Multi-Family Complexes – What Can Your Insurance Coverage Do For You?
For millions across the U.S., choosing the apartment/condominium lifestyle brings with it many perks that homeownership does not, with simplicity being at the top of the list. But whether you own, manage or reside in one of these facility types, proper insurance coverage is not something you can escape. In fact, making sure the right insurance plan is in place is often more complex than the average homeowners policy.
“As a roofing contractor that specializes in helping our clients navigate the complexities of insurance claims, we work with a number of multi-tenant property owners and managers who don’t have the time to sift through the details of their policies to determine their coverage,” said David Lewgood, vice president of Turnkey Engineering, Construction and Roofing. “Policies these days can be pretty intricate and many property owners and managers can miss out on coverage they are entitled to not only repair and/or replace but also ultimately improve the preventative maintenance of their buildings,” he added.
For example, basic coverage includes only a limited group of covered causes of loss including fire, lightning, wind and hail. “You have to really read the fine print because hail, for instance, is excluded in some hurricane prone areas,” David explained. “Working in the Atlanta area, we see a great deal of hail damage to roofing that if left unrepaired can turn into a major nightmare down the road for the property owner even if it seems like mild hail damage ,” he added.
There are additional levels of insurance coverage that are more inclusive, however, including broad form coverage, which expands the list to include falling objects, weight of snow, ice or sleet, and water damage, to name a few. “This is a more inclusive level of coverage that allows us more room to advocate for our clients,” David shared. “However, no matter the level of coverage, we are better equipped to get the most out of the policy for our property owners because we do this on a daily basis and know the ins and outs of coverage,” he added.
For a full depth review of the many facets of this topic, check out the link below to read an article in the current issue of Adjusting Today in which expert Paul O. Dudey takes an in-depth look at insurance coverage for those who own, manage or reside in cooperative or rental apartments, or condominiums. The author discusses the differences between the three, the various risks to which they are exposed, and the coverages available to protect them. http://www.adjustersinternational.com/AdjustingToday/ATfullinfo.cfm?start=1&page_no=1&pdfID=16
Turnkey Engineering, Construction and Roofing is a woman owned business headquartered in Atlanta, Georgia, that provides engineering, construction and roofing services throughout the greater Atlanta area. The team consists of professionals have more than 50 years of experience in commercial and residential construction. Turnkey offers a comprehensive list of services from the simplest to the most complex of general contracting services within the residential and commercial markets. More information can be found at http://turnkeyga.com.