With all the differences in apartment owners insurance, you should really check out what your needs are. Better, get a good insurance agent that knows his way around your states insurance code so that you get the right coverage for your rental property investment. The main two differences you should concern yourself with are general liability and property coverage.
There are some key elements in each of these that you should know. If you don’t, then you can find yourself in some real trouble. In the worst case scenario, you can find yourself losing everything because you have either been under insured or not insured correctly.
Property Coverage is the most expensive insurance policy that a rental property owner can have. Property insurance covers loss to building and contents due the perils of fire, wind, theft, vandalism, and that is one reason it is the most expensive. The second most expensive of the policies you will see as a rental property owner is General Liability.
General Liability Insurance for property owners, you will see the following risks associated with it; type of occupancy; existence of incidental business occupancies; experience of property manager; fire safety; tenant security; and the existence of ponds / lakes / rivers, playgrounds, swimming pools, basketball courts, and other structures on premises. Contact an agent to know for all of the differences and what you need to know when working with general liability or property coverage insurance.