Habitational Insurance
Denver, Hickory, Lincolnton, Maiden, Mooresville, Mount Airy, Mount Holly, Pilot Mountain, Shelby, Statesville, West Jefferson, Wilkesboro, Winston Salem, Yadkinville

Habitational insurance is beneficial because it protects not only the commercial residential property, but it can protect interior furnishings as well.

Habitational Insurance

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Please note: coverage cannot be bound or altered online. A service representative will need to contact you to finalize your request.

What is habitational insurance?

At first glance, habitational insurance may sound like another term for home insurance, but it isn’t. You may have also heard this type of insurance referred to as landlord insurance. Regardless of what term you use, habitational insurance can protect you as an owner of a commercial residential property. If you rent out homes, apartments, boarding houses, condos, hotels, or other types of residential properties, habitational insurance is for you.

Habitational insurance is beneficial because it protects not only the property, but it can protect interior furnishings as well.

Your commercial residential property is unique, and you can tailor a policy to reflect its unique needs. Some habitational coverage options include the following:

General liability — covers the cost of property damage or bodily injury that occurs on your business property or as a result of your products, services, or advertising.

Wind, fire, and storm damage — if your property is damaged or destroyed by wind, fire, or a storm, this coverage can help you cover significant expenses. Depending on your area, you may also consider earthquake and flood coverage.

Vandalism and theft — vandalism often requires its own separate coverage as it can be extensive and expensive to repair. You may also be responsible if one of your resident’s property is stolen while it is on your business’s premises.

Signage — Outdoor signs may not be covered by a typical habitational insurance policy. Signage coverage can cover damage done by inclement weather, fire, vandalism, and theft.

Equipment breakdown — Expensive equipment and appliances like central AC units and fridges may suddenly break. Equipment breakdown coverage will help if you aren’t able to afford the sudden replacement of integral equipment.

Environmental cleanup — if any of your tenants are injured or become ill due to pollutants like mold in your property, then you may be faced with litigation. Environmental cleanup coverage can cover cleanup costs and bodily injury.

Who needs a habitational insurance policy?

Habitational insurance is essential for anyone who owns and operates a commercial residential property, regardless of how many tenants you have.

Examples of properties that qualify for habitational insurance include:

  • Condos
  • Student Dormitories
  • Townhomes
  • Boarding Houses
  • Apartments
  • Rental Homes
  • Hotels
  • Timeshares
  • B&B’s

How can I reduce my risk as a landlord?

Maintaining an active insurance policy is important, but you can also reduce your habitational insurance risks to keep your premiums down. The top risks you need to be aware of are fire, swimming pools, water damage, slips and trips, and playgrounds.

Land Lord Risks include: fire, water damage, injuries, playgrounds, and pools

Fire

The best way to prevent costs incurred by a fire is to take preventative measures. Equipping all rental units with working smoke alarms and regularly maintaining the alarms is key.  

The National Fire Protection Association (NFPA) recommends replacing your smoke alarms every ten years and changing the batteries in each alarm at least once a year. You can create an extensive, interconnected net by making sure you have fire alarms in each bedroom, outside each sleeping area, in the living space, and one at least ten feet from the nearest cooking appliance in the kitchen. Make sure to follow the manufacturer’s instructions for installing and maintaining the alarms you have purchased.  

Click here to read more details on installing, testing, and maintaining smoke alarms.

Swimming Pools

While swimming pools may attract tenants to your property, it’s vital you follow proper health codes and implement safety measures to keep your tenants safe. If you’re unsure of your local health codes, you can check with your city, county, or state health department.

You can minimize risk by keeping the proper rescue equipment in place and putting up clear, readable signs with the pool rules. Prevent accidents by maintaining a high-quality fence around the pool.

Water Damage

Water damage can be a difficult risk to keep track of. Whenever you enter the premises, keep an eye open for any puddles, stains, or mold. You can also make tenants aware of what water damage can look like so they can report to you if necessary.

Slips, Trips, and Falls

Keep your tenants safe by fixing any uneven floors, walkways, and sidewalks. Minimize any tripping hazards such as worn carpet. In the winter — if there is snow and ice — clear walkways as necessary.

Playgrounds

The best advice for maintaining a safe playground is to follow the guidelines put out by the United States Consumer Product Safety Commission. Their checklist outlines what a safe playground looks like in an easy to read and follow manner.

You can also take preventative measures by frequently inspecting your property’s electrical, plumbing, appliances, HVAC, and roofing, and updating them as needed.

