There is a continuous demand for rental housing throughout every region in Ohio, and investing in rental units can be highly profitable. That said, apartment complex owners need to bear in mind that any unexpected events could significantly impact their expenses, revenue, and their bottom line. Damage to a property or a costly liability claim could cause an owner to experience extreme financial hardship. Apartment complex owners must safeguard themselves against loss and liability with a comprehensive habitational insurance package.

Property Insurance

Property insurance is one of the most important OH habitational insurance elements because it covers the cost of repairing damage to a building. Any number of events could lead to substantial damage to real property and require rapid corrective action. Property insurance could be used to address the following types of events:

• Fire
• Wind
• Hail
• Falling objects
• Vandalism

Business Income

An event that prevents an apartment complex from bringing in its typical revenue can represent an extraordinary economic strain. For example, damage that affects an entire building could require that every unit remain vacant until the building is restored to its original condition and made habitable. A business income policy will compensate you for revenue lost due to an interruption in your regular rental operations.

General Liability

Being responsible for a building’s physical condition and security makes an apartment complex owner vulnerable to a variety of liability claims. A tenant or a tenant’s guest could bring a claim for negligence based on an unsafe condition on the premises that is alleged to have caused an injury. For example, a loose railing or step could cause an accident and give rise to a legal claim. In addition, a general liability policy can cover claims for damage to a person’s property.

Umbrella Coverage

Some claims against an apartment complex could potentially exceed the total amount of coverage provided by a general liability policy. Umbrella coverage serves as an added protection level to pay for costs that exceed general coverage limits.

Supplementary Options

In addition to the core elements of habitational insurance, you may benefit from additional coverage lines depending on your operations and risk exposure scope.

• Directors and officers insurance protects board members and corporate officers from a legal claim imputing them with personal liability.
• Cyber liability insurance covers losses originating from a data breach, such as a fraudulent communication directing the transfer of funds.
• Equipment breakdown insurance can help pay for the repair or replacement of vital machinery such as a boiler or heating system.

As an apartment complex owner, you should expect the unexpected. By making sure your property is covered by the insurance policies essential for its day-to-day operations, you can protect your building, your tenants, and yourself.

About Haughn & Associates

Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.