New York requires landlords to keep landlord insurance on building rented out to tenants. This insurance covers the building in cases of water damage, fire and other claim incidents. I doesn’t cover anything owned by tenants, who must purchase separate renters insurance to protect their belongings. You can ask your XL Brokerage Inc. agent in Selden, NY what coverage would best fit your building. In the meantime, here is some information to get you started.
What is a Landlord Insurance Policy?
Landlords’ insurance is a type of property insurance exclusive to owners who rent out buildings to tenants. It protects the landlord from financial losses associated with rental properties. It covers the building and any contents written into the policy. It is not a replacement for renters insurance and doesn’t cover losses to tenants.
What Does a Landlord Insurance Policy Cover?
This coverage is similar to homeowner’s insurance. However, landlords require extra coverage, including damage inflicted on the property by tenants. In NY, landlord insurance policies must cover the physical structure at replacement cost. You can also receive loss of income for a covered natural disaster. Personal liability insurance for injuries, lawsuits and other property related claims is also available.
Several factors impact pricing for landlord insurance in New York. You can ask your XL Brokerage Inc. agent how each of these can impact your premium and coverage. The location of the building can have a positive or negative impact on your premium. The type of tenants, age and size of the building, and number of units can all impact how much you spend on insurance.
Some things you can do to keep costs down include checking the electrical wiring to make sure it holds up to building codes. Make sure to have sprinklers installed and ensure they are in working order. Tenants love swimming pools, but insurance companies consider them a liability that will increase your premium.
Contact XL Brokerage Inc. today to set up an appointment for a free quote on insurance for your Selden, NY rental building.