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Liability coverage protects owners when injury or damage to others occurs The liability insurance coverage in a habitational policy protects the owner against claims for negligence, personal injury or damage on their property. Liability coverage can specifically exclude injuries to domestic workers if that state’s law requires workers' compensation insurance be provided for them. Other coverages to review in your habitational">http://www.contactfai.com/products/Com-property-Terms.html">habitational insurance program include: Tenant discrimination insurance: This is not covered under a General Liability policy and can be a major issue for property managers and owners. In adding tenant discrimination insurance coverage, property managers are covered when current, prospective or former tenants allege wrongful discrimination. Builders risk insurance: Many property managers make the mistake of having a contractor">http://en.wikipedia.org/wiki/Contractors">contractor purchase builders risk insurance on their behalf. It is wiser for property managers to buy coverage themselves, because the policy owner, or first name insured, has control over the direction on any claim settlement and receives the claim checks from the insurance adjuster. ">Owners and managers of condominium complexes, apartment buildings and other multi-unit dwellings carry what’s known as habitational insurance, which provide coverage for both property and general liability as well as other key insurance components for a well-rounded protection program. Following is a discussion of some the key coverages to review. Coverage for loss of property, equipment breakdown, loss of rent Property insurance covers the building from loss or damage due to fire, wind or theft. Coverage comes in two forms; "all risk," meaning the insurance company insures any risk unless specifically stated otherwise, or "all peril," which only covers risks named in the policy. It's important to have a policy that covers replacement cost in order to pay for the cost of replacing any lost property as opposed to "cash value," which only covers the value of the property at the time it was lost. Also important is having equipment breakdown or boiler and machinery coverage that is specifically tailored to the risk. A property owner of a multi-unit dwelling can have a catastrophic loss due to mechanical failure if, at time of loss, the proper coverage, including loss of income, has not been secured. Be sure to work with an insurance agency to make sure the language in the policy offers the coverage needed. Another critical coverage is loss of rental income because of a covered peril. As long as damage was caused by a covered loss, landlords will be reimbursed because the unit isn’t in a habitable condition. Liability coverage protects owners when injury or damage to others occurs The liability insurance coverage in a habitational policy protects the owner against claims for negligence, personal injury or damage on their property. Liability coverage can specifically exclude injuries to domestic workers if that state’s law requires workers' compensation insurance be provided for them. Other coverages to review in your habitational">http://www.contactfai.com/products/Com-property-Terms.html">habitational insurance program include: Tenant discrimination insurance: This is not covered under a General Liability policy and can be a major issue for property managers and owners. In adding tenant discrimination insurance coverage, property managers are covered when current, prospective or former tenants allege wrongful discrimination. Builders risk insurance: Many property managers make the mistake of having a contractor">http://en.wikipedia.org/wiki/Contractors">contractor purchase builders risk insurance on their behalf. It is wiser for property managers to buy coverage themselves, because the policy owner, or first name insured, has control over the direction on any claim settlement and receives the claim checks from the insurance adjuster.
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