Apartments and Condominiums

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DOK INSURANCE CAN HELP

If you own or manage apartment or condominium properties, you probably know how diverse the business is and that it comes with a lot of risks. So having a policy that is tailored to fit the specific needs of your property is a must and finding an agent experienced in this industry is key.

Whether your condo association or rental property consists of one or more buildings, you deserve support and specialized protection to safeguard your business and help you against the unexpected. And that’s where we come in.

We provide competitive insurance options for condominiums, apartment or multi-family buildings and property owners. As an independent agency, we assist our customers every step of the way tailoring your coverage to protect your equity and investment. We can educate you about the different coverage options available, which suits best for your business and help you determine what you really need and don’t need.

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STANDARD COVERAGES

Property Coverage:

Building (Property Coverage)
Optional Blanket Coverage or Extended Replacement Cost Options (125%)
Outdoor Property
Sewer and Water Backup
Loss of Income
Ordinance or Law
Equipment Breakdown
Crime Coverage (Fidelity Bond or Employee Dishonesty)

General Liability Insurance:

$500,000 Per Occurrence / $1,000,000 Aggregate
$1,000,000 Per Occurrence / $2,000,000 Aggregate
$2,000,000 Per Occurrence / $4,000,000 Aggregate
Hired or Non-Owned Auto Liability

Directors & Officers (D&O) Insurance:

$500,000 Per Occurrence / $1,000,000 Aggregate
$1,000,000 Per Occurrence / $2,000,000 Aggregate
$2,000,000 Per Occurrence / $4,000,000 Aggregate
Hired or Non-Owned Auto Liability

Extra Protection:

Umbrella Limits from $1 Million to $200 Million
Workers Compensation
Employment Practices Liability (EPLI)
Earthquake
Flood (both NFIP/FEMA and Private Flood Insurance Agency)
Cyber Liability

Here are 6 of the most common insurance gaps property and real estate owners experience:

Not naming all the relevant property owners and legal entities in the insurance policy. Most often, property owners create separate limited liability corporations or other legal protections to protect their financial interests. It is very important that the names on the policy correspond to the name of the insureds and any legal entities. Failure to do so could result in coverage declination. For any changes, you need to notify your agent right away.
Not ensuring you have a sufficient ‘period of restoration’ coverage. The length of time needed to rebuild, repair or replace the damaged or destroyed property and resume operations must always be considered when buying an insurance policy. A lot of business owners’ policies limit the ‘period of restoration’ to 12 months – which may be sufficient for a small property loss. It isn’t uncommon to wait for months just to receive the ability to apply for a building permit. In that case, if your property still isn’t fully rebuilt 12 months after your loss, you could be losing income long after the 1-year period.
Vacancy provision can pose problems for commercial insureds. The vacancy provision can affect the payment of your claim. It is crucial that you know how your property defines vacancy. Understanding the square footage limitations or misunderstanding vacancy provisions can result in a reduced payment claim.

Not using a correct and updated property value. One common situation that occurs after a claim is when a property owner has underinsured a building or failed to insure the coinsurance requirements on the commercial policy. By correctly valuing your property and making sure that having a new property appraisal after improvements can help avoid such errors.
Not being aware of the property exclusions in your policy. The most popular commercial property forms may exclude many types of property and some of the coverage limitations can be expensive to repair or replace. Aside from the obvious exclusions such as earthquake and flood, there are many other exclusions to pay attention to. The next step would be to endorse the policy via CP14 10 (‘Covered Property’) equivalents.
Not having adequate coverage for the increased cost of construction. Increased costs you incur due to laws or ordinances can be expensive. Make sure to talk to your broker to increase your coverage limit and easily address these circumstances.

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Apartment or condominium insurance is unique and complicated. And having the coverage you need in the areas you need most is the biggest challenge. Talk to one of our agents now or request a free quote below so we can help you decide how much and what type of coverage is right for you.

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