Does anyone know what is the AVERAGE COVERAGE AMOUNT within apartment insurance policy for premise liability?
Im thinking about going into real estate.
Answers:
Well, most apartments transport a $1 mil coverage limit. Some of them have a "per location aggregate" so that if they own seven different buildings, one claim at one building doesn't erase all their coverage for the rest of the year. They'd also want to carry an excess liability policy, for the larger landlords.
The PREMIUM for this coverage averages going on for $300 a year, per rental unit, with a minimum premium of $1,000, on a commercial common liability policy. More if there's a pool or playground or gym or other community center type place. Source(s): agent, 21+ years
Related Questions:
Answers:
Well, most apartments transport a $1 mil coverage limit. Some of them have a "per location aggregate" so that if they own seven different buildings, one claim at one building doesn't erase all their coverage for the rest of the year. They'd also want to carry an excess liability policy, for the larger landlords.
The PREMIUM for this coverage averages going on for $300 a year, per rental unit, with a minimum premium of $1,000, on a commercial common liability policy. More if there's a pool or playground or gym or other community center type place. Source(s): agent, 21+ years
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