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Building Owners & Landlord Insurance
Being a building or other property owner is a wonderful way to build your real estate portfolio and beef up your business savvy. On the other hand, it also comes with a great deal of responsibility. For example, if you own an apartment building, townhome complex, or other residential property that is rented or leased, you are, of course, a landlord, in addition to holding the title of building owner. The responsibilities that come along with being a landlord and procuring, developing, and maintaining positive tenant relationships are numerous. A smart building owner needs to be covered in case of an accident, property damage, physical injury, or any other type of dispute that may arise involving your property. Your professional and personal interests need to be protected. If you’re looking for insurance for apartment building owners in Pennsylvania, Alchemy Insurance Agency is here to help. Let us guide you through the process of locking in the building owner insurance policy that is right for you.
Do I Need Landlord Insurance?
When you’re dealing with multiple people (and potentially multiple properties or other leased spaces), it is imperative to be prepared for potential problems. The last thing you want is to risk losing your property or personal financial security if something goes haywire. So, what are some of the chief concerns a building owner may need to contend with? Here are a few examples of when your building owner insurance may come into play:
- Natural disasters or other catastrophic disasters
- Injury liability (for tenants, employees, and/or visitors)
- Theft/vandalism
- Loss of Income
- Invasion of privacy
- Advertising liability
- Discrimination lawsuits (from former or disgruntled employees or tenants)
- Miscellaneous Allegations (fraud, misrepresentation, or other intentional acts by employees)
Naturally, no one hopes for or foresees the need for protection against the issues listed above, but you must be prepared in the event that something does happen. Life and business in general are unpredictable, even with the best intentions and due diligence. Do not risk your livelihood and potentially your personal financial well-being by skimping on the appropriate insurance for building owners.
What Types of Coverage Do Building Owners Need?
The coverage options available for building owners range from basic to more comprehensive. All landlords would be wise to at least obtain Commercial Property Liability Insurance. This type of policy will cover the actual physical structure(s)—the building itself, including any additions to the property or adjoining spaces, such as storage buildings, swimming pools and clubhouses, office space, and more. In addition to protecting the actual property and adjoining structures in the event of unforeseen major damage, you need to also think about the loss of income factor that will likely come into play in this case, at least temporarily. Loss of income coverage can help keep you afloat financially during the time you are unable to collect rent if your property is uninhabitable or undergoing major repairs. Think about it—a building owner makes their money by collecting rental payments, so if this cash flow stops or slows significantly, your profits will as well.
Another important type of coverage for building owners is Commercial General Liability coverage, also known as “Landlord Insurance.” Having this type of policy in place will keep you protected from claims of bodily injury or property damage from a third party, which includes tenants, visitors, and employees of the property or rental business. Whether the claims are substantiated or not, you need to have all of your bases covered in the event that they occur. Don’t let a trip, slip, or fall on your property lead to your financial ruin. The more amenities your property has, including swimming pools, fitness centers, tennis courts, etc., the greater the potential risk for lawsuits related to injuries. Be ahead of the game by making sure you’re properly insured against alleged claims.
- Other Building Owner Insurance Coverage Options to Consider:
- Commercial umbrella insurance
- Equipment/machinery coverage
- Workers compensation
- Commercial auto insurance
- BOP (Business Owners Policy)
- Professional Liability coverage
All of these factors (and more!) should be carefully considered when planning your Pennsylvania building owner insurance coverage. When your personal and professional interests hang in the balance, it is best to put your business in the hands of a trusted insurance service, like Alchemy Insurance Agency in Pennsylvania. Our agents will communicate openly and honestly with you so that your expectations and budget are met with reality and business-based knowledge. Let’s explore what Alchemy has to offer.
Why Should I Choose Alchemy Insurance Agency?
It’s no secret that there are a great number of insurance agencies in the Pennsylvania area and beyond, so what makes Alchemy Insurance Agency stand out from the rest of the crowd?
- Alchemy Insurance Agency acts on your behalf. We want to advocate for you. We represent some of the biggest brands in the insurance provider business. Alchemy sets a new standard in customer service by acting as your liaison, assessing your insurance coverage requirements and connecting you with the provider and plan that is perfect for your unique needs. Our agents will assist in tailoring a custom policy that contains all of your “must-haves” and ensures you won’t be paying for things in your policy that you do not want or feel like you need. Let us search for and locate the right policy for you from one of our many trusted brands.
- We have stood the test of time. There is a reason we have been serving our clients successfully for over 30 years. We know how to treat people and how to give them what they need, at an affordable price. If you’re looking for peace of mind when operating your business and/or cementing your role as a landlord, look no further than Alchemy Insurance Agency.
- We can assist you in finding the right building owner insurance, as well as matching you with Home, Auto, Life, Commercial, Artisan, and Farm insurance coverage. Whatever your needs may be, we are here to listen and get you started on the path to security and stability.
- In addition to Pennsylvania, Alchemy Insurance Agency provides stellar services to customers in Oklahoma, Maryland, and Texas.
- We know that insurance coverage isn’t a “one size fits all” deal—you need the coverage and policies that are customized to your particular situation and needs. That’s where we step in and take the lead, always with your best interest as the top priority. We know that shopping for insurance coverage can seem daunting, so why not let us take that weight off of your shoulders and simplify the process for you?
Do you have more questions or concerns? Or are you ready to receive a free online quote? Don’t hesitate—contact us today! Staying protected has never been easier.
