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Apartment Owners Insurance
Insurance for Chicago Landlords and Building Owners
Managing your apartment complex or apartment building can be a lot to keep up with, and that's why Melendez Insurance is here. It's our job to help you assess your risks, and provide you with alternatives, including apartment insurance and risk management techniques, for protecting your apartment building and rental business in the most economical way possible.
Chicago Landlords Need Insurance Protection
Many of the risks you face as an apartment building owner are obvious. You need insurance to protect your building and business property from theft, fire, and weather losses. You also need liability insurance for injuries and lawsuits that might arise from the activities of tenants, guests, and others while on the apartment premises.
Some risks, and the needs for insurance, are less obvious; apartment building owners also need be concerned with repair and maintenance of extensive HVAC equipment and legal costs arising from tenant discrimination suits.
Insurance Options for Apartment Building Owners
Melendez Insurance will customize an Apartment Owners Insurance package that may contain a combination of the following:
Apartment Building Coverage - Covers the building and structures at the described premises including: Garages, storage buildings, swimming pools, fences, retaining walls, both completed additions and additions under construction and other structures. Building coverage also includes owned personal property used to maintain or service the building and premises.
General Liability - To help protect the insured against legal liability caused by bodily injury, property damage, personal injury, and advertising injury to others at your apartment complex.
Loss of Income - Covers the actual loss of business income caused by a suspension of operations because of covered accidental direct physical loss to the insured premises, including any extra expense incurred to the extent it minimizes the loss of income.
Equipment Breakdown - Provides coverage for damage to covered property caused by mechanical breakdown of covered equipment, artificially generated current damaging covered equipment, explosion of steam boilers or loss of steam/hot water boilers.
Chicago Building Ordinance & Law - Covers the loss of value and increased cost due to the enforcement of municipal laws or ordinances regulating the construction or repair of damage buildings caused by an insured loss.
Vacant Building Insurance - This insurance coverage protects the building structure itself. This coverage limit should be the cost to replace the building. We are more than happy to assist you in determining the Replacement Cost Value of your vacant property.