Serving All 50 States!
Don’t limit yourself to one or two insurance companies and end up paying high premiums.
AUTO
HOME
BUSINESS
PROPERTY
UMBRELLA POLICY
Get Covered Today Through Our Agents or Our Network of 200+ Partners
Managing a multifamily property comes with unique challenges and risks. At West Lake Insurance Agency, we understand the complexities of insuring these types of investments. We’re here to help you find the right multifamily insurance policy to protect your property, your tenants, and your financial future.
What is Multifamily Insurance?
Who Needs Multifamily Insurance?
Anyone who owns a building with multiple dwelling units should consider multifamily insurance. This includes:
- Owners of apartment buildings.
- Landlords of duplexes, triplexes, and other multi-unit dwellings.
- Real estate investors with multifamily properties.
Standard homeowners or landlord insurance policies are typically not sufficient for multifamily properties. These properties require specialized coverage to address the increased risks associated with multiple tenants and a larger building structure.
What Types of Properties are Covered by Multifamily Insurance?
Multifamily insurance policies offered through West Lake Insurance Agency can cover a variety of properties, including:
- Apartment buildings (small to large)
- Duplexes, triplexes, and fourplexes
- Townhouse complexes
- Condominium buildings (for the building owner, not individual condo units)
What is Covered Under a Multifamily Insurance Policy?
A typical multifamily insurance policy includes several key coverages:
- Building Coverage: This covers the physical structure of the building, including the roof, walls, foundation, and common areas. It protects against damage from events like fire, wind, hail, vandalism, and other covered perils.
- Liability Coverage: This protects you if a tenant, guest, or other individual is injured on your property. It can help cover medical expenses, legal fees, and judgments if you’re sued.
- Loss of Rental Income: If your building becomes uninhabitable due to a covered event, this coverage can help replace your lost rental income while the property is being repaired.
- Personal Property Coverage (for landlord’s belongings): This covers any personal property you own that is located in the building, such as appliances in common areas or maintenance equipment. (Tenant’s belongings are not covered by your policy.)
- Other Structures Coverage: This covers detached structures on your property, like fences, sheds, and detached garages.
- Equipment Breakdown Coverage: This can cover the cost of repairing or replacing essential equipment in your building, such as boilers, HVAC systems, or elevators.
Why Multifamily Insurance Is Important
Multifamily insurance is essential for protecting your investment and mitigating the risks associated with owning a multi-unit property:
- Financial Protection: It shields you from potentially large financial losses due to property damage, liability claims, lost rental income, and other covered events.
- Legal Protection: It can help you navigate complex legal issues related to tenant injuries, property damage, or other claims.
- Peace of Mind: Knowing you have the right coverage allows you to manage your multifamily property with greater confidence.
Get a Quote from West Lake Insurance Agency
Protect your multifamily investment and secure your financial future. Fill out the form below to get a personalized multifamily insurance quote from West Lake Insurance Agency. We’ll help you find the right coverage at the right price.
Who we are
Insurance agency you can count on.
West Lake Insurance Agency takes the work out of buying commercial insurance for businesses. We help small business owners and operators find quotes for commercial insurance from preferred insurance companies.
General Questions
Business insurance covers your business against property damage or theft and covers you if you’re sued for negligence or if any of your employees are involved in an accident while using business-owned vehicles. It’s important to ensure you have the correct types of policies, at the right levels, for the business activities you routinely undertake.
Business insurance covers the operations and assets of commercial organizations. There are several kinds of business insurance, such as: Commercial auto insurance, Professional liability, Commercial property insurance, Commercial umbrella insurance.
Browse our site or contact us for information about business insurance to learn everything you need to know to protect your business with the right insurance policy.