Property management firms are in a business that may see an awful lot of turnover because people become dissatisfied with where they are living. The owners of apartment buildings must maintain a clean and safe facility in order to retain tenants, and the renters of those residences must be satisfied that everything is being done to constantly improve their living conditions, particularly those with small children. Protecting those tenants and their property with New Jersey real estate insurance is vital to continued success.
General liability is the foundation of any business plan
General liability is the best type of basic business insurance and should be carried by all property management firms. This coverage protects against many financial problems that can be caused when tenants or their guests become injured, or experience property damage while they are on the premises.
Attending promptly to such things as inadequate lighting, both inside the hallways and stairwells and outside around parking lots and entrances, as well as making repairs to, or replacing, deteriorated carpets, sidewalks, and driveways can help reduce the possibility of accidents leading to injuries.
In addition, installation of anti-slip materials on stairs, in lobbies and hallways, as well as showers or bathtubs will be equally helpful in maintaining safer living conditions. All complexes should also have adequate fire protection equipment and alarm systems and smoke detectors, which a competent safety engineer can advise on.
Security should be part of risk management
Having security personnel, especially in areas where crime is a concern, is also recommended. These security officers should be properly trained and supervised. Residents who are concerned with issues such as assault, rape or robbery by outsiders will realize the value this added service provides. Plus, residents may be able to recover damages from apartment owners for failure to maintain adequate security.
Premises liability is the section of the general liability policy that protects tenants if they come to physical harm while they’re on the premises. It has long been established in courts that unit owners or co-op residents (even though they are co-owners of the apartment complex), have the right to sue their owners in common and their association or management for bodily injury or property damage due to any alleged negligence.
In addition, premises liability coverage will pay for any medical bills or rehabilitation services that might also be required. New Jersey real estate insurance programs for apartment owners include general liability, property, and loss of rents, equipment breakdown, pollution liability, and more. Speak to an agent today about any insurance questions or concerns.