Owners of large housing structures, such as apartment buildings and condominium complexes, are responsible for providing safe conditions for their tenants. This responsibility means that owners carry risk in the event of unforeseen circumstances. Merchant Family Agency is here to habitational insurance to protect owners from financial instability while they continue to focus on their property and the welfare of their tenants. Each client has unique needs, so we will always work tirelessly to build a coverage plan to suit your needs.
Habitational Insurance Coverage
Regardless of the type of dwelling that you own or manage, the leaders of your residential community should always be completely aware of all the risks that come with managing a property. If you are a landlord, a habitational insurance plan that provides extensive coverage can help you draw in new buyers while simultaneously ensuring that current residents remain content with their living situation. The more tenants you have, the more crucial habitational insurance coverage becomes.
Common coverages that owners should consider including in their policies include:
Fires can cause significant damage to a building, and extensive damages lead to costly repairs. Rebuilding and renovating includes costs of materials, paying for labor, and can require more than one service, such as smoke damage restoration. Habitational insurance can help pay for these costs and make the affected units ready for leasing again.
Storms are a yearlong common risk for larger buildings. High winds and hail can lead to windows breaking and torrential rainfall can lead to flooding, leaky roofs, and water damage inside walls. These present health concerns for tenants, and landlords may use habitational insurance to quickly fix these issues.
As the number of people residing inside a building rises, the harder it can be for building management to keep track of all comings and goings. Criminals will look to exploit this and blend into the crowd in order to swipe packages or enter unlocked property. Habitational insurance can help landlords replace stolen property without having to pay out of pocket if their security was insufficient.
Similarly, large buildings can find themselves the target of criminal activity. Graffiti and property damage are costs that landlords have to face, and are necessary to spend on to keep a professional, clean presentation to attract tenants. Building management can rely on habitational insurance to clean affected spaces and maintain a pleasing environment.
How Habitational Insurance Works
Habitational insurance can bundle together different insurance policies, such as general liability insurance, to suit the specific needs of building management. It can also replace the loss of income from rent if the property becomes temporarily uninhabitable.
Habitational insurance protects landlords from losing their business with unhappy tenants by supplying funds for crucial repairs. These policies can help building management fix broken air conditioning in the heat of the summer, make quick repairs after a storm has caused damage, and repair leaking roofs. Whenever the building falls short of providing a safe and healthy living environment, habitational insurance can step in to protect management from paying out of their own pockets for repairs.
What Options Can You Choose From To Protect Your Home?
At Merchant Family Agency, we are dedicated to serving a wide variety of residents who belong to diverse demographic groups. No matter what neighborhood or type of dwelling you live in, one of our agents is prepared to make sure you are properly protected. We offer homeowners’ renters, and condo insurance. Call Merchant Family Agency at 407.707.6418 or request a quote online today.