Planned Unit Development communities are up and coming as a way to have a luxurious and comfortable place to live without the burden of homeownership. Of course, as someone who owns a PUD, it is important to have the proper insurance policies to protect yourself, your property, and your tenants.
What Is PUD Insurance?
PUD insurance is a list of policies that provide the protection you need as the owner of a planned development community. You should have several kinds of policies in place to ensure the most protection:
Crime Insurance – Whether employees or tenants commit a crime, you need crime insurance to protect yourself. This type of policy is essential in cases of forgery, fraud, or on-premises theft.
Commercial Umbrella Liability – Residents likely have renter’s insurance, but you still need a policy for common areas, such as lobbies or laundry areas. An umbrella policy protects you after disasters or vandalism.
Cyber Liability – More than ever is done online these days, which means you need to protect your network in case of a data breach. A cyber liability policy provides credit monitoring, pays fines, and defends you in court when necessary.
Directors & Officers Liability – This policy protects your management team and employees from liability issues related to wrongful acts claims related to not doing a job properly.
This quick guide will help you learn the basics, but if you need more details on what PUD insurance covers and why it is important for your development plans, check out this article for more information: https://www.kdisonline.com/insurance-programs-for-the-planned-unit-development-pud-market/.