Over the last decade, there has been a large push among commercial developers to build multi-family homes. This structure allows investors to see bigger returns than other commercial options. What’s more, it creates a perfect scenario for members of the planned development to come together and create a board to oversee the daily operations and long-term goals of the community. One key aspect of running such a development is taking out appropriate insurance coverage. Look over these points to learn more.
Review the Options
When it comes to planned unit development insurance, you want to be sure you are considering any and all potential risks while putting together a plan. This means extending coverage beyond general liability and looking at where you may see potential issues down the line. For many developments, directors and officers coverage can also be invaluable. Should there be a mistake on the part of an officer or member of the board, this policy will ensure the damage done is minimal. Other areas to consider include:
- Crime insurance coverage
- Cyber liability options
- Commercial liability protections
Find the Right Fit
By taking time to understand what makes for an excellent insurance policy for a planned unit development, you can increase the odds of fully protecting your investment. Review the basics and see how a sensible plan can help you cover all your bases.