Landowners and Home Insurance - Zupnick Associates

(by Slava Darozhkin)

Do you know what your insurance obligations are if a home is on your land? If an apartment building is on your land? If someone gets injured on your land?

This is being shared to shed light on the responsibilities you may not have been aware of, as a landowner, regarding home and other insurance. From your friendly, neighborhood brokerage, we bring to you the landowner’s insurance manual, in short!

Please note that Zupnick Associates is not a legal firm, nor does it claim to offer legal advice.

Land Insurance

If you own property that is undeveloped land, there are two kinds of descriptions it will fall under, listed below. In short, if you have homeowners insurance, you can usually extend your policy to cover this asset.

Your land insurance will protect you if a natural or other disaster damages the land, as well as if someone gets hurt on the land and it’s found to be your fault. It’s quite affordable, usually lacking premiums.

Home & Liability Insurance

Besides for usual homeowners insurance, once you own land and begin developing, all your requirements change. Furthermore, it’s a mistake to assume that Commercial General Liability Insurance would cover your own assets in the property, as the developer and landowner.

Four types of property insurance you should request as a landowner are:

Follow the links to discover more information on each kind of policy.

Apartment Complex Coverage

Moving onto our last section, apartment buildings, we’ll begin by reminding you about your first priority for insurance; commercial property coverage.

The average policy for commercial property coverage should include basics for the building itself, all buildings on the property related to the maintenance of the building, offices, garages, (take inventory of items in storage or large items being stored on the property) and other assets located on the property.

This, combined with commercial general liability will cover all the basics but apartment buildings are expensive to maintain and often it takes being struck down to realize how many moving parts we depend on. That means protecting a lot of items or systems specifically is in our best interest. Additional recommended – and often overlooked – policies include:

  • Machinery coverage

  • Commercial umbrella insurance

  • BOP

  • Professional Liability

  • Worker’s Compensation

  • Commercial auto insurance

Click on the links to read more about each one!

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