Apartment Building Insurance in Massachusetts

What is Apartment Building Insurance?

Running multi-unit residential investment properties requires a significant outlay of both time and capital, and the resources that are poured into these properties ought to be protected. Apartment building insurance policies help protect investors who operate multi-unit properties in Massachusetts from a variety of covered perils.

Apartment building insurance policies are similar to landlord insurance policies, but there are some differences between the two. Generally speaking, apartment building policies tend to be better adjusted for the increased risks that come with owning larger properties. They frequently have many coverages available, and the coverages often have high limit options.

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What Massachusetts Businesses is Apartment Complex Insurance Right For?

Most businesses that invest in multi-unit residential investment properties in Massachusetts can benefit from the protections that apartment complex insurance policies offer. Few property owners could sustain a major loss or lawsuit without suffering significant financial consequences, and this is normally the most appropriate type of insurance for these buildings.

Personal investors who purchase smaller multi-unit properties, such as duplexes, should speak with an insurance agent who specializes in apartment complex and landlord policies about their particular situation. Sometimes a landlord policy is better suited for these situations, but other times the additional protections that an apartment complex policy affords are needed or desired.

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Apartment Building Insurance Massachusetts

What Coverages Do Apartment Complex Insurance Policies Offer?

There are many coverages that an apartment complex insurance policy might offer, and businesses can often adjust their policy’s coverages to suit their risk mitigation needs. Some of the more commonly chosen protections include:

  • General Liability Coverage, which may cover common accidents that take place on a business’ property
  • Professional Liability Coverage, which may cover mistaken advice that employees give to tenants
  • Commercial Umbrella Coverage, which may provide secondary liability protection for expensive claims
  • Commercial Property Coverage, which may cover buildings and other structures
  • Boiler and Machinery Coverage, which may cover major equipment that’s installed in buildings
  • Commercial Contents Coverage, which may cover portable equipment that’s kept in buildings
  • Backup and Sewer Drains Coverage, which may cover water damage caused by plumbing issues

Along with these, investment property owners frequently can also add business interruption coverage, employment practices liability coverage and many other coverages to their policy’s list of protections. An insurance agent who’s familiar with these policies can explain what coverages are available and assist with selecting appropriate ones.

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Do Apartment Complex Policies Cover Earthquakes and Floods?

Standard apartment complex policies typically exclude both earthquakes and floods form their list of covered predictions. If either of these is needed, it’s usually purchased through a separate, peril-specific policy. Earthquake policies might be obtained on the private marketplace, and flood policies might be available through the private marketplace or the National Flood Insurance Program (depending on where a property is located).

What Factors Impact How Much Apartment Complex Policies Cost?

Insurance companies typically weigh many different factors when setting rates for apartment complex policies. Any of the following items might influence how much a policy costs:

  • Where the property is located
  • Where the nearest firehouse is
  • What material the building is constructed from
  • When the building was constructed
  • How many units are in the building
  • What coverages and limits are selected

Apartment Building Insurance Massachusetts

How Can Businesses in Massachusetts Get Apartment Building Insurance?

For help insuring an apartment building in Massachusetts, contact the independent insurance agents at Scotti Insurance Agency. Our agents have helped many investors insure properties throughout the state, and we’d be glad to assist you with selecting an apartment building insurance policy too.

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