If you’re renting your apartment complex out, you’ll want insurance for apartment building Houston, TX to protect the physical building itself. If you’re not sure where to start looking for the best coverage, Texas Insurance Agency can show you the starting line. We’re a Houston-based insurance brokerage that partners with local and major insurance companies to provide our clients with the best options out there. Get in touch to get a free quote.
Do apartment buildings count as commercial property?
Yes, apartment buildings are usually insured as commercial property because they are usually owned by a business or person with the goal of making a rental income.
Do apartment buildings need commercial insurance?
Yes, apartment buildings usually need a certain type of business insurance, which is also known as owner insurance or rental property insurance. This keeps the building owner from losing money because of damage, lawsuits, or possibly not getting rental income.
What’s the difference between personal and commercial property insurance?
Personal property insurance protects your home and personal belongings from risks. Commercial property insurance, on the other hand, covers buildings, equipment, and inventory used for business reasons. When it comes to apartment buildings, commercial insurance will cover the structure of the building and the shared areas. Personal property insurance, on the other hand, would cover the things that people keep in their own units.
Texas Insurance Agency can help you find the right insurance for apartment building for you, whether you’re a landlord looking to protect your rented assets or a renter looking for renter’s insurance. Our experts are ready for your call so we can help you assess your property and find the best coverage option for you.
The Benefits of Insurance for Apartment Building Houston, TX
Insurance for an apartment building, which is also called owner insurance or rental property insurance, protects you against the risks that come with renting out a home or apartment building. Most of the time, this insurance covers damage to property, legal fees, and lost renter income.
- Damage to property: This policy helps fix or replace your apartment building and any of your personal belongings stored there in case of fire, theft, vandalism, or natural disasters.
- Insurance against liability: If a guest or renter gets hurt on your property, this could help pay for their medical bills and your lawyer’s fees if they sue you. It also protects you if you damage a tenant’s property because of a flaw or because you were careless.
- Loss of rental income: If a covered loss, like a fire or a lot of water damage, makes your apartment building unlivable, this coverage can help pay for your lost rental income while the building is being fixed or rebuilt.
Another type of coverage that can be added is coverage for machine breakdowns. If mechanical, electrical, or heating and cooling technology breaks down, this helps pay for repairs or a new one. You’ll need to determine if it’s something you’ll want to add to your coverage. Our insurance experts can assess your assets and risks to see what you need.
The cost of insurance for an apartment building generally depends on where it is located, how old and in good shape it is, what kind of rental property it is, how many units it has, and the amount of coverage and deductible you choose.
Will A Business Owner’s Policy Come in Handy?
A Business Owner’s Policy (BOP) is a package policy for small to medium-sized companies that usually covers both property damage and liability. Whether it would be useful for an apartment building depends on the plan and what the building owner wants. If you’re not sure what your overall intent is, Texas Insurance Agency can also provide several other solutions so that you can inspect all of them before you make your decision.
A lot of the time, business interruption insurance, liability protection, and security for buildings and contents owned by the company are all part of a BOP. It might cover the apartment building and some risks that come with it, but it might not cover all the risks that come with renting out a home, like losing rental income or being sued in certain situations.
A BOP could be part of a bigger insurance plan if the apartment building is part of a business that also owns other properties. But for apartment buildings, it’s usually best to get landlord or renting property insurance. Talking to an experienced insurance agent is the best way to find the right coverage. Our experts can hear you out and help you find the right insurance for apartment building for our needs.
What About Umbrella Liability Insurance?
Umbrella insurance gives you extra risk protection on top of what your other insurance covers. If someone gets hurt or property is damaged in your apartment building, and you are sued, this will protect your assets. As a result, it might help protect you from big claims or lawsuits that go beyond the limits of your normal landlord or commercial property insurance.
If a visitor or renter gets hurt badly on your property and files a lawsuit against you, for example, the legal fees and damage compensation could be more than your standard liability coverage. This is when umbrella insurance would kick in and pay for the extra cost up to the limit of the umbrella coverage.
Umbrella insurance, on the other hand, usually doesn’t cover loss to your own property. You would need a separate commercial property or landlord insurance policy to cover your building. As always, the details would depend on the terms of your policies, and you should talk to a professional insurance advisor about your coverage needs.
Get In Touch With The Best Insurance Experts
We’re here to help you. Call us when you want to buy a new policy or renew your insurance for apartment building. As a Houston-based insurance agency, we’re always happy to help our fellow Houstonians find what they need to protect their business. We’ll show you all the options that will work for your insurance for apartment building.
Houston, Texas Fun Facts:
- One of Houston’s nicknames is “Space City.”
- It’s home to the Johnson Space Center.
- The first word spoken on the Moon was “Houston.”