Where there are more residents living under the same roof, the higher the likelihood of exposures to property damage or loss caused by human error. Property owners and tenants can be subject to damage from unattended cooking causing a fire, theft from a guest at another tenant’s apartment, flooding due to clogged drains, among many other examples.
Our experts give their best advice and tips to mitigate these loss exposures and possible insurance gaps such as:
- The property manager should make sure their main buildings and pertinent structures (car ports, detached buildings) are insured and covered in their policy.
- Renters or apartment owners are responsible for their personal property (items they move into the apartment). This will not be covered by the landlord or building owner in the event of a loss.
- Standard insurance policies will have a list of exclusions. Every policy is different so building owners should be sure to understand their coverages. They can assume everything is covered except for what is listed in the exclusions section.
- Additional coverages to consider for property owners
- Debris Removal Preservation of property
- Ordinance or Law Coverage
- Outdoor property – trees, shrubs, plants
- Pollutant cleanup Fire department charges
- Property off premises