What’s Covered in an Apartment Owners/Rental Dwelling Policy
Shelter’s Apartment Owners policy is designed for the owners of apartment buildings with four units or less, including duplexes and one-family rented dwellings. It helps you pay for damages caused by covered losses to your rental property, other buildings and personal property. Under one policy you can get protection for your:
- Property
- Business Liability
- Loss of Rent Income
Other coverages are also available.
Our Property Coverage includes coverage for owned buildings and other structures. For owned buildings, this coverage includes:
- Additions and extensions attached to building
- Material and supplies for use in construction, alteration or repair of the buildings
- Outdoor antennas on insured premises up to $200
- Fixtures and equipment constituting a permanent part of an apartment building and pertaining to service of the building
For other structures, it includes*:
- Yard fixtures
- Signs
- Inground swimming pools
(*Limitations apply)
We also provide coverage for Business Personal Property, Including:
- Business personal property owned by the insured and usual to the occupancy of an apartment building
- Furniture, fixtures and supplies
- Refrigeration and ventilation equipment
- Floor coverings
- Cooking, dishwashing and laundering equipment
- Outdoor furniture
Additional Coverages (Subject to Limitations) include:
- Automatic coverage on newly acquired property for 30 days (buildings and business property)
- Off-premises coverage
- Trees, shrubs, plants and lawns from certain specified perils
- Extra expense coverage
- Personal effects
- Debris removal
- Valuable papers and records
- Fire extinguisher recharge
- Elevator collision
- Fire department charges
- Emergency removal of property
Our dwelling policy may be written on a Standard Form or Special Form, depending on your needs. Standard Form property coverage may be written on a named perils basis for loss to buildings and business personal property for actual cash value. Special Form property coverage may be written to insure against accidental physical loss to buildings on a replacement cost basis and business personal property for actual cash value.
Business Liability (Standard and Special Forms) includes business liability protection for:
- Bodily injury legal liability
- Property damage legal liability
- Personal injury legal liability
- Premises medical payments
Optional coverages available include:
- Business computer coverage
- Sprinkler leakage
- Extended coverage for outdoor radio and television equipment
- Comprehensive personal liability coverage
- Earthquake damage assumption
- Trees, shrubs, plants and lawns—windstorm coverage
- Piers, bulkheads, wharves and docks coverage including collapse
- Replacement cost coverage, business personal property (Special Form only)
- Builders risk coverage
- Construction theft (Standard Form only)
Discounts
Shelter offers several generous apartment owners insurance discounts. They may not be offered in all states, or may be offered under different terms.
Heating System Discount
If a solid fuel heating device (wood, coal, etc.) isn't present, you can receive a discount. A conventional fireplace isn't considered a solid fuel heating device.
New Structure Discount
Homes under construction can receive a discount of up to 20% for one year. Homes completed and first occupied during the preceding calendar year are also eligible for a significant discount.
Protective Devices Credit
Get a discount for having the following devices on your property:
- An approved alarm system
- At least one fire or smoke alarm on each level of the dwelling
- Dead-bolt locks on all exterior doors and all accessible doors and windows
Additional Discounts
Additional discounts may be available. Talk to an agent for details.
What’s Not Covered
Typically, theft is not covered under an apartment owners/rental dwelling policy. This is because anything that might be stolen would most likely belong to whomever is renting the building. If their belongings are stolen, it would be their responsibility to replace them. If they have a renters insurance policy, it can help with that.
Visit our Apartment Owners Insurance page for more information about coverage options, discounts and covered losses and liabilities.
All coverage is subject to your policy provisions. Some types of property are not covered at all, and some types of losses are not covered. The policy purchased and the facts of each claim will control coverage. In the event of a conflict between the policy purchased and this brochure, the policy’s provisions will prevail.
The product information contained on this website is informational only and not a statement of contract. All coverage options are subject to the provisions of the policy purchased and details of the policyholder's situation.