Apartment Building Insurance

Owning and managing an apartment building in North Carolina is a significant investment. Protecting that investment requires unique and comprehensive insurance coverage tailored to the specific risks associated with a multi-unit residential property.

The Phoenix Company understands the challenges and potential risks facing apartment building owners in the Piedmont Triad, and we're here to find the right policy to help safeguard you, your property, and your tenants.

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Why is Apartment Building Insurance So Important?

Apartment buildings can expose their owners to a wide range of potential risks, including property damage caused by fire, water, vandalism, or other threats, liability claims, and the loss of rental income. Without the proper insurance, these risks can lead to significant financial burdens. Apartment building insurance acts as a crucial safety net against these and other common events:

  • Property Damage: This covers the physical structure of your building.
  • Liability: If a tenant or visitor is injured on your property, or if you're held liable for property damage you accidentally cause, liability coverage can help pay for medical expenses, legal fees, and court judgments.
  • Loss of Rental Income: If your building becomes uninhabitable due to a covered peril, loss of rental income coverage can help replace the income you lose while the building is being repaired.
  • Equipment Breakdown: This type of coverage protects against damage to essential equipment, such as boilers, HVAC systems, and elevators.

Key Things to Consider for Apartment Building Owners:

The following are important things insurance agents can help you consider when weighing your options for apartment building insurance policies:

  • Coverage Limits: Choosing the right coverage limits is essential. You need enough coverage to rebuild your building in the event of a total loss, or to cover any potential liability claims. The Phoenix Company can help you assess your property value and potential risks to determine appropriate limits.
  • Deductibles: Your deductible is the amount you will pay out of pocket before your insurance coverage kicks in. As with all insurance policies, choosing a higher deductible plan may lower your premium, but you'll have to pay more if you file a claim. Our agents can help determine the right balance for you.
  • Additional Coverage: Depending on your building, location, and needs, you may want to consider additional coverage options.

Contact Us for an Apartment Building Insurance Quote

Don't leave yourself, your building, or your tenants vulnerable to unforeseen events. Contact The Phoenix Company for an apartment building insurance quote to protect your investment and your future.

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You may also call (336)765-9332 to speak to an agent. Requesting a quote is not a guarantee of coverage. All coverages are subject to the terms, conditions, and exclusions of the actual policy issues. Not all policies or coverages are available in every state. 

Reliable Insurance From Familiar Faces

At The Phoenix Company, you don't have to choose between personal service and a reputable insurance company. As a member of Correll Insurance Group, we combine the dependability of a national insurance agency with the individualized care of a local agent invested in you and your North Carolina community. That’s the Phoenix difference and the Correll way.

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Correll Insurance Group
Trusted Choice

1396 Westgate Center Dr. Winston-Salem, NC 27103 |
(336) 765-9332

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The Phoenix Company is a member of Correll Insurance Group and works to bring you coverage that best fits your needs.  Visit our corporate site to learn more.

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