How to Get Property Insurance for an Apartment Building

Nate Jones, CPCU, ARM, CLCS, AU
Jan 21
2 min read

Owning an apartment building comes with significant financial responsibility, and one of the most important protections you can have is apartment property insurance. Whether you own a small multifamily property or a large apartment complex, knowing how to properly insure your building helps protect your investment and ensures business continuity after a loss.

Here’s a step‑by‑step guide on how to get property insurance for an apartment building.

1. Understand What Apartment Property Insurance Covers

Apartment building insurance is designed to protect the physical structure of your property and related risks. Coverage typically includes:

The building structure (walls, roof, foundations)
Fire, wind, hail, and storm damage
Vandalism or theft
Loss of rental income (business interruption)

Many policies also allow optional endorsements for ordinance & law coverage, equipment breakdown, and flood or earthquake protection depending on location.

2. Gather the Information Needed for a Quote

Insurance companies require specific details before issuing an apartment building insurance quote, including:

Year built and construction type
Number of units
Occupancy (market‑rate, mixed‑use, or subsidised)
Total building square footage
Roof age and major system updates
Prior insurance claims

Having this information ready speeds up the quote process.

3. Choose the Right Coverage Limits

Apartment owners often choose between actual cash value and replacement cost coverage. Replacement cost coverage is typically recommended to fully rebuild the property after a loss without depreciation.

Under insuring can result in significant out‑of‑pocket costs, so coverage limits should reflect current construction values.

4. Work With a Specialised Insurance Agency

Not all insurers write apartment properties, and not all agents understand multifamily risks. Working with an agency that specialises in apartment property insurance gives you access to the right carriers, broader coverage options, and competitive pricing.

Wexford Insurance works with insurance companies that insure apartment buildings across the nation. We help property owners compare options and secure coverage tailored to their building.