Get New York landlord insurance quotes, cost & coverage fast. NY rental property insurance protects your building from damages and you from liability if someone is injured on your property.
NY Landlord Insurance
Being a landlord can be a rewarding experience both in monetary and non-monetary terms. Landlords have many responsibilities - in addition to being accountable for the regular maintenance and upkeep of the apartments or buildings, landlords need protect themselves against a number of factors that may cause damage or loss to the rental property - and New York landlord insurance is very helpful for this purpose.
As a landlord - as opposed to a normal homeowner - you can be stuck with a very different set of problems regarding your rental property. Damage caused by tenants, extreme damage to the property, or personal injury that occurred on the property could leave you without the security of your renter's payments for any stretch of time. We know you depend on your tenants' rent as a steady source of income, that is why you need New York landlord insurance.
What Types Of New York Landlord Insurance Are Available?
There are various kinds of New York landlord insurance policies available on the market. Depending on your requirements, you can choose a single policy or a combination of policies to protect you and your NY properties from everyday risks. Following are some of the most important New York landlord insurance coverages available:
Property Insurance or Building Insurance: This is one of the most basic types of insurance that covers the building and its permanent fixtures. A permanent fixture is generally identified as a physical structure that cannot be removed without inflicting damage to the building. This insurance does not cover non-permanent fixtures, like washing machines. If you have those, you will need a policy that provides a comprehensive coverage.
Contents Insurance or Personal Property Insurance: Contents insurance is aimed at protecting articles that are stored within the apartment building. Items you own such as microwaves, stoves, refrigerators, furniture and laundry washer and driers that your tenants use could be covered.
Liability Insurance: There are variety of claims that could render you legally liable for damages as the owner of a NY rental property. If a claim is brought against you due to personal injury or damage to the tenant's belongings caused by your property, most New York landlord insurance policies can reimburse you for any legal liability up to your claim limit. You will also be protected for non-injury claims brought by your tenants, including wrongful eviction, wrongful entry, libel, or slander.
Flood Insurance: Commercial flood insurance is a must, if the property is located in a flood-prone area. Often the mortgage company will require it. Flood is a separate policy from your main NY property policy.
Loss of Rent Insurance: We know you depend on your renters' payments. If your rental property is declared unlivable due to extensive damage, your insurance plan will reimburse you for the cost of the rent your tenants would be paying you while repairs are completed.
What Does New York Landlord Insurance Cover?
The New York landlord insurance policy typically covers the property of the buildings you are renting out, including the dwelling and personal property you own and you keep on site to help maintain it. It also covers liability for another person's medical bills or your legal expenses if someone is injured on your property. Coverage generally includes:
- Dwelling: Helps protect the rental building itself due to damage by fire, lightning, wind, hail or other covered losses.
- Other Structures: Helps protect you against damages resulting from a covered loss to your rental property's detached garage, storage shed or fence.
- Personal Property: If you have lawn mowers, weed whackers, shovels or other tools onsite used to maintain your rental property, New York Landlord Insurance may help cover this equipment if it's damaged or stolen.
- Liability: If a tenant trips on the walkway to your rental property and a court determines that you failed to maintain the walkway, you could be held liable for your tenant's medical, legal and other costs.Here your landlord liability coverage may help pay for those expenses.
Extra New York Landlord Insurance Coverage
You may want to add optional coverages to your NY landlord policy. Some of the more popular ones are:
- Vandalism & Burglary - You may want extra protection to repair vandalism damage or replace items stolen from your rental (like appliances). Also, if someone vandalizes the property, those damages typically aren't covered by a traditional landlord policy unless you purchase an additional vandalism rider.
- Umbrella Policy - If you higher liability limits than the basic landlord policy offers, commercial umbrella can help. It is excess liability coverage that sits on top of your basic liability limit.
- Building Renovation - If you are you renovating your rental property, you can purchase special coverage to help protect it until it's ready to be occupied.
- Building codes - If you're repairing a part of your building after it's been damaged, you might be legally required to upgrade items like wiring, piping or ventilation because your municipality building codes may have changed since your property was originally built.
What New York Landlord Insurance Doesn't Cover
Landlord typically does not cover:
- Equipment Breakdown - