For Apartment, multifamily, mixed-use, condo, and co-op building owners
Habitational insurance: what building owners should prepare
A practical package of building, occupancy, value, protection, and loss information that helps a broker approach the market.
Start with one reliable property schedule
An underwriter needs a consistent record for every premises. Keep the legal named insured and mailing address separate from the address of each building. For every location, record units, stories, square footage, year built, construction, occupancy, commercial tenants, and whether any space is vacant.
When different spreadsheets and applications disagree, resolve the difference before sending the submission. A clean schedule is more useful than a large pile of documents with conflicting values.
Document building systems and protection
- Roof type, age, and latest replacement or major repair
- Electrical service and known updates
- Plumbing supply and waste-pipe updates
- Heating equipment and fuel
- Sprinkler coverage, alarm monitoring, fire escapes, extinguishers, and hydrant proximity
- Elevators, boilers, and other pressure or mechanical equipment
Support the values
Building replacement cost is not the same as purchase price, tax value, or outstanding mortgage. Use a defensible valuation method and identify the source and date. Separately estimate rental value or business income and the time it could take to repair or rebuild after a covered loss.
Order loss runs early
Request currently valued loss runs from each relevant carrier and policy period. Review open claims, descriptions, reserves, and corrective work. If a loss involved a building condition, include concise evidence of completed remediation when available.
Explain changes before the market asks
- Acquisitions or sales
- New commercial tenants or cooking exposure
- Renovation or construction
- Vacancy or change in occupancy
- Lender, management, or ownership changes
- New claims or open risk-control recommendations