Understanding California Apartment Insurance

Find out what apartment owners insurance in California can do for you.

If you are a property manager, landlord, or apartment owner, then you have a lot of responsibility on your plate.  Not only do you need to worry about protecting your property from damage, but you also need to protect your employees and deal with tenant claims.  Fortunately, having the right apartment owners insurance in California can help you address all the risks that you face.  Here’s what this coverage can do for you.

Apartment Building Owners Face Many Risks

As property owners, landlords are most concerned with securing protection against physical damage.  In addition to securing coverage for damage events, apartment owners also need to secure protection from liability claims, lawsuits, and lost income following a covered loss.  Here are some of the major risks that apartment building owners face on a regular basis:

  • Fire
  • Extreme weather event
  • Natural disaster
  • Liability for tenant, employee, and third-party injuries
  • Theft or vandalism
  • Loss of rental income
  • Advertising liability
  • Libel and slander
  • Discrimination lawsuits filed by tenants or employees
  • Accusations of fraud, misrepresentation, and other intentional acts by employees

Essential Coverage

With all these risks, there are certain insurance coverages that apartment owners cannot afford to overlook.  Some of the most essential insurance types include the following:

  • Commercial property- This type of insurance protects against physical damages or losses to your property.  Additionally, this coverage will also protect the equipment, furniture, supplies, and other business property that is housed on the grounds.  Commercial property insurance can be adjusted depending on the type of building that you own (high-rise, duplex, multi-family, etc.).
  • Loss of income- If your building sustains major damage, then it may be deemed temporarily uninhabitable.  Loss of income insurance will offer coverage to address your building’s operational costs even when you do not have rental income coming in.  For instance, this insurance can help you pay for things like employee paychecks, building utility bills, and so on.
  • General liability- Also known as landlord insurance, this coverage protects against claims of tenant or third-party property damage or bodily injury.  This insurance will provide coverage for repairs, medical treatment, and your legal fees should the injured party decide to sue.
  • Workers compensation- If you have employees helping you run and manage your apartment complex, then you need to secure workers compensation insurance.  This type of coverage will pay for the medical treatment, lost income, and rehabilitation of employees who are injured or become ill while on the job.

Recommended Coverage

In addition to these essential apartment owners insurance options, there is also a wide variety of recommended coverages as well.  Some of the most popular optional coverages include the following:

  • Equipment breakdown
  • Commercial umbrella
  • BOP
  • Professional liability
  • Commercial auto
  • Cyber liability

This is what landlords and apartment owners need to know about securing the right insurance to address all their risks.  Interested in securing the right apartment owners insurance in California?  If so, then contact the experts at John E. Peakes Insurance Agency.  We are ready to assist you with all your commercial insurance needs today.

By John E. Peakes Insurance Agency

Since we opened in 1969, John E. Peakes Insurance Agency Inc. has provided personalized insurance solutions for local families and businesses. As an independent agency, we can offer our clients a wide range of coverage options from over 30 carriers. From homeowners and auto insurance to business coverages such as commercial property and general liability insurance, we have the policies that you need.

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