If you own habitational properties such as apartment buildings, condos, boarding houses, hotels or other multi-unit dwellings that you rent out, you have a number of concerns. These include protecting your property from damage, ensuring your tenants’ and visitors’ safety, preventing loss of rental income, and implementing risk management practices. A business insurance policy tailored to habitational risks gives you the coverage you need to protect your property, your tenants and yourself.
Business insurance coverage provides liability coverage in the event of a tenant injury and losses caused by storms, fire, wind, theft or vandalism.

What Insurance Do I Need?
Insurance that covers risk varies widely. Customizing an insurance policy to meet your unique needs is a smart choice if you want to ensure you’re sufficiently protecting your business and bottom line.
Most policies include coverage for property, general liability and excess liability. While some types of insurance are standard, you can add more specialized insurance to extend your benefits, such as environmental impairment liability (EIL). EIL covers liability and sometimes cleanup costs associated with pollution.
As a property owner, you need insurance coverage for the complexities of your property. Standard coverage will likely leave some gaps. To ensure you are sufficiently insured, consider optional coverages that complement your business insurance. There are policies for loss of rents coverage, personal property coverage, personal injury coverage and other structures coverage.
Understanding the risks your property faces and having the corresponding insurance for those risks is imperative to manage a property properly. For example, you need insurance if you own a rental property; and the more tenants you have, the more coverage you need. Would you have the necessary funds to repair or replace a malfunctioning heating unit? If a fire damages your building, can you cover the costs? Understanding the habitational risks of your properties is essential to know what insurance is needed.
How We Can Help
Because all properties are different, you have unique insurance needs. We can help you compare your coverage options to determine which insurance is appropriate for you.
Call Gannon Coyne & Associates Inc. (GCA) today at 215-574-9080 to get started.