| By :
Mark Etinger
If you own a home, chances are you have a home insurance policy. If you don't own a home but a whole apartment building, you really need to jump on the landlord insurance train. Maybe you manage an apartment building, or a whole building complex or even If you operate a commercial building, small or large hotel or work as the manager for a school Landlord insurance can protect you against flooding, fires, and many other disasters that, unless you're a millionaire, you cannot hope to recover from financially. Your insurance will help you and your tenants to get back to your regular life after a disaster of such magnitude. But landlord insurance can be expensive. That's why there are discounts on the insurance if you add certain things to your building. For example, if you add smoke detectors and fire extinguishers to every floor in your building, you can be eligible for a discount on your monthly insurance premium. There are other ways to get discounts on this insurance. One of which is by having a sump pump installed. Since sump pumps are designed to help protect against flooding, this will also lower the monthly bill you get for insurance. There are obviously exceptions to this rule. Some insurance companies won't cover you unless you call in a sump pump repair company every 6 months. Others require sump pump maintenance to be performed only once a year. There are some landlord insurance companies that do not cover you for a flood caused by ground water; this is especially frustrating to those who own a building that sits below the water table (like many in New York City!) Read your policy carefully and ask your insurance agent if anything is unclear. It is better to pester them with questions than to be hung out to dry, so to speak, later on down the line. Also, when reading your policy, check on any clauses that mention sump pump failure coverage. This goes hand in hand with the sump pump repair clause. Regardless of if you do or do not need get your pump checked out every few months, if it fails to do what it's supposed to do, you need to be sure that your insurance still covers it. You don't want a lot of angry tenants asking why you raised the rent and why their basement got flooded! A lot of fine print in your policy will exclude you from any rights to remuneration if you do not purchase the extra coverage. So I highly suggest you go ahead and do it. It may seem that between the purchase of extra coverage and the cost of a sump pump repair company that installing a sump pump is not necessarily a money saving venture for your apartment building. But when you think of the alternative, a basement under water, a lot of angry tenants, and possibly extensive damage to your building and it's foundation, it is most definitely worth the extra money!
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