Running an apartment or other type of rental property typically involves a lot of work. Managers and owners have to care for the property, make the necessary upgrades, and ensure that their tenants can go about their lives safely within them. If your business doesn’t quite fit the mold of a typical rental business, you may be thinking you can do without habitational insurance. The truth of the matter is, if you own any type of business in which clients can visit your premises, you could be held liable for a number of occurrences, even if you think they’re unlikely to happen.
The type of business you run can help determine the coverage you’ll need, though you’ll generally need more with increasing numbers of customers. A general homeowners policy won’t cover you for all of the many risks you’re exposed to in your business. Habitational coverage can help cover you for lost rental income or damage to your outdoor spaces. You can also get coverage for your employees, volunteers, and board of directors. In a big space like an apartment complex, it can be easy to miss small things, like a spot of mold hiding in a tenant’s apartment. If you don’t want to wind up paying for hefty medical expenses, consult an experienced insurance agency to find a habitational insurance policy with the right coverage for you.