As professionals in the field of habitational insurance, we make it our business to know you and your concerns. We spend time learning and listening to better serve you, our clients.

You’ve worked hard to build your business. The next step is to protect it. We’ll assess what your risks are and help you tailor an insurance policy for your business.

We’d love to chat with you. Contact us today!

Frequently Asked Questions

  • How can I lower my commercial property insurance premiums?

    You can lower your premiums by improving security measures, such as installing security systems, fire alarms, and sprinklers. Additionally, regularly reviewing your policy and comparing quotes can help you find cost-effective options.

  • Are floods and earthquakes covered under standard commercial property insurance?

    No, floods and earthquakes are typically not covered under standard commercial property insurance. Separate policies are available for these types of coverage.

  • What does commercial property insurance typically cover?

    Commercial property insurance typically covers damage or loss due to fire, theft, vandalism, natural disasters, and more. It includes buildings, equipment, inventory, and outdoor signs.

  • What risks does rafting insurance cover?

    Every rafting insurance policy is unique, meaning every policy premium will also be unique. Because there’s so much variation between rafting businesses, there’s no precise estimate for your premium. However, we can tell you what factors may influence how much you pay.

    • Your business’s location
    • Claims history
    • Size of your operation
    • Number of employees
    • Your chosen deductible
    • Amount of coverage you choose
  • What risks does rafting insurance cover?

    Even if your guests have signed a waiver, you risk a lawsuit or liability claim if something goes wrong on your excursions. We provide coverage solutions for a variety of exposures faced by white water rafting outfitters and guides, including:

    • Equipment rentals
    • Guided water trips
    • Office/facility for rental purchases and instruction
    • Equipment storage areas
    • Transportation to and from the water
    • Food and beverage concessions
    • Instruction
    • Camping
    • Hiking
    • Retail sales
  • What type of rafting insurance do I need?

    The exact coverage you need will vary based on your business’s operations. However, some types of insurance can benefit almost every rafting business.

    • General Liability – Protects your company against bodily injuries, property damage, product damage, and more.
    • Commercial Auto – Even if you use a personal vehicle for work, a personal auto insurance policy doesn’t cover the car while it’s used for work purposes.
    • Watercraft and Boat Liability – Can cover costs for boat repair or replacement, damage to someone else’s property, and medical bills when people are injured.
    • Retail Property Coverage – Offers commercial structures, business personal property, and machinery protection.
    • Inland Marine Equipment Coverage – You can protect stored equipment in an off-site location and any equipment you’re transporting.
    • Workers Compensation – If any employees are injured or become ill on the job, this insurance can cover the payment of their medical expenses, lost wages, and rehabilitation costs.
  • Do I need rafting outfitter and guide insurance?

    Do you rent rafts or give rafting lessons? Do you guide clients across waterways or downriver? Or are you hosting a special event that includes rafting? If yes, you should consider purchasing a rafting insurance policy.

  • What is food manufacturing insurance?

    Food manufacturing insurance covers a wide range of policies available to help protect against the risks faced by food and beverage manufacturers and bakeries. There isn't a single bakery insurance policy that covers your entire range of risks instead, policies are tailored to fit the specific needs of your company! Your business is unique, which means your insurance needs to be unique as well. There are coverage options for every type of food manufacturer or processor you can imagine. Some examples include:

    • Commercial Bakeries
    • Dairy Processors
    • Grain Millers
    • Meat Processors
    • Nut Hullers
    • Pasta Manufacturers
    • Poultry Processors
    • Frozen Food Manufacturers
    • Breweries
    • Confectionaries
  • What is farm and ranch liability coverage? 

    Farm liability coverage is different from general liability coverage, even though they sound very similar. General liability is just that  general. Farm liability can be broken down further into more specific coverages. Here are a few types of specific liability policies available for different agricultural industries. 

    • Farmers Market/Roadside Stand
    • Agritourism/Agritainment
    • Equine Operations 
    • Farm & Agricultural Pollution 
    • Seedmen's Error & Omissions
    • Liquor Liability
  • Who needs family fun center insurance?

    Every family entertainment center can benefit from a customized  insurance policy. If you're wondering whether your business qualifies as a family fun center, the following definition may help. Family fun centers are businesses with games, devices, and attractions designed and manufactured only for the bona fide amusement purposes of the general public. Some examples of businesses and operations covered by family fun center insurance include:

    • Trampoline Parks
    • Obstacle Courses
    • Bowling Alleys
    • Ice Skating Rinks
    • Roller Skating Rinks
    • Miniature Golf
    • Batting Cages
    • Go-Kart Facilities
    • Outdoor Driving Ranges
    • Ride Simulators
    • Escape Rooms
    • Indoor Laser Tag
    • Arcades
  • What does professional liability insurance look like?

