Nashville's Metro Council is set to take a final vote on October 20 on a proposed 16-story, 311-unit building at 300 McCann Street. Big mixed and multifamily projects are changing the skyline across Tennessee, and each one brings insurance questions for the people who will own, rent, or live in them.
If You Buy a Condo in a High-Rise
You will need an HO-6 policy. The association's master policy covers the building structure and common areas, but your interior finishes, belongings, and personal liability are on you. Key points:
- Walls-in coverage: confirm whether the master policy covers fixtures and finishes or only bare walls.
- Loss assessment: high-rises can have large assessments after major claims. Higher limits are worth considering.
- Water damage from above: a unit above you leaks, and your flooring and cabinets are damaged. Your HO-6 handles your side, and the master policy may not.
- Additional living expense: if a fire or water loss makes your unit unlivable, this pays for temporary housing.
If You Rent
Many new apartment buildings require renters insurance, and even when they do not, you should have it. The landlord's policy does not cover your belongings or your liability. A renters policy costs roughly the price of a few lattes a month. Ask about replacement-cost coverage and water backup.
If You Invest in the Building or Own Units to Rent
Landlords owning a condo unit need a landlord (DP-3) or HO-6 landlord endorsement policy with loss-of-rents coverage. Owners of larger buildings need commercial property, general liability, umbrella, and equipment breakdown coverage for elevators and HVAC systems.
Builder and Construction-Phase Risks
During construction the developer carries builder's risk and contractor liability. Once units are sold, the association's master policy takes over. Ask when the handoff occurs, because gaps happen.
Fire, Parking, and Amenities
Pools, rooftop decks, gyms, and parking garages are all liability exposures. The association should carry adequate general liability, and directors and officers coverage protects board members from claims over decisions.
Flood and Storm
Dense urban sites near the Cumberland River or in low areas can have flood risk, and standard policies exclude flood. Check the flood zone and consider coverage even outside a mapped high-risk area.
Next Steps
Whether you are buying, renting, or investing, comparing coverage before you sign saves surprises later. We can review your association documents and quote an HO-6, renters, or landlord policy.
Need help? Call All Seasons Insurance Group at (865) 263-1400 or visit asigtn.com. For real estate help, visit Kings of Real Estate. For mortgage questions, AnnieMac Home Mortgage is at (865) 518-6408.
