Habitational Property Owners

Managing an apartment building, condominium complex or other multiple rental property in Massachusetts comes with an array of risks. Habitational property owners insurance from O’Connor & Co. Insurance Agency can provide protection from fire, storms, tenant damage, loss of rental income and other risks.

Many factors must be considered when designing an appropriate habitational insurance policy, such as the number of rental units and building condition. Typical Massachusetts habitational property owners insurance policies include:

  • General liability insurance to protect you if a tenant or guest is injured or suffers property damage in your rental property. Policies can provide for medical costs as well as legal fees and other expenses in the event of a lawsuit.
  • General property insurance to cover the building itself, including flooring, fixtures and other fixed interior features. Additional insurance may be added to ensure adequate boiler, HVAC and mechanical system coverage.
  • Loss of rental income assistance if any units are rendered uninhabitable by a fire or other damage.

Policyholders should be aware of the limits of their habitational property owners insurance coverage: flood protection, for example, requires the purchase of a separate flood insurance policy. Certain environmental hazards such as mold and lead paint are also not typically covered in a standard policy, but special endorsements may be added.

An O’Connor & Co. Insurance agent can examine your Massachusetts rental property to help you develop the best habitational property owners insurance policy for your needs.