Property Insurance (Apartments)
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UPDATED REPLACEMENT COSTS
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General Liability. In a common area, or even inside a unit, an injury might result in a lawsuit against the property owner. The general liability policy would provide coverage for these claims and would aid in defending them in court. We also recommend umbrella coverage.
We run an annual replacement cost estimator with current building values to determine the coverage amount you need. We also make sure to have loss of rent coverage that meets your current rental rates, we like to cover up to 2 years to allow for the time to develop and rebuild. Checking on your replacement cost annually is very important, we have seen apartment owners carry replacement cost rates from 20 years ago where they are insured for half of the cost to rebuild.
With the frequency of fires in California, insurance carriers are tightening up on fire insurance, especially in brush areas. We use our knowledge of the insurance marketplace to find you the best solution as each year carriers enter and exit the market. Each year we check to see if better options become available.
Claims can happen as buildings get older and pipes deteriorate. We recommend having a contractor inspect the property regularly and fix any issues ahead of time. If you do have claims, we will approach the insurance markets that will consider you and negotiate on your behalf to keep the price reasonable.
Yes, we can get third party EPLI coverage to help defend you in these type of cases.
Yes we are seeing more wrongful eviction lawsuits with COVID19 and we do have coverage that can defend you in this type of situation. We read each policy closely to offer you coverage that best fits your needs.
S.W.A.N. Insurance is built on a passion for small business
The owner, Chris Mahlberg, grew up with both of his parents operating small businesses. He saw firsthand how important good insurance is when there was a $1,000,000 claim at his Dad’s business that would have bankrupted the business and the family. This dedication to protecting small business owners is woven into the fabric of the company values.
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