Owning an apartment building can be a lucrative venture, but it comes with inherent risks. From unexpected property damage to liability claims, a single unforeseen event can lead to significant financial setbacks. This is where apartment owner’s insurance becomes not just a safeguard, but a vital component of responsible property management. Beyond covering the physical structure, these comprehensive policies typically offer protection against a range of perils, including fire, vandalism, and natural disasters, as well as crucial liability coverage for incidents occurring on the property. Furthermore, they can provide for loss of rental income if units become uninhabitable due to a covered event, ensuring your financial stability even when your property isn’t generating revenue. read more

Introduction:

The hardening of the personal and commercial property insurance market refers to a trend of stricter underwriting standards, reduced coverage options, and increased premiums. Insurance carriers are becoming more cautious due to factors like catastrophic events, climate change, and rising litigation costs. In response, some insurance carriers have implemented moratoriums, temporarily suspending or limiting coverage in specific areas or for certain types of risks. These moratoriums aim to manage the carriers’ risk exposure and ensure the sustainability of their operations in the face of challenging market conditions. read more

What you should know about flood insurance:

You’ve probably heard this horror story before — someone loses a home due to a flood and learns after the fact that standard homeowners insurance doesn’t cover flood damage.

At Sparrow General Insurance Agency we want you to be educated about all of the risks you may face – before a loss occurs – so you can determine what insurance coverage is appropriate. Spring is a prime season for flooding, so now is a good time to review your options. read more