Apartment owners can face severe financial consequences from a property loss by fire, wind or other causes. They also face potential losses from liability claims associated with swimming pools and spas, saunas, playground equipment, sponsored events, parking areas, advertising, and more.
An apartment building owner is liable for everything that happens on his or her property. If a tenant or guest sustains bodily injury on the property, the apartment building owner is liable. If there are structural damages to the building that keep it from meeting building codes, the apartment building owner is liable.
Apartment building owner insurance covers medical expenses for injured tenants and guests. It can also cover crime, such as theft of property or employee fraud. If the services of a professional, such as a plumber or electrician, are required for the upkeep of the building, their (often extensive) fees can be covered as well. If one or more units are rendered uninhabitable for a period of time due to necessary repairs, renovations, construction, and so on, insurance can cover loss of income.
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