Owning an apartment building means you own a business. You provide a product (the apartment) and in turn people pay you to live there.
So as a business owner, why would you not protect your assets and property?
As an apartment building owner in California it isn’t required that you hold apartment insurance but it is in your best interest to do so.
You want to make a profit on your apartment building, correct? We hope the answer is YES! But if you don’t have apartment insurance, what happens when something out of your control takes place and you need to repair the damage? You are responsible for payment out of your own pocket which means that you lose money!
If you want to know more about protecting your property, here are 5 things you need to know about apartment insurance in California
Homeowners Insurance Vs. Apartment Insurance
Your homeowners insurance policy will not cover any dwelling that you do not live in full time. This means that any type of residence that you own outside of your home is not included in the protection of homeowners policy.
Apartment insurance is a separate insurance you take out to protect that building and any other property or attached fixtures.
Structural Damage
If your property is damaged due to a fire, flood or natural disaster like an earthquake which is common in California, you are protected through insurance and it will help cover the costs of repairs. Structural repairs can become costly, so having this coverage for structural damage alone is a worthwhile investment!
Read more about earthquake coverage in our latest article, “Will Landlord Insurance Cover Earthquakes In California?”
Property Damage
Through apartment insurance your personal property can also be protected. If you have anything inside the building such as furniture, fixtures or electronics, you can protect those assets and be able to replace or repair them with insurance.
It will be covered in the case of a natural disaster, water damage, damage done by a tenant and any other damage to your property that may occur.
Structural damage done by a tenant (holes in walls etc.) is also covered.
Liability Protection
Accidents happen and if it does happen are you the one being held responsible? If a slip and fall happens in a common area of an apartment and it is found that you are held liable for the incident, are you prepared to take on the cost of medical bills and any legal fees?
Apartment Insurance in California ensures you are protected and can help cover these costs.
Loss Of Income Reimbursement
Did you know that you can be reimbursed for lost income if your building or an apartment is uninhabitable while you make repairs that stemmed from an incident out of your control?
That’s another benefit of having apartment insurance in California! You’ll be able to receive compensation while you make the necessary repairs and replacements to your building and still be able to pay bills and employees if you have any.
Have Peace Of Mind With Apartment Insurance In California
No matter how big or small your apartment building is, give yourself peace of mind that you are covered through apartment insurance in case of an incident.
If you are looking for apartment insurance in California, you’ve come to the right place. Here at Insurance By Castle we are dedicated to helping you get the right coverage for your needs. Along with standard packages, we also offer specialized packages to guarantee you get the coverage you’re looking for.
To learn more about apartment insurance contact us today to get a quote!
