Changing N.Y. Property Insurance Companies – It Could Cost You.

Changing N.Y. Property Insurance Companies – It Could Cost You.

I had a meeting yesterday with an insurance client that owns 15 properties but in an area of Buffalo that was built in 1900-1930. So these older buildings as a general statement, need more maintenance. Plus, they are more costly to repair than a newer built building.

Buffalo NY Property
NY Property

So in doing some insurance property comparisons, I was showing her how t save $200 on this one, $300 on that one, etc. But the problem, I explained, was that all this changing insurance companies will trigger a new property inspection by the new insurance company.

So while we may be saving her $4,000 per year for all her rental properties, it may also cost $4,000 or $6,000 or $8,000 in repair work! These older buildings always need some sort of repair done and certainly, an insurance inspection would reveal a list of repair recommendations.

Changing N.Y. Property Insurance Companies – It Could Cost You.

So while at 1st look, it appears you can save $hundreds of dollars on a rental property, it may be also be costly in repair work.Roof repairs, driveway repairs and missing siding are some of the things we see in my insurance office. They are called recommendations and 95% of the time, must be done in a 60 day window, with proof the work was done. So be careful when looking to change property insurance companies. The property inspection may reveal more repairs than yu are willing to do.

Tom Larsen,

NY Property Insurance Expert

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