Helping You Find the Right Apartment Building Insurance
Apartment insurance products are competitive. While pricing is a major factor in determining which carrier to choose, proper coverage and limits are just as important.
We have been successful in accomplishing these objectives for the Small Property Owners Association, which has endorsed this agency for the past six years. SPOA boasts a membership of over 3,000 members throughout Massachusetts. This association was instrumental in eliminating rent control in Massachusetts. Membership in SPOA — $50 a year, including a monthly newsletter — is open to all who support property rights. Please visit the SPOA web site.
Insurance Coverages You Should Consider
- Insuring to Value
Oftentimes, building insurance value is much lower than its true replacement value. In the case of a large claim, you will suffer the co-insurance penalties.
- Rental Income
Can be obtained for any duration up to actual loss sustained for 12 months. We recommend the 12 months.
- Boiler/Machinery Coverage
Usually, it is not part of the package policy, but we highly recommend it.
- Umbrella Coverage
Excess Liability — additional liability limits can be purchased in the form of an umbrella. We offer this at a discount to SPOA members.
- Hired/Non-Owned Auto Liability
Coverage for Hired/Non-Owned auto liability exposure. $1 Million limit is $90 per year.
- Backup of Sewer & Drains
Damage caused to your property due to backup. In most cases, coverage is left out.
- Ordinance or Law
- Flood & Earthquake
Apartment Building Insurance: Suggestions & Recommendations
- Obtain Certificates of Insurance
Obtain certificates for contractors working at your property. (Liability – Workers’ Compensation)
- Review Replacement Value
Review value and rental income of your apartment building annually as it could fluctuate from year to year due to labor, material costs, and economic conditions.
- Recommend Renters Insurance
Recommend to your tenants that they obtain Renters Insurance to properly cover their personal belongings and personal liability exposures.
- Liability and Workers’ Comp. Exposure
If you have a commercial or retail tenant, make sure you obtain certificates of liability and workers’ comp. coverage from them naming you (the landlord) as additional insured.
Weather Any Storm with our Apartment Building Insurance
Dadgar Insurance consistently and efficiently serves the insurance needs of over 2000 restaurant and apartment building owners throughout Massachusetts and Greater New England, despite an increasingly uncertain world. With terrorism or natural disasters, such as earthquakes, hurricanes, and floods, other insurance providers struggle to maintain their commitment to coverage and pricing. At Dadgar, however, we remain undaunted in serving our clients. Dadgar's access to a large number of carriers, our ability to identify new ones, and our long-standing alliances enable us to offer the consistent coverage and pricing our clients have come to depend on for over 25 years. Our enduring relationships with our clients are the source of motivation for us, and we will continue to nurture, cultivate, and protect these relationships well into the future.