Commercial spaces like multi-family properties often offer property owners and managers a ton of headaches. When you rent out multiple units to tenants at the same time, it means you have an array of voices chirping in your ear about all of the different failings and suggestions connected to your condo complex. Thankfully, your insurance plan can help you make sense of most of the commonplace situations you are likely to deal with. To get the most of your experience, however, you’ll want to have a clear idea of the risks you face.
Look Into Loss Assessment
One of the more important steps you can take for your business is pursuing loss assessment coverage. While the standard insurance plan you have in place for your multi-family property is one that covers accidents and incidents that occur within each unit, loss assessment is meant for the situations that transpire in shared rooms of the building. Should someone get hurt in a common area or lobby, for example, your plan will include coverage for these spaces. When selecting a policy, be sure to consider:
- The value of the property itself
- The number of units and renters in your building
- Associated risks in each shared space
Find the Best Fit
By factoring all fronts into the equation when selecting your insurance, you’ll have an easier time feeling satisfied by the results of your efforts. Find what works for you and see how it can make a difference.