Looking for Apartment Building Insurance in New York?
If you own apartments in New York and are searching for the best apartment building insurance, we’ve got you covered — literally.
We are experts in commercial property insurance, including insurance for apartment buildings in New York.
Apartments are usually an easy class of business to insure for most insurance companies. Some will require Replacement Cost Coverage, regardless of your purchase price. Where other insurance companies will write an Actual Cash Value (ACV) policy, instead of replacement cost coverage.
It’s important to know what kind of coverage you would want from an insurance company when requesting an apartment insurance quote.
Are you requiring renters insurance for your tenants?
The mistake many insured’s make is not requiring renter’s insurance for the tenants. 83% of renters do NOT carry renter’s insurance, mistakenly thinking the Landlord’s policy cover’s their belongings (since they are in the Landlords building).
The error in this assumption is that the Landlord has no insurable interest in the tenant’s belongings. The tenant who owns the 55” T.V., Microsoft Surface laptop, and an expensive cell phone needs to cover their own belongings on a renter’s insurance policy.
The Landlord can and should require (we recommend) they have a renter’s insurance clause in their lease agreement. This would prevent any discrepancy in the responsibility of the tenant. If the current lease does not have this clause, the Landlord can always add an addendum to the lease and have the tenant sign the addendum.
This is critically important if the landlord allows dogs, has a tenant operating a small business out of the apartment (like tax preparing), or allows a swimming pool for the tenants children (Never recommended by us).
Are you a member of WNYREI?
The landlord should also belong to a Real Estate Investor group (like www.wnyrei.com) to gain further knowledge on how to be a better landlord.
These groups have monthly meetings, educational speakers and expert advisers at every meeting. Our group ( www.wnyrei.com ) meets the 4th Wednesday of each month at Holiday Inn Airport at 7:00 pm, guests are welcome, $15 fee applies.
Always seek professional advice when it comes to real estate law, real estate insurance, accounting or lending.
If you need help, or advice, or would like a quote for your apartment building insurance in New York, complete the fields below to get started. It’s fast and easy!