Looking for the best rental property insurance in New York?

If you’ve looked around our website recently you know that we specialize in a number of different insurance products, from Commercial Building Insurance to Multi-Use Properties, but did you also know we offer Landlord Insurance as well?

Those landlords that own property in New York, know the very way to make their property more valuable, is to control costs. One of those ways in in their insurance policy and if the costs could be lowered, then their property value is increased too.

So by a landlord being a smart insurance consumer, then they can sell at a higher price than a similar landlord who’s insurance pricing is much higher. So you really can help to control the value of your real estate asset by controlling your insurance costs.

What exactly is Landlord Insurance?

It is a package of insurance coverage’ s that when combined, provide you with all the property covered (except flood). So for example, loss of income is included in almost all policies for 6 months and some for 12 months of lost income. So if a fire/wind/vandalism damage occurred and you lost four months of rents, that would also be covered by the landlord insurance policy. Or if a garage burned down, there is 10% of the building coverage extended to other structures like a garage or shed. In addition, liability coverage for slip and falls is included in the package of coverage’s in a landlord policy.

Who is the best Landlord Insurance Company?

Choosing the best company for landlord insurance can be a daunting task. Luckily when you do business with an Independent Agency in New York like us, we take the leg work and frustration out of the process completely.

The truth is, there is no “best” company for landlord or rental property insurance. It best company is the company the fits the customers’ specific needs the best. Some insurance companies are good on the 3-4 unit properties, some are good on the 5-12 unit rental properties and some are good on the larger apartments, like over 20 units. That is why we are independent insurance brokers, we have insurance companies for all size units.

Is Landlord Insurance the same as Dwelling Fire Insurance?

No dwelling fire is usually just covering the main house itself, plus liability insurance added on. Dwelling Fire is usually intended for vacant buildings or people that are “flipping” properties. They don’t have “other structure” coverage, loss of rent coverage or theft of building material if rehabbing a house.

Can I use Homeowners Insurance for my Rental Property?

No it was never intended to be used for a non-owner occupied property. The language in a homeowner policy of “who is an insured”, specifically states it is for owner occupied property, which would negate the homeowner policy from being used as a landlord policy. Totally different risk characteristic’s and intend for use.

 

How to get the best Landlord Insurance:

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