Restoring Peace of Mind in Your Communities

Whether you’re a multi-family owner or operating under an owner’s association, such as an HOA or COA, the claims process can be emotionally draining. Our team restores peace of mind & manages the complete claims process on your behalf.

Unraveling the Complexities of Multifamily Insurance Policies and Claims

When filing a multifamily insurance claim, policyholders face numerous responsibilities and potential challenges. They must provide accurate documentation, report claims promptly, cooperate fully with the insurance carrier, communicate with residents, and mitigate damages. Understanding policy coverage, deductibles, and limits is crucial. However, to alleviate these burdens and ensure a fair claim settlement, hiring a public adjuster can be immensely beneficial. Our team of licensed public adjusters specialize in inspecting multifamily assets, reviewing insurance policies before damage occurs, and advocating for policyholders’ rights throughout the claims process.

Dwelling Coverage

Section specifies the coverage provided for the physical structure of the multi-family property, including the buildings and attached structures, such as garages or storage units.  

Liability Coverage

Coverage for bodily injury or property damage claims that may arise from accidents or incidents on the property. In most cases, it protects the property owner against lawsuits and related expenses. 

Loss of Rental Income

This provision covers the income lost when a covered event, such as a fire or storm, makes the property uninhabitable and results in a loss of rental income for the property owner.

Fair Rental Value

This section provides coverage for the fair rental value of a unit that becomes uninhabitable due to a covered loss, but does not cover the full loss of rental income.

Multiple Units or Buildings

If the multi-family property consists of multiple units or buildings, the policy should specify the coverage for each individual unit or building, as well as any common areas like hallways or shared amenities.

Per-Unit Deductible

In multi-family properties, the insurance policy may include a per-unit deductible, which means that each individual unit has its own deductible in case of a claim.

Tenant Liability

This section may outline the coverage provided for tenants’ personal liability, protecting them against claims arising from their actions or negligence within their rented units.

Additional Insured

This term refers to adding additional parties, such as property managers or mortgage lenders, as insured parties under the policy. It provides them with coverage in case of certain incidents or claims.


Extension to Your Property Management Team

When filing a multi-family, HOA or COA insurance claim, it is the responsibility of the policyholder to communicate with the residents, mitigate any damage, and coordinate relocating residents as necessary. As an extension of the property management team, our team handles communication with residents and the insurance carrier — reducing the stress and time commitment of the insurance claim process.

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Insurance Coverage Responsibilities in Multifamily Properties

In general, a multi-family insurance policy typically covers the building and its common areas, as well as liability protection for the property owner. It does not typically extend coverage to the personal belongings of individual residents.

Renters are responsible for protecting their own personal belongings and obtaining renters insurance if they wish to have coverage for their possessions. It is a common practice for landlords to require their tenants to have renters insurance as part of their lease agreement.

Whether an owner needs insurance when there’s an owner’s association (HOA or COA) depends on the specific circumstances and the terms of the agreement. Generally, owner’s associations have their own insurance policies that cover common areas, shared amenities, and sometimes even the exterior of the buildings. However, these policies typically do not cover the interior of individual units or personal belongings owned by the homeowners.

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Our Multifamily Specialists Are Here to Help

Whether you have questions about your existing insurance policy, an active claim you’ve filed with your insurance carrier, or you’d just like to learn more about our process and services, we are here to help.

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