Two major crime exposures face apartment owners:
As noted earlier in this article, some crime coverage as to outsiders is sometimes offered under the basic property insurance, but dishonesty and embezzlement by insiders requires separate coverage.
A major opportunity for dollar savings for apartment complexes, as well as optimizing residents’ safety, lies in attention to loss control and safety measures—the larger the premium outlay, the greater the chance for premium savings; and the greater the number of residents, the more important the adequate safety precautions.
A great opportunity for premium savings exists in new apartment construction which, if ignored initially, may be very costly to correct later. Even if not incorporated in the original construction, savings may still be realized later for many of these items.
Take advantage of the advice offered by fire protection engineers and safety personnel to obtain minimum fire insurance rates commensurate with building construction considerations, and the lowest possible liability and workers compensation costs. Most large brokerage houses and even many smaller agencies offer these services, often at modest cost or even free to their clients.
Consider such features as: