You’ve worked hard to build your property portfolio and become a landlord in New York. Unfortunately , all it takes is a theft, a bad storm, a fire, or some other disaster to undo everything. Whether you’re a landlord just to bring in a little extra passive income, or you own multiple properties and this is your full-time job, landlord insurance is a necessity.
Some first-time landlords think that their regular homeowners insurance will suffice, even if they aren’t living in the home. In all most every case, this is not true. If you’re sampling renting out a room, while still occupying the home, you may be okay, but if none of the tenants are members of your immediate family, then you need to get a landlord insurance policy to cover damages that are done to the home through natural disasters, acts of violence or even irresponsible tenants.
If your renters have their own renters insurance policy, that’s only for their benefit, not the owners. Their policy will cover the loss of their belongings, but not yours.
For landlords in New York with numerous properties, it only takes one natural disaster to do significant damage to more than a couple of units. Having landlord insurance will help you to get your rentals fixed up and usable in as short amount of time as possible. Insurance for landlords is not cost prohibitive and is a small investment to buy for the protection of some of your most valuable assets. You never know when a theft will attempt to break in, and ruin windows, locks and furniture in the process.
If your New York property does not have adequate landlord insurance, contact us–your Mastic and Selden independent agents–to get assistance in finding the policy that’s right for your business.