As an apartment building owner in Florida, you have enough to worry about. Let us take care of shopping for insurance. We represent the top Florida apartment building insurance companies offering liability and property coverage for your buildings and complexes.
HOW DO I SHOP FOR FLORIDA APARTMENT BUILDING INSURANCE?
- Start Early. It takes time for agents and brokers to shop for these policies.
- Contact an experienced independent insurance agent that is knowledgeable in large property insurance coverage. Independent insurance agents have access to multiple brokers and companies and they can submit your quote request to multiple markets.
- Owners will need to request a copy of the “loss runs” from their current carrier. The loss runs are a hard copy report from your carrier that details any losses you have had with this carrier. A new insurance company will require these loss runs even if you have not filed any claims.
- Scan your insurance documents. This will make it easier to transfer them to company underwriters through email. You should have a copy of the current declarations page.
- It will be helpful if you have a recent appraisal.
- Photos are a big help as well. If you have photos it will help the underwriters better understand what you need.
WHAT COVERAGES ARE AVAILABLE ON A FLORIDA APARTMENT BUILDING INSURANCE POLICY?
- Building Coverage. This covers the building or buildings on the premises. Special Form coverage is the broadest form of coverage. A lot of carriers only offer basic form coverage, which is limited. While you can purchase a “difference in conditions” policy to supplement some of the lacking coverage in a basic policy, the special form is still your best bet if it is available in your area.
- Other Structures. This can cover signs, fences, carports, etc.
- Boiler and Machinery. Covers your mechanical equipment.
- General Liability. This protects the owner’s liability in the event someone is injured in the common areas of the complex.
- Medical payments. This protects the owner in the event there is a minor injury in one of the common areas of the complex.
WHAT COVERAGES MIGHT BE EXCLUDED ON A FLORIDA APARTMENT BUILDING INSURANCE POLICY?
- Flood. No property policy covers flood. If you are in an area at risk of flood, we can provide a separate policy to cover this.
- Typically property coverage only applies to buildings. Make sure signs, fences, carports, or other structures on the premises are also covered.
HOW CAN I SAVE MONEY ON MY FLORIDA APARTMENT BUILDING INSURANCE?
- The best way for an owner to save money on your apartment building insurance in Florida is to shop around. Our experts have access to the top Florida insurance companies. GET A QUOTE NOW!
- Age of building discount or surcharge. Most companies offer discounts based on the age of the buildings. Newer buildings receive discounts due to more stringent building codes that have been applied in recent years. Older buildings typically receive surcharges based on age. This is due in part to less stringent building codes used in years past.
- Territory. Where the apartment complex is located can make a substantial difference in premium. Some Florida counties have higher rates than others. Proximity to the coast will also be a factor.
- Deductible. Owners may increase their deductible in order to reduce your premium, but you should carefully consider such factors as how much of a discount you will receive for a given deductible, and how much you can afford to pay for each claim.
- Location. If the building is more than 1,000 feet from a fire hydrant, and/or more than 5 miles from a fire department, Florida apartment building owners will find they will pay a much higher insurance rate.
- Type of construction. Masonry buildings are less expensive to insure than frame buildings due to their fire ratings.
- Carrier appetite. Certain companies experience better claims histories with certain buildings, locations, and age groups. Their rates reflect this by offering lower rates to those groups they have found the best experience with.