    Not every professional liability insurance policy looks the same. Claims-made and occurrence policies are the two most common coverage options. While both give you a second line of defense, they have fundamental differences.

    1. Claims-made policies only cover a claim if both the service or advice was provided and the lawsuit was filed while the policy was active.
    2. Occurrence policies will cover claims that take place during the coverage period, even if the treatment did not occur during the active policy.
  • What does family entertainment center insurance cover?

    Family entertainment center insurance policies generally cover the same things.

    • General Liability
    • Commercial Property
    • Commercial Auto
    • Workers Compensation
  • What does dude ranch insurance cover?

    Guest ranch insurance policies generally cover the same things.

    • General Liability
    • Commercial Property
    • Mobile Equipment Coverage
    • Commercial Auto
    • Crime Coverage
    • Workers Compensation
    • Abuse and Molestation
  • What is captive insurance?

    A captive insurer offers insurance policies created explicitly for a specific industry by a specific industry. Captive insurance is unique because the companies are entirely owned and operated by the insureds.

    Captive insurance agencies are organized and used by insureds when the standard products offered by traditional insurance companies don't meet the risk financing needs of the insureds. While it can be a good alternative insurance option, there are a couple of things to keep in mind.

    1. Those who participate in captive insurance put their own capital at risk
    2. Captive insurance works outside of the commercial insurance marketplace

    Advantages of captive insurance

    • Coverage is often tailored to the exact needs of an industry.
    • Well-established captive insurers have a greater ability to retain risk and protect against rapid fluctuations occurring in the commercial market.
    • Participants have ownership of the company and have a say in business services and decisions.
    • You don't have to pay an overhead covering a commercial insurer's acquisition costs, admin, overhead, and profit.
    • Improve cash flow through reduced insurance costs, insulation from market fluctuations, and more time available for you to spend focused on your business.
    • Insurance programs and policies can be customizable.
  • What does a BOP cover?

    A BOP might be an excellent insurance solutions for your small business because it allows you to get several critical policies within one place. Most offer:

    • Property & Contents Insurance 
    • General Liability Insurance
    • Business Interruption Insurance
    • Cyber liability insurance
    • EPLI coverage
    • professional liability (E&O) coverage
    • D&O coverage

    Let your agent help you decide the right way to obtain this additional coverage.

  • What insurance do bakeries and food processors need?

    The exact coverage you decide on will vary based on your business's needs and risks. However, a few types of food manufacturing and bakery insurance coverage we recommend including the following:

    • General Liability
    • Commercial Property 
    • Bakery Manufacturing Insurance  
    • Bakery Equipment
    • Equipment Breakdown
    • Spoilage Coverage
    • Workers Compensation
    • Commercial Auto
  • How much will haunted house insurance cost?

    The best way to answer this question is, It depends. Your premium will depend on how much risk you're willing to carry, combined with factors that determine how much risk your haunted house faces. Some of these risk-determining factors include:

    • How many attendees your haunted house has per day.
    • Estimated gross sales receipts.
    • Payroll.
    • Whether your haunted attraction is indoors, outdoors, or a combination of the two.
    • Staff and volunteers trained in first aid.
    • Location of the closest medical facility.
    • Number and type of special effects that are used throughout the haunt.
  • What does medical liability insurance look like?

    Claims-made and occurrence policies are the two most common coverage options. While both give you a second line of defense, they have key differences.

    Claims-made policies only cover a claim if both the treatment occurred and the lawsuit was filed while the policy was active.

    Occurrence policies will cover claims that take place during the coverage period, even if the treatment did not occur during the active policy.

  • What does haunted house insurance cover?

    You can buy many types of haunt insurance, but what's included in your policy depends on what you need. Not every haunted house is the same, and your insurance is the same way.

    • General Liability
    • Commercial Property
    • Inland Marine
    • Commercial Auto
    • Workers Compensation
  • How much does hospitality insurance cost?

    Unfortunately, there's no single estimate. You run a unique business with lots of different factors affecting your premiums. These factors include:

    • Your business's location
    • Additional services and activities offered
    • Square footage of your hospitality business
    • Presence of a pool
    • The type of food and drink you serve
    • How long your business has existed
    • Your hours of operation
    • The age of your building
    • Number of employees
    • Type of fire and security systems