What Are the Best Insurance Companies for Apartment Building Owners?

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The hefty investments that come with owning an apartment building can be mitigated by transferring some of the risks to an insurance company. But, with so many options on the market, how do you know which one is the best for your needs?

We spent hours researching the best insurance companies for apartment building owners, so you don't have to. We considered coverage options, customer satisfaction, financial stability, and more to find the ones that will give you the most comprehensive protection.

Whether you're insuring a small complex or a high-rise, these are the companies that will give you the coverage you need to protect your investment.

Recommended Policy Types for Apartment Owners and What They Cover

Type of Insurance	What It Covers
Property insurance	Protects your business from third-party claims of bodily injury, property damage, and personal injury (like defamation or false imprisonment).
Liability insurance	Protects you from claims of bodily injury or property damage caused by you or your employees. It can also cover medical expenses if someone is injured on your property.
Business income insurance	Helps reimburse you for lost income and extra expenses incurred if your business is interrupted by a covered loss.
Equipment breakdown insurance	Protects you from the cost of repairing or replacing equipment that breaks down due to normal wear and tear.
Flood Insurance	Covers damage caused by flooding, which is not typically covered by property insurance policies.
Workers' compensation insurance	Provides benefits to employees who are injured or become ill as a result of their job.
Umbrella insurance	Provides additional liability coverage above the limits of your other policies.

The Best Insurance Companies for Apartment Building Owners

Here are some of the top companies providing insurance to apartment building owners:

#1 Travelers

★★★★★ - Elemental Risk Rating

You'll love Travelers if you're looking for comprehensive coverage and excellent customer service.

Travelers Insurance is one of the US's oldest and most well-established insurance companies. They offer many policies for apartment building owners, including property, liability, business income, equipment breakdown, and workers' compensation insurance. They also have a strong financial rating and are known for their excellent customer service.

Besides being the go-to insurer for many business types, including apartment buildings, Travelers is also a great choice for anyone looking for comprehensive protection. They offer both standard and custom coverage options so that you can tailor your policy to your specific needs.

#2 Midwest Family Mutual

★★★★ - Elemental Risk Rating

Founded in 1981, Midwest Family Mutual is one of the oldest insurance companies in the US. The company has consistently received high marks for its financial stability and customer service.

Midwest Family Mutual Insurance offers a variety of insurance plans for apartment owners. Their website provides a detailed overview of their coverage options, as well as quotes for various levels of coverage. Their plans are designed to protect apartment owners from a variety of risks, including fire, theft, and liability. They also offer discounts for multiple units and for safety features such as smoke detectors and sprinkler systems.

We recommend Midwest Family Mutual to apartment owners who are looking for comprehensive coverage and outstanding customer service.

#3 Liberty Mutual

★★★★ - Elemental Risk Rating

One of the most adored insurers in the United States, Liberty Mutual has a long list of happy customers.

The company was founded in 1912 and has since grown to become one of the largest insurance companies in the world. They offer a wide range of coverages for both personal and business needs, including property, liability, automobile, workers' compensation, and more.

Liberty Mutual is a great choice for apartment building owners who are looking for comprehensive coverage. The insurer offers both standard and custom coverage options, so you can tailor your policy to your specific needs. They also have a strong financial rating and are known for their excellent customer service.

Comparing Insurance Quotes

When you're shopping for insurance, it's important to compare quotes from multiple companies. This will help you find the best coverage at the most affordable price.

There are a few things to keep in mind when comparing quotes:

Make sure you're comparing apples to apples. In other words, make sure the coverage levels are the same.
Ask about discounts. Many insurers offer discounts for things like safety features, multiple units, and more.
Get quotes from different types of insurance companies. Some companies specialize in business insurance, while others focus on personal insurance.

Bottom Line: Which is the Best Insurance Company for Apartment Building Owners?

There is no one-size-fits-all answer to this question. The best insurance company for you will depend on your specific needs and preferences.

However, we recommend Travelers, Midwest Family Mutual, and Liberty Mutual as great choices for apartment building owners. These companies offer comprehensive coverage, outstanding customer service, and competitive prices.