It is important to protect an investment if you want it to be profitable. If you own a rental building, that means getting the right property insurance to cover possible losses. Insurance for apartments, condominiums, and houses can be broken down into three categories: building, personal property and income.

Building coverage is essential because it covers the actual structure, much like home owner’s insurance. It can cover damage caused by fire, vandalism, hail and lightning. Acts of nature, such as floods and earthquakes, usually are not included in basic policies.

Personal property coverage is valuable because it includes anything purchased for the building, including stoves, refrigerators, permanent machinery and even fixtures. Exterior goods can also be considered, such as bushes and trees. Owners may want to cover potential losses for their renters, as well.

Insurance coverage can also accommodate income loss. Because you rely on the rental units for income, a disruption can be a hardship. If you want to protect your ability to have revenue after a major loss, business income insurance can replace your earnings for an extended period of time.

If you have a disaster, whether large or small, property insurance for your complex can protect not only the building, but the surroundings as well. A carefully planned policy can also keep your income flowing while you put everything back in order.