At Killey Insurance, we recognize the local need for specialty insurance to cover the unique risks of multiple-residence property owners. Whether you own an apartment building or are searching for custom coverage for your condo association, we offer comprehensive habitational insurance designed to meet all of your needs. Our policies will protect your assets and rental income while also helping to shield you from financial liabilities related to tenant injuries and other covered losses.
We recommend habitational insurance to the following types of property owners within Killey and the surrounding areas:
- Apartment owners
- Rental homeowners
- Duplex and townhome rental property owners
- Homeowner’s associations
- Condo associations
Know Your Risk
You may have limited insight into what goes on behind the closed doors of your multi-unit property. What would happen if a tenant had used an apartment as a meth lab, all but destroying it before moving out? In addition to the repair and cleanup costs, you could face months of lost rental income. What would you do if a tenant’s child became ill as a result of mold growing in the home? You could be responsible for the medical expenses, legal defense fees, and even judgments for other losses like pain and suffering.
Even with well-behaved tenants and property in excellent condition, the home, apartment building, or condo itself could be at risk if struck by a natural disaster or other covered event, such as a major storm, high winds, or a fire. Depending on the type of property you own or manage, you might end up responsible for 100 percent of the rebuilding costs inside and outside the unit. Since tenants are often displaced in such scenarios, you might also find yourself with limited cash flow and income. The key is finding habitational insurance coverage that pays for repair or replacement of lost property while also shielding you against a loss of income.
What Habitational Insurance Covers
Habitational insurance is written to meet the complex needs of a commercial property owner. It typically includes coverage for the repair or replacement of the property structures, unattached structures (i.e. garages and sheds), and the contents inside the property that belong to the property owner when they are lost or damaged due to fire, vandalism, inclement weather, or other covered events. Coverage may also be available for property damage caused by a mechanical failure within the HVAC system or a leak from the water heater.
In addition to property coverage, we can help you find habitational insurance that covers against:
- Rental income loss (when the property becomes uninhabitable due to a covered event)
- Legal defense costs (when a tenant or third-party sues for injury or personal loss)
- Medical bills and other liability expenses
It is important to note that habitational insurance does not cover the tenant’s liability or belongings, as they are responsible for insuring themselves.
Choose a Local Agent for Your Habitational Insurance Needs
Finding the right coverage for an investment property can be a challenge. Why do it alone? When it comes to protecting your investment, choose to work with someone who understands exactly what you need and the types of risks you face. A local independent agent can accurately analyze your risks and make coverage recommendations that give you peace of mind. You will also have a friendly face that is easily accessible when you have questions about your policy. For more information about habitational insurance, contact the team here at Killey Insurance today.