As an apartment owner in Anne Arundel County both your property and your income are at risk. Because unlike a homeowner, if disaster strikes you will not only lose the value of your property but you may also potentially lose rental income due to repairs or permanent structure damage.

In addition to basic building coverage protection, you must consider ordinance and law insurance coverage. Why do you need ordinance and law coverage? That’s easy, since your building was originally built there have been changes in Anne Arundel building codes that you have been grandfathered for. However, when there is damage to your building and it needs to be rebuilt, you are no longer grandfathered and the building must be brought up to code. You may have to put in sprinklers, make the building handicapped accessible, install elevators, increase number of electrical outlets or the power to the building. Those are just a few of the many items that will have to be upgraded. Ordinance and law coverage provides you with the coverage to be able to pay for these upgrades.

Having replacement cost insurance coverage is not enough. Replacement cost coverage will pay to replace what was there up to the coverage limit, but will not pay to put back improvements that were not there prior to the loss. Ordinance and law is a three part coverage and you purchase separate limits for each part. Part A- is the coverage to rebuild the undamaged portion of the building. Part B- is the coverage for the demolition cost of the undamaged portion of the building. And part C is the cost for the increased cost of construction to bring the building up to the code of the local laws and ordinances. Did you know that most jurisdictions will require you to tear down the entire building if it is 50% or more damaged? Unless you have this important coverage there would be no coverage to tear down that undamaged portion, to rebuild it the way it was or to bring the building up to code. This could be hundreds of thousand dollars that comes out of your pocket.

You’re probably wondering how much this type of comprehensive Apartment Owner Insurance coverage will cost? Surprisingly little.

Apartment owner insurance makes sense for anyone who owns an apartment building because it can cover major disasters, liability from lawsuits that can come from common property claims and also it can insure that your income will continue if disaster does strike.

You’ve worked hard to build your income renter by renter, don’t let one event take it all away. Huff Insurance can make sure you have the proper protection for your buildings.

Here are two reasons to get started right now!

  1. There’s no time like the present to make sure your income source is protected–cover your apartments from disasters, lawsuits and income loss.
  2. A no-risk quote can give you peace of mind right away. Just fill out the form right now and we’ll get back to you with the exact coverage you need and a very affordable quote.

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