Insurance Needs for Habitational Property Businesses

If you’re in the real estate or property management business, having the right insurance isn’t a want, it’s a need. Habitational property such as apartment complexes, hotels, and condominiums all carry liability risks that could cause serious losses. That’s why there are habitational insurance policies.

What is habitational insurance?

Habitational insurance is a business insurance policy that covers commercial residential properties with a variety of coverages for all sizes and types of apartment buildings, condominiums, multi-family dwellings, hotels and motels, retail centers, and office spaces.

This type of insurance is key in helping property managers protect the properties they are responsible for, as well as the tenants who reside on those properties. Neglecting to have the right insurance can hurt your reputation and brand, revenue streams, market share, current assets and future growth of the company.

What types of coverage options fall under the habitational insurance umbrella?

These types of properties have tenants where liability could be an issue. Some incidents that could occur include:

  • Fire
  • Water damage
  • Slip and falls
  • Playground hazards
  • Wildfires
  • Swimming pools

These are just a few types of instances where an insurance policy can help in the replacement and reimbursement of structures and tenant expenses that occur through no fault of their own. Some coverages that fall under this type of insurance include general liability, commercial property, vacant property, pollution liability, business interruption/utility services, flood and more.

When attempting to acquire a policy of this nature, policyholders may have to update critical building systems like heating, ventilation, HVAC, roofing, plumbing, and electrical components to ensure tenants are safe. Having periodic inspections of electrical systems which include updating appliances and other systems to bring them up to code. There are factors involved in the type of rate associated with this type of policy including security staffing; renter demographics; environmental factors and location.

With so many unique scenarios that could possibly occur, having the right team to help assess your needs and help get the coverage you need is key.

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.