Insurance for Apartment Complex Owners in Chicago, IL
Owning an apartment complex means managing more than rent collection and maintenance requests. You carry real responsibility for the building, tenants in it, employees who work there and the overall operations. The right insurance coverage can be critical to financially protect your investment and manage the aftermath of something going wrong. 
Core Coverages to Consider
Most apartment complex owners need a combination of policies rather than a single plan. Common coverages typically include:
- Commercial property insurance can cover physical structures, office equipment and common area furniture against damage from fire, storms, vandalism and other covered perils.
- General liability insurance may cover bodily injury, property damage or personal and advertising injury claims made by tenants, visitors or other third parties, potentially helping to pay for losses and legal costs.
- Loss of rental income coverage can help mitigate overall damages if a covered event makes units uninhabitable by providing compensation for revenue that you would have otherwise earned.
- Workers’ compensation insurance is typically required by state law and typically covers medical expenses and lost wages for work-related injuries or illnesses. It can also assist with legal expenses when responding to related lawsuits.
- Commercial umbrella insurance can provide an additional layer of liability protection above the limits of your underlying policies. Without it, claims that exceed other coverage limits would have to be paid out of pocket.
What About Tenants?
Owning and managing an apartment complex involves many responsibilities, but insuring residents’ belongings and personal liabilities is not typically one of them. Tenants should secure renters insurance if they want to financially protect their own personal property or have coverage for accidents they cause. As a landlord, you may even choose to require renters to carry a policy as part of their lease agreement.
Work With Us to Find the Right Coverage
Contact Salvador Insurance Agency to talk through your coverage needs and get a quote for your apartment complex.