What Impacts NY Landlord Insurance Pricing in Selden NY?

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.

When Is A Good Time To Reduce Auto Insurance Coverage To Liability Only?

Everyone knows that it is mandatory in most states to carry insurance on your automobile. There is, however, some confusion when it comes to knowing how much coverage you need to carry, and when it is acceptable to reduce your coverage to liability only.

Is Liability Only Right For You?

The general rule of thumb for reducing coverage to liability only insurance is 10 years. This is only a general rule of thumb, and may not be right for some situations. Some things to consider before reducing your coverage include the age of your vehicle, if you have your financing paid off, the value of the vehicle and the amount of driving you do in your vehicle.

Finding The Right Coverage

Having the right automobile coverage is critical to your financial well being and safety. If you don’t carry coverage that is right for your situation, then you may find yourself in an unfortunate situation. Discuss your individual needs and consult a reputable insurance agent. They can help you to determine if reducing coverage to liability only is the right choice. If you live in or around Selden, NY, then you should consult XL Brokerage Inc. to find out if you should change your coverage.

XL Brokerage Inc. is an insurance provider that takes pride in providing excellent customer service for the residents in and around the Selden, NY area. They can help you find options that work for your need and offer insurance products that protect you and give peace of mind. For more information, call or stop by and speak to one of their knowledgeable agents.