Apartment building insurance is generally the best way to insure apartments of at least five units, usually providing protection against both property and liability risks. Working with an apartment building insurance wholesaler can help insurance agencies reach clients who own apartment complexes as investment properties.
Apartment building insurance provides specialized coverages for apartment complexes large and small. Properties may need varying coverages, so it’s important to find an apartment building insurance wholesaler with flexible options.
Anyone owning an apartment building likely needs apartment building insurance, including individuals, investment firms and businesses. Policies are generally for residential investment properties with 5+ units in them. For instance, these policies are frequently used to insure:
By offering apartment building insurance, agencies can appeal to an echelon of investors that they might not otherwise be able to attract. Investors with apartment buildings tend to have substantially more assets than landlords with smaller residential properties. These investors often have more insurance needs, too.
Most apartment building insurance policies offer property and liability coverages for apartment buildings and complexes. Some important coverages to make sure policies have are:
Ultimately, every apartment building has its own coverage needs. It’s important for agencies to find a wholesaler that offers flexible apartment building policy options, so clients can tailor a policy to their building’s particular needs.
The investors that have apartment buildings frequently need other types of insurance, in addition to policies for their apartment complexes. Some other coverages that agencies might suggest are:
The premiums charged for apartment building policies vary a lot. They can be quite substantial when insuring a high-end and/or large apartment complex, and even smaller apartment buildings typically cost more than a single-family home to insure.
For agencies, the premiums charged can result in a sizeable commission on the sale of a policy.
Agencies seeking to partner with an apartment building insurance wholesaler can connect with us at Telamon Insurance. We specialize in helping insurance agencies cultivate a strong portfolio of insurance policy offerings, and can help your agency explore apartment building policies that’ll give clients robust and flexible coverage options.