How to Request Insurance for a 24-Unit Apartment Building

Owners are often surprised by how much an underwriter wants to know about a 24-unit building. The good news: the list is predictable. Send a complete package up front and you get more carriers interested, fewer follow-up questions, and a quote you can compare line by line.

Step 1: Gather the building facts

• Address of every building on the property, and units per building
• Year built and construction type — frame, joisted masonry, masonry non-combustible or fire-resistive
• Number of stories and total square footage
• Roof type and the year it was last replaced
• Years of electrical, plumbing and HVAC updates, with the type of wiring and supply lines
• Sprinklers, fire alarms, smoke detectors and security systems

Step 2: Bring the financial picture

• Rent roll showing occupancy and monthly rents
• Loss runs for the last five years from your current carrier — request them early, carriers can take a couple of weeks
• Current declarations page, so we can see what you have today
• Any lender requirements: limits, deductibles, mortgagee clause, loss of rents period

Step 3: Decide what you want quoted

Tell us which coverages you want and at what limits, or ask us to show options:

1. Building limit and valuation (replacement cost or actual cash value)
2. Deductible, including any separate wind or hail deductible
3. Liability limits and whether you want an umbrella
4. Loss of rents period
5. Equipment breakdown and ordinance or law

Step 4: Describe the operations

How is the property managed? Is there a pool, playground, fitness room or laundry? Are any units furnished, short-term rentals or subsidized? Are there commercial tenants on the ground floor? Each of these changes which carriers fit.

Step 5: Share photos

Exterior photos of each building, the roof, stairs and walkways, parking and amenities help underwriters say yes faster — especially for older properties.

Common reasons quotes stall

• Missing loss runs
• No dates for roof or system updates
• Vacancy above the carrier’s threshold, or planned renovations not mentioned
• Short-term rental units not disclosed

Next step

When you have the package together, send it through the form on our apartment building insurance page or by WhatsApp. If something is missing, send what you have and we will tell you what else the carriers need.