Swimming pools and landlords That time of year when your tenants will be asking you, “can I get a swimming pool for my kids”? When one of our landlord clients calls us with that question, my answer is always NO. Why? Why would you put yourself in a position to be the party of a […]
Swimming pools and landlords
Property Claim – When a Car Hits Your Building.
Property Claim – When a Car Hits Your Building. We have seen a small spike in which a car’s driver hits the accelerator instead of the brake and slams into a building. Extensive damage can be done when a 4,500 (or larger) pound car does hit a building. Rental property owners have some peace of […]
Underground Utility Coverage Now Available.
Underground Utility Coverage Now Available. There has been a form of coverage, approved by the New York Insurance Department regarding underground utility coverage. Not all insurance companies have adopted this “endorsement” yet, but in our office 4 companies have. This is coverage from the street connection to your home and/or rental property, covering sewer lines, […]
Comprehensive Loss Underwriting Exchange (C.L.U.E. Report).
Comprehensive Loss Underwriting Exchange (C.L.U.E. Report). Most insurance consumers probably don’t even realize that all insurance companies actually talk to each other! This is actually done through a Comprehensive Loss Underwriting Exchange (C.L.U.E. Report). This reporting agency is where all claims filed against you reside, so any potential new insurance company can find a claim history […]
Commercial Building Owners and Tenants Loss of Income
Commercial Building Owners and Tenants Loss of Income When a tenant claims loss of income – because of a driving band in winter weather, there is no coverage for loss of income, if no loss has occurred to the building. Some municipalities will put in effect a driving band, when bad weather is on it’s […]
Liability protection is most important for landlords.
Liability protection is most important for landlords. One thing that I think landlord’s overlook, is how important liability protection is when they are buying property insurance. Because we are in a very litigious society, I think this is more important than the fire portion of a policy. But with the real estate lender more […]
Not all property insurance companies are created equal!
Not all property insurance companies are created equal! Some insurance companies charge for the liability portion of a building based on square feet. Some insurance companies charge based on the number of units. Some insurance companies have a liability charge that is a flat amount. That is why an independent insurance broker should be used […]
What does a home owner insurance policy cover?
What does a Home Owner Insurance Cover? Homeowners insurance pays to repair or replace your home or personal belongings when it is damaged or destroyed by a covered event. Your policy states the amount the company will pay and what types of losses it will protect you against (such as fire, smoke, lightning, windstorms and […]
Labor Law 240 for Landlords in NY.
Labor Law 240 for Landlords in NY. Unless served with a lawsuit, I don’t think many landlords in New York State know that the labor law 240 is still in existence. This is for all commercial buildings and for residential buildings having 3 or more units. Why should landlords in NY care? Because it is […]
Home Improvements That Increase Replacement Value.
Home Improvements That Increase Replacement Value. As an insurance agent, we often have to explain the difference between replacement value and market value. Sometimes we’ll get the comment “If I could sell my house for that I would”, here in upstate New York. In our area, a $300,000 house, might have a replacement value of […]
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