Insurance for Apartment Buildings Ohio.

Do you own Apartment Buildings, or other Mercantile Rental Properties? If so you are already well informed on how limited your choices are for Apartment Building Insurance in Ohio.

We can help you find Insurance for Apartment Buildings in Ohio. Call 513-662-7000 or 800-998-0662.

Most insurance companies will refuse to provide insurance for apartment buildings due to past adverse losses on this type of business.  There are very few insurance companies that offer competitively priced insurance for apartment buildings in Cincinnati.

Pathway Insurance Announces a New Ohio Apartment Building Insurance Program.

A new insurance program is available that will help owners of apartment buildings to potentially save significant premium dollars on their apartment building insurance plans. To receive a quote on insurance for Apartment building owners please call 513-662-7000.

Recent Example of Rate Savings on Apartment Building Insurance Program in Cincinnati:

A local business owner in Cincinnati contacted us requesting quotes on her multi-unit apartment building that she had insured. Not only did we save the business owner 40% on her current premium, but we discovered that they were underinsured on one of their buildings by over $500,000! We secured the additional $500,000 in building coverage and saved them 40%!

Types of Insurance Policies Available for Apartment Building Owners in Ohio

A business owner’s insurance policy or a commercial package policy is available for this program depending upon the number of units and occupancy. The apartment building must have all current updates with a good rental history. The type of occupancy will determine whether or not your apartment buildings will qualify for this program.

Commercial Apartment Building Insurance Coverage in Ohio Is Quite Complicated.

Our agency provides a free audit and coverage checklist to all new business insurance customers so that you are aware of your various insurance options. They are a number of different claim scenarios that can occur that can leave you paying a non-insured loss completely out-of-pocket.

Call 513-662-7000 for Insurance on Apartment Buildings in Ohio.

Call 513-662-7000 or 800-998-0662 to speak with one of our Ohio Landlord Insurance representatives about your insurance needs for your investment properties Monday – Friday 9AM – 5:30PM (EST). 

We offer Landlord Insurance in Ohio, Kentucky, Michigan, Indiana, Tennessee, Minnesota, Georgia, Maryland, and Florida and through our agent referral network in the remaining states.

Or Click on Landlord Insurance Cincinnati to send us your request for quotes 7 days per week.

Cincinnati Landlord Insurance – What is Available?

Investment properties can include single-family rental units, or multi unit apartment buildings. You can request quotes 24/7 when you click:

• Ohio Landlord Insurance
• Michigan Landlord Insurance
• Landlord Insurance Minnesota
• Kentucky Landlord Insurance
• Landlord Insurance Indiana
• Landlord Insurance Tennessee
• Landlord Insurance Florida

If you own single-family or multi-unit rental real estate you cannot insure said property under a typical homeowner’s insurance policy. The reason why is very straightforward – Homeowners insurance policies are designed for owner occupied properties. 

In the event a standard home policy is purchased for a property  you do not maintain as your primary and principal residence the insurance company will likely refuse to pay any claims associated with that property, so it’s important you purchase the correct policy.

The most common policy type available for landlords with 4 rental units or less is the Dwelling Fire Policy. Agents will sometimes refer to such policies as landlord home policies, but they are not the same as a traditional home policy. 

If you own a building with more than 4 units a commercial property policy form will be necessary and we offer the best options for apartment buildings in Ohio.  If you own apartment buildings click on the below links to obtain additional information and quotes 7 days per week:

• Apartment Building Insurance Ohio
• Apartment Building Insurance Indiana
• Michigan Apartment Building Insurance
• Kentucky Apartment Building Insurance
• Apartment Building Insurance Tennessee
• Apartment Building Insurance Georgia
• Florida Apartment Building Insurance

Landlord Insurance Cincinnati – What are the Options?

The landlord policy is typically available in 3 different policy forms:

DF-1 Basic Form- Click here to see what typically is covered under the DF-1

DF-2 Broad Form- Click here to see what typically is covered under the DF-2

DF-3 Special Form- Click here to see what typically is covered under the DF-3

It Is Important for You to Understand the Benefits and or Limitations of Each Landlord Insurance Policy Form.

If you select a DF-1 policy for your rental because it’s the cheapest insurance option, and your roof collapses because of the weight of snow or ice there is no coverage under this policy form.  Or let’s assume a water pipe breaks and ensuing damage is caused, no coverage is available under the DF-1.  (Read what is covered under the DF-1)

Carefully select the policy that is best for your circumstances and budget.  The DF-1 is the least expensive but has the most limitations of coverage while the DF-3 policy offers all risk on your Coverage A (and replacement cost coverage in most cases) in comparison to the DF-1 which only covers 8 different perils. Check your individual policy for complete details. Vandalism or Malicious Mischief may not be automatically covered under the DF-1 with all insurance companies offering rental insurance policies in Cincinnati but may need to be added as an option.

Additionally the DF-1 policy form is settled on an actual cash value basis (ACV) meaning that a deduction for depreciation is taken into consideration when settling your claim.

What does a deduction for depreciation signify?  Generally it means the insurance company will determine the value of the property based on an estimated amount of the destroyed item at the time of loss.  For instance, if your insurance company considers the life expectancy of a roof to be 20 years and your roof is 10 years old at the time of a loss the insurance company will (in addition to your deductible) subtract 50% from the loss amount!

So if the cost to replace a roof is $8,000 the insurance company subtracts $4,000 because of depreciation and then subtracts your deductible from that figure. (Ouch)

A replacement cost loss settlement only subtracts the deductible.  So as you can see replacement cost is a superior option, but the cost is more for this coverage so you should choose your coverage wisely to fit your budget and your circumstances. 

To Find an Insurance Company Offering the Best Price on Ohio Landlord Insurance Call 513-662-7000 or Click Ohio Landlord Insurance.