Apartment Buildings · Florida
Florida Apartment Building & Multifamily Property Insurance
A single kitchen fire or hurricane can halt your rental income. Florida apartment building insurance rebuilds property, recovers lost rents, and defends against tenant lawsuits.
What is apartment building insurance in Florida?
Apartment building insurance is a commercial package for owners of multifamily rental buildings. It insures the building, the common areas and your equipment, and it pays the rent you lose while units are repaired after a covered loss. It also covers your liability when a tenant or a visitor is hurt on the property and sues. Florida carriers usually write wind with its own deductible, and flood always needs a separate policy. Buildings with five or more units are usually written on these commercial forms. We compare apartment owners insurance across multiple A-rated carriers.
Landlord Insurance vs. Apartment Building Insurance
The number of units in your building decides which kind of policy fits the owner.
Landlord policy, one to four units
Built for a rented house, condo, duplex or fourplex. It covers the building, your liability and lost rent on a form made for small rentals. At this size, a landlord insurance policy is usually the simpler fit.
Apartment building policy, five units and up
Built for apartment complexes and larger multifamily buildings. It puts the building, general liability and loss of rents in one commercial policy. You can add equipment breakdown, crime and higher limits, and a commercial umbrella sits on top.
What Apartment Building Insurance Covers
Four parts of an apartment owners policy, and what each one pays for.
Building and common areas
The structure, roofs, hallways, pools, clubhouses and parking areas, plus the appliances you supply in each unit. Your tenants insure their own belongings.
Loss of rents
The rent you lose while units sit empty after a covered fire, storm or water loss. It pays until the building is repaired, up to the limit you choose.
Premises liability
Injuries to tenants, guests and workers on your property, like a fall on a wet stairwell or a broken railing. It pays the defense and any settlement.
Wind and flood
Florida buildings usually carry a separate percentage deductible for hurricanes. Flood is excluded, and the building needs its own flood policy.
Apartment Building Claims Florida Owners Face
Four losses that start in one unit or one hallway, and the part of the policy that answers each one.
The situation
A grease fire in one kitchen spreads smoke through the third floor, and six units stay empty for two months.
What responds
Property coverage pays the repairs, and loss of rents pays what those six units would have earned.
The situation
A tenant's guest trips on a loose stair tread and breaks a wrist.
What responds
Premises liability pays the medical bills, your defense and a settlement, up to your limit.
The situation
A hurricane tears off part of the roof, and rain soaks the units below.
What responds
Wind coverage pays the roof and the interiors after the hurricane deductible, and loss of rents covers the empty units.
The situation
A tenant sues after a break-in and says the gate and the lights were not kept up.
What responds
Your liability coverage defends the claim, even when it has no merit.
What You Need for an Apartment Building Insurance Quote
- The address, the number of units and stories, and the year the building went up.
- The age of the roof and of the plumbing, electrical and HVAC systems.
- Your current rent roll and the rents you collect in a year.
- Your lender's insurance requirements and any claims from the last five years.
Which apartment building insurance companies write in Miami?
Several A-rated carriers write apartment buildings in Miami, and each one sets its own rules on building age, roof condition and distance from the coast. As an independent agency based in Kendall, American US Insurance follows which of those carriers are accepting new buildings. We present your building to them at the same time and line up their wind deductibles, rent-loss limits and exclusions. Owners in Miami, Hialeah, Doral, Homestead and Fort Lauderdale get one side-by-side comparison instead of five separate applications.
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Read More →Get an Apartment Building Insurance Quote
Tell us about your building, units, and lender requirements. We compare A-rated carriers on wind, flood, and loss of rents to secure the best deductibles.
- No obligation, no pressure
- Renewal and claims help after you buy
- A licensed agent compares carriers
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