General Liability For Apartment Buildings
Your policy needs to include general liability. This ensures that you are covered in case anyone on the property slips on ice in the parking lot or is injured in any other way while on the premises. Liability can also pay for property damage for anyone whose personal belongings are negatively affected while on your property. For example, if a visitor’s car is damaged after driving over a pothole in the parking lot, your liability coverage will pay for it so you do not have to.
Additionally, this part of your apartment building insurance includes advertising injury coverage. This means it will pay for any lawsuits that claim you have committed libel, slander, or copyright infringement against another business.
When you own an apartment, building coverage is particularly important. You need to know the building will be repaired or replaced in the event of a fire, vandalism, or other damaging circumstances. This part of your apartment building insurance policy does not only apply to the exterior of the building. It also extends to any garages, swimming pools, storage sheds, playgrounds, fences, or other structures on the property. This way, you know you will not have to personally pay to rebuild your apartments when necessary, thereby protecting your real estate investment.