We Help Apartment Owners Protect Their Assets & Increase Their Profit
Apartment fires (and other losses) happen all of the time. You see it on the news so often. When an apartment building goes up in flames or is devastated by another major loss, it has a major impact. As an apartment owner and investor, you not only have to worry about building repairs but also liability exposure and loss of income. That's why we make sure apartment owners have an adequate amount of building or property insurance, liability insurance, and business income insurance.
In addition to basic building, liability, and income coverage, Apartment Owners or investors in Georgia must consider ordinance and law insurance coverage. Why do you need ordinance and law coverage? That's because the local building codes and statutes are constantly changing and there's a very good chance that the codes have been updated since your building was originally constructed. If your building is damaged and needs to be repaired or rebuilt, contractors are required by law to bring it up to code. This may include putting in sprinklers, making the building handicapped accessible, installing elevators, increasing the number of electrical outlets or the power to the building, etc, etc. Those are just a few of the many items that will have to be upgraded. Without ordinance or law coverage, you would be paying for all of these upgrades yourself. That's why we highly recommend making sure this is on your policy.
For Apartment Owners, having replacement cost loss settlement on your policy isn't enough. Replacement cost coverage is great, but it does not pay for fixing an undamaged portion of your building, demolition, or the increased cost of bringing your building up to code. Ordinance and law is a three part coverage and you purchase separate limits for each part:
Part A- is the coverage to rebuild the undamaged portion of the building.
Part B- is the coverage for the demolition cost of the undamaged portion of the building.
Part C is the cost for the increased cost of construction to bring the building up to the code of the local laws and ordinances.
Were you aware that in most areas in Georgia, a building owner is required to completely tear down a building if it is more than 50% damaged?Unless you have this important coverage there would be no coverage to tear down that undamaged portion, to rebuild it the way it was or to bring the building up to code. We're talking hundred and hundreds of thousands of dollars.
With such a huge benefit and upside, you're probably wondering, how much does this cost? It's actually very inexpensive, which makes it a must have for all Apartment Owners and Commercial Real Estate Investors.
It has taken you a long time to get to where you're at today. All it takes is one accident to ruin it all. Reach out to the Roberts Insurance Group today to make sure your assets and income streams are properly protected.
In addition to basic building, liability, and income coverage, Apartment Owners or investors in Georgia must consider ordinance and law insurance coverage. Why do you need ordinance and law coverage? That's because the local building codes and statutes are constantly changing and there's a very good chance that the codes have been updated since your building was originally constructed. If your building is damaged and needs to be repaired or rebuilt, contractors are required by law to bring it up to code. This may include putting in sprinklers, making the building handicapped accessible, installing elevators, increasing the number of electrical outlets or the power to the building, etc, etc. Those are just a few of the many items that will have to be upgraded. Without ordinance or law coverage, you would be paying for all of these upgrades yourself. That's why we highly recommend making sure this is on your policy.
For Apartment Owners, having replacement cost loss settlement on your policy isn't enough. Replacement cost coverage is great, but it does not pay for fixing an undamaged portion of your building, demolition, or the increased cost of bringing your building up to code. Ordinance and law is a three part coverage and you purchase separate limits for each part:
Part A- is the coverage to rebuild the undamaged portion of the building.
Part B- is the coverage for the demolition cost of the undamaged portion of the building.
Part C is the cost for the increased cost of construction to bring the building up to the code of the local laws and ordinances.
Were you aware that in most areas in Georgia, a building owner is required to completely tear down a building if it is more than 50% damaged?Unless you have this important coverage there would be no coverage to tear down that undamaged portion, to rebuild it the way it was or to bring the building up to code. We're talking hundred and hundreds of thousands of dollars.
With such a huge benefit and upside, you're probably wondering, how much does this cost? It's actually very inexpensive, which makes it a must have for all Apartment Owners and Commercial Real Estate Investors.
It has taken you a long time to get to where you're at today. All it takes is one accident to ruin it all. Reach out to the Roberts Insurance Group today to make sure your assets and income streams are properly protected.