Apartment Owners Insurance

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Your apartment property is a big investment and you probably depend on it for your income. So when it comes to apartment insurance, you want coverage you can customize to your property. At Driscoll & Associates we don’t just provide insurance quotes. We want to build a relationship on protecting our clients and being a trusted insurance advisor.

The Difference

We take the time to get to know you and gather details about your property. We will review your current coverage and identify any gaps or unique exposures. We shop your coverage with top rated carriers finding you the best overall value. Then we will take the time to help you understand the exposures you face and the coverages available for your protection and create a custom insurance package that is right for you giving you peace of mind.

Protection You Need

• Building Coverage

Covers the apartment building and structures including: Garages, storage buildings, swimming pools, fences and retaining walls to be repaired or rebuilt after a covered loss occurs.

• Building Personal Property

Covers costs to replace contents you provide to your apartment building if it was destroyed by an unforeseen event. (i.e. common area furniture, equipment used to maintain or service the premises, refrigerator provided for tenants.)

• Comprehensive General Liability

To help protect you against financial losses resulting from claims of bodily injury or property you or your employees are found liable for.

• Loss of Income

Allows you to continue to receive income while your apartment building and its contents are being rebuilt and replaced. Business income not only helps you to replace lost rents but it also helps you cover operating and payroll expenses needed to keep a business operating after a loss. Extended Business Income Coverage can also help you to protect your business by offering 30 days additional support after your business is back on its feet again. (i.e. the cost for additional marketing and promotions to rent out the units once the apartment was rebuilt.)

• Equipment Breakdown

Covers onsite equipment like air conditioning systems, pool pumps and heating systems if they suddenly break down from an accident.

• Building Ordinance & Law

California State law as well as local code and ordinance are constantly changing which is why it is so important to make sure you have adequate coverage and are aware of your local code, which is why a broker with local knowledge is important. Even partial loss can be cause to force an update on the entire property. If your limits are not appropriate for this coverage the repairs will come out of your pocket. We can help determine the rebuild cost associated with your property as well as the expense of local codes and ordinances.

• Worker's Compensation

Worker's Compensation is a very affordable coverage to put into place if you have a resident manager or employees. If you provide compensation or even a discount in rent for your manager you will be considered an employer by the state and are liable for any injury your employee may experience while performing work related duties.

• Employers Practices Liability Insurance

Employers Practices Liability is a very important coverage for any employer to carry in today's litigious society. These claims are on the increase and the average suit is being settled in excess of $230,000. This coverage will provide you protection against alleged wrongful termination, sexual discrimination and other forms of involuntary termination that result in a suit against the insured.

• Tenant Discrimination Coverage

Tenant discrimination coverage responds to allegations and suits from current, prospective and former tenants as well as from other non-employees alleging discrimination (including violations of ADA), harassment or wrongful eviction. This particular coverage is available in all states, provides full prior-acts coverage and coverage for punitive damages but is not included in every carriers standard policy. Some will allow this coverage to be endorsed onto the policy while others simply do not offer this coverage at all.

• Business Auto Insurance

Insurance coverage for the vehicles owned or leased and used for your business, and provides coverage against losses from injuries to other drivers, passengers and pedestrians caused by you or your employees. Hired Auto is needed in case you rent a vehicle for use in your business, and Non-Owned Auto will provide protection if an employee is involved in a car accident while driving a personal vehicle on behalf of your business.

• Crime Insurance

Employee Dishonesty Coverage can help you if you find an employee or group of employees have been stealing from you. Money and Securities – Inside/Outside Coverage can help you recoup rents stolen from a property manager while on the way to the bank to deposit the daily receipts, as well as money or other property stolen from your complex. Money Orders and Counterfeit Paper Currency Coverage can help you if you discover the cash tenants have paid rent with isn’t legal tender. Forgery and Alteration Coverage can help you if an outside account or bookkeeper begins writing themselves checks payable by you.