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What You Get
- Protected income
- Protected employees and tenants
- Protected property
- Complete peace of mind
Why You Need It
- Protection from natural disasters, like earthquakes or floods
- Cover risks related to weather, wear-and-tear, litigation, and tenant accidents
Commercial multifamily buildings usually have varying risk and insurance requirements. Although personal lines insurance also covers four-plexes, this type of structure falls under commercial lines insurance that provides coverage for four-plexes and larger multifamily properties.
As compared to single family homes, multifamily properties are exposed to a higher risk since there is more than one family living in the structure. Multifamily insurance premium is affected by several factors such as the age and type of wiring, plumbing, heating, type of construction and firewalls. This insurance should help you cover charges resulting from the potential risks like disasters, vandalism, injuries to others, lost earnings and liability claims.
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