If you are an owner of an apartment building in Beverly, Lynn, Marblehead, Peabody, Salem, Swampscott, MA, and the surrounding area, then you likely understand the challenges that exist in finding quality apartment building insurance. And then even if you can find it, you may not be pleased with the policy itself. When you work with Farquhar & Black Insurance Agency we will help you to get multiple quotes from different insurance companies that deal with apartment buildings. And while you may think that an apartment building is just a large home, there are greater risks associated with apartment buildings compared to single family homes. It is because of these risks and the associated large payouts from claims that is making it more difficult to find apartment building insurance, and the policies that are available have more exclusions to them. Let our team help you to find the best apartment building insurance available by having us shop the market for you. Contact us today to start looking for your better policy.

Reviewing Your Insurance Policy Regularly

Just like you should be reviewing your personal insurance policies regularly, the same is true for your apartment building insurance. Unlike other commercial buildings, such as office buildings, an apartment building has a lot more things like bathrooms and kitchens in each unit, and this can increase the cost of replacing things when you file a claim. Reviewing your replacement valuation in your policy and understanding what it means is important so that you don’t get caught offguard with out of pocket costs.

You also need to understand the exclusions that are specifically spelled out in your apartment building insurance policy. Things like animal exclusions can mean that you need to get additional coverage with a special policy to have those covered. Another item to look at is your sublimits that will limit the payouts for different incidents such as water damage or weather events.

Know What Your Apartment Building Insurance Doesn’t Cover

This might seem like an obvious statement, but there are risks that you would expect to have a separate policy for, and then there are risks that you may not have thought of but could affect you and having a policy to supplement your apartment building insurance is important. Cyber liability insurance is an example of this, as many apartment building owners take online payments, have online applications, and more that could lead to a security breach and tenants personal information being stolen.

While there may be fewer insurance companies that are willing to offer apartment building insurance in Beverly, Lynn, Marblehead, Peabody, Salem, Swampscott, MA, and the surrounding area, that doesn’t mean that they don’t exist. Our team at Farquhar & Black Insurance Agency will get multiple quotes for you as an independent insurance agency so that you get find the best insurance to fit your needs. Contact us today to schedule a review of your needs for your apartment building insurance.