Your apartment property is a big investment, and you may depend on it for your income. So when it comes to apartment insurance, you want coverage you can customize to your property. You need an insurer that has the financial strength to back up its obligations, and an agent who can help you find the right coverage and be there for you during a claim.
Protecting Rental Properties
Travelers’ landlord policy is generally designed to protect rental properties containing one to four units, including apartments, condominiums, and single- or multi-family homes that you own or rent to others.
One of the risks landlords face is a liability for losses that occur on the rental property. If purchased, liability coverage can help protect you from bodily injury or property damage arising from the use of your rental property. Liability limits of $100,000 or higher are available.
A $1,000 limit is included if liability coverage is purchased (higher limits available), which can provide coverage for the medical expenses of a person who is injured on or as a result of a condition on the property. This coverage does not apply to you or anyone who is a regular resident on the property.
Travelers’ landlord policy can generally provide rental property owners coverage for the rental property, other structures (such as a garage or a shed), and the landlord’s personal property in the rental unit (such as household furnishings and appliances) from covered damage.
Loss of Use Coverage
Loss of use coverage can also protect your income by providing coverage for the fair rental value of the property if it is not fit to live in while your property is being repaired as a result of a covered loss. This is subject to coverage terms and limits.
Other distinctive features available in the Apartment Insurance Policy:
Building Property – Covers the building and structures at the described premises including garages, storage buildings, swimming pools, fences, retaining walls, and other structures. Building coverage also includes owned personal property used to maintain or service the building and premises.
Comprehensive General Liability – To help protect the insured against legal liability caused by bodily injury, property damage, personal injury, and advertising injury to others.
Loss of Income – Covers the actual loss of business income caused by a suspension of operations because of covered accidental direct physical loss to the insured premises.
Equipment Breakdown – Provides coverage for damage to covered property caused by the mechanical breakdown of covered equipment, artificially generated current damaging covered equipment, the explosion of steam boilers or loss of steam/hot water boilers.
Tenant Move Back Expenses – Covers expenses that you incur to move your tenants back to the described premises from a temporary location in the event that your tenants must temporarily vacate.
Heating or Air Conditioning Loss Reimbursement – Provides reimbursement for payments made to a tenant as a result of the complete loss of heating or air conditioning to a tenant’s leased unit due to mechanical breakdown or electrical failure of the heating or air conditioning system.