While a homeowner understands the value of having property insurance, this type of coverage usually protects a single-family unit. What does a landlord who owns a multi-family unit need when it comes to insurance? What about those who own apartments, student housing, condos, hotels and other types of properties wherein multiple people live? This is where a special type of coverage known as habitational insurance comes into play.
What Is Habitational Insurance?
Habitational insurance refers to various coverages that can help owners of living facilities protect against associated exposures. Think of it less as a type of property insurance and more as a blend of coverages that includes, but is not limited to the following:
- General liability
- Commercial property
- Workers’ compensation
- Automobile (hired and non-Owned)
- Directors and officers liability
Different owners and organizations will have different needs. The right habitational insurance plan will be tailored to your specific needs.
How Do I Choose a Provider?
It’s important to look for a provider with a proven track record in serving the insurance needs of businesses and owners with buildings that serve as residential facilities for multiple people. This insurer can help you come up with a comprehensive approach that is customized according to your specific risks and exposures. Think carefully about your typical and unique exposures and make a plan today.