Yes, you need to consider special insurance needs if you live in an apartment.

You may own or rent an apartment. This structure is one or more rooms of a building used as a place to live, in a building containing at least one other unit used for the same purpose.

Your dwelling has, at least, cooking facilities, a bathroom, and a place to sleep. Those who live in these units pay rent for their use, usually on a monthly basis. It has become more common for apartments to be sold.

If you own or rent an apartment then you are responsible for insuring your contents and additional living expenses. If you own the apartment then you also have to insure the individual unit structure of the building.

An apartment building is insured under commercial insurance. There are special areas of concern that you need to consider. What happens if there is a claim? Will you have funds to pay the mortgage, taxes and other standing charges that you have as a building owner?

Have you kept your insurance policy up-to-date for the value of your building? Do you confirm that your tenants all have their own insurance for contents and liability?

Other concerns include tenants being monitored for the storage of flammable items, perishables and fuel, paint and explosives in garages or storage areas. Storage areas need to have limitations clearly stated for clearance and height of items.

The insurance answer

Apartment living or ownership has specific insurance needs. Talk over your requirements with your agent or broker. Take control of your insurance.