Multifamily Insurance in New Hampshire
What is multifamily insurance?
Investing in multifamily rental properties is a significant financial commitment, and the financial investments made in these properties should be safeguarded when possible. One way for New Hampshire landlords to protect their properties and investments is by getting multifamily insurance.
Multifamily insurance offers specialized landlord coverage that's tailored for buildings housing two or more units. Policies are adapted to accommodate the complexities of multiple units.
Who in New Hampshire should have multifamily property insurance?
New Hampshire landlords who own multi-unit properties should consider multifamily property insurance. Owners of duplexes, triplexes, apartment complexes, and townhouse buildings may want a policy.
Some landlords might need a particular type of multifamily property insurance. For instance, owners of duplexes might opt for a duplex-specific insurance policy, while apartment building owners might lean towards apartment insurance.
An insurance agent with expertise in multifamily and other landlord insurance policies can provide guidance to landlords, helping choose the most appropriate type of insurance.
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Coverages to Consider
- Commercial Property Coverage
- Boiler and Machinery Coverage
- Commercial Contents Coverage
- Backup and Sewer Drains Coverage
- Business Income Coverage
- General Liability Coverage
- Professional Liability Coverage
- Commercial Umbrella Coverage
What coverages are provided by multifamily property policies?
A multifamily property policy provides an array of coverages, which can be tailored to match the unique risk management needs of a property. Commonly chosen coverages include:
- Commercial Property Coverage: Potentially covers multifamily buildings and other structures.
- Boiler and Machinery Coverage: Potentially covers any major equipment that's permanently installed.
- Commercial Contents Coverage: Potentially covers equipment that's in buildings but not permanently installed.
- Backup and Sewer Drains Coverage: Potentially covers water damage from plumbing issues.
- Business Income Coverage: Potentially covers extended income losses if a building is damaged.
- General Liability Coverage: Potentially covers common accidents on the property's premises.
- Professional Liability Coverage: Potentially covers erroneous advice provided by employees to tenants.
- Commercial Umbrella Coverage: Potentially provides secondary liability protection for costly claims.
Landlords might want other coverages too, such as ones that assist with non-liability legal costs, long-unpaid rent and other risks. A knowledgeable insurance agent will be able to discuss the many different coverages options that are available with landlords, and provide some examples where different coverages would be helpful.
Does multifamily property insurance cover flood and earthquake damages?
Flood and earthquake damages typically fall outside the purview of the protections provided by multifamily property insurance policies. When necessary, these specific risks can usually be covered via separate insurance policies. Landlords may secure a flood policy from the private market or the National Flood Insurance Program. Earthquake coverage is less frequently purchased in New Hampshire, but policies may be available in the private insurance market.
What factors affect the premiums of multifamily insurance policies?
While multifamily insurance policies are generally reasonably priced given the protections they offer, insurance companies consider several factors when setting the rates for these policies. Some of these factors include:
- Location of the property
- Distance to the nearest fire station
- Construction method
- Year of construction
- Number of units in the building
- Chosen coverages and limits of the insurance policy
To ascertain the exact cost of insuring a property, landlords might compare policy options with an independent insurance agent. Independent agents aren't limited to any single insurance company, and can request customized quotes from multiple companies.
How can landlords obtain multifamily insurance?
If you need assistance insuring a multi-unit residential property in New Hampshire, reach out to the independent insurance agents at Portsmouth Atlantic Insurance. Our team will work with you to understand coverage need, and then assist in finding the best policy that fits your specific needs. With our experience and expertise, you can have confidence that the policy you choose will protect your properties well.
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