Apartment Owners Insurance also referred to as habitational insurance is generally comprised of Property Insurance and General Liability Insurance. Property insurance covers loss to building and contents due the perils of fire, wind, theft, vandalism, etc.
Things taken into consideration when writing the Property Insurance side of your Apartment Owners Insurance Policy include the age of the buildings, updates to critical systems, construction type of buildings, proximity to fire hydrant and fire department, proximity to coastal areas, occupancy type, and fire protection measures.
Some of the General Liability risk factors that are taken into consideration for Apartment Owners Insurance includes:
- Type of occupancy
- Existence of incidental business occupancies
- Experience of property manager
- Fire safety
- Tenant security
- The existence of ponds / lakes / rivers, playgrounds, swimming pools, basketball courts, and other structures on premises.