Residential Apartment Insurance
In the ever-evolving real estate industry, particularly in the residential apartment sector, property owners and managers face unique and complex risks.
At Baldon Insurance Group, we offer tailored insurance solutions designed specifically for residential apartments to help you navigate these challenges and protect your valuable investments.
Understanding Residential Apartment Insurance
What Is Residential Apartment Insurance?
Residential apartment insurance is a specialized insurance policy designed to protect apartment buildings, their contents, and the owners from various risks. These risks can include property damage, liability claims, and business interruptions.
Who Needs Residential Apartment Insurance?
Our insurance solutions cater to a variety of real estate management companies, including:
- Apartment Complex Owners
- Residential Property Managers
- Real Estate Investment Trusts (REITs)
- Mixed-Use Property Managers
Whether you own a single apartment building or manage multiple complexes, having comprehensive residential apartment insurance is crucial to protect your assets and ensure business continuity.
Core Coverages for Residential Apartment Insurance
General Liability Insurance
General liability insurance helps protect against claims that your apartment business caused bodily injury or property damage. This coverage is essential for meeting contractual needs for additional insureds, waiver of subrogation, and primary and non-contributory coverage. For businesses with more complex risks, our dedicated Complex Liability group can create a tailored policy to address high hazards.
Property Insurance
Our property insurance for mid-sized businesses protects buildings, facilities, and business equipment. Key coverage extensions include:
- Newly Acquired Property: Protection for newly acquired buildings or expansions.
- Ordinance or Law: Covers costs related to compliance with new building codes.
- Debris Removal: Expenses for removing debris following a covered loss.
- Preservation and Protection of Property: Covers measures taken to protect property from further damage.
- Outdoor Trees, Shrubs, Plants, Lawns, or Sod: Protection for outdoor landscaping.
Umbrella and Excess Liability
This coverage provides your apartment business with worldwide protection and limits up to $25 million, ensuring you are safeguarded against large claims that exceed the limits of your primary liability policies.
Builder’s Risk Insurance
Builder’s risk insurance protects contractors and owners from unique risks on both new construction projects and renovations. This coverage includes protection for construction materials, heating and air-conditioning equipment, labor costs, and temporary structures like scaffolding and construction signs.
Pollution Legal Liability
Designed specifically for property owners, this coverage protects against liabilities arising from environmental contamination, ensuring your property remains compliant with environmental laws and regulations.
Cyber Liability Insurance
In today’s digital age, cyber liability insurance helps your business prepare for, respond to, and recover from cyberattacks. This coverage includes protection against data breaches, ransomware, and other cyber threats.
Management Liability Insurance
This coverage protects against liability risks faced by your management team, including directors, officers, and other key leaders. It includes protections for employment practices, fiduciary responsibilities, and other management-related liabilities.
