San Diego Apartment Insurance
On a recent policy we wrote with Mercury Insurance for a 106 unit apartment complex in San Diego, we beat State Farm’s rate by 16% and offered $1,000,000 more in building coverage with a deductible than was 75% lower! On average, our rates for apartment insurance are between 10-20% less than some mainstream carriers such as State Farm and Farmers. We have many carriers to choose from which helps us to be more competitive than using a direct writing carrier.
Maintaining and managing a safe, sound, and secure apartment is a priority. Landlords often get caught between the tenants and other third parties. There is increased litigation holding all professionals to a higher standard. Claims are filed even when you are in the right, and you will still have to defend yourself.
Actual Claim Examples:
A commercial building owner leased out five retail spaces in a strip mall. Under the lease agreement the owner was responsible for all building and parking maintenance. A customer of one of the retail businesses tripped and fell in the parking lot, and it was determined that the injury was the result of poor lighting. The customer sued the retail business and the building owner. The building owner’s policy provided coverage for the injury and the claim was settled for $5,000 dollars.
An apartment manager was sued for alleged discrimination in the application process. The claim generated $15,000 in defense costs before being settled.
Here are a few of the kinds of apartment insurance you might consider:
Tenant Discrimination Insurance –Landlords and managers can be covered when current, prospective, or former tenants allege wrongful discrimination.
Directors and Officers Liability Insurance – Directors and Officers Insurance coverage protects the Board and owners against liability claims from a third party for financial losses resulting from failure of management to perform duties.
Builders Risk Insurance – Property owners and landlords sometimes make the mistake of having the contractor purchase Builders Risk Insurance on their behalf. If you are involved in new construction or renovation, call us today.
Umbrella Insurance – Provides additional insurance over the primary policy. This can be an added benefit for larger properties
Dealing with residents, employees, vendors and regulatory authorities of both residential and commercial properties can, and does, lead to lawsuits. Things can go wrong, and the landlord or San Diego Apartment Manager is always the one in the middle of the problem.
McCormick Insurance Solutions specializes in San Diego Apartment Insurance. We have assembled a team, experienced in the real estate business, to better serve apartment owners landlords, developers and property management firms.
Feel free to call McCormick Insurance today for more information about your San Diego, Apartment Insurance. (619) 276-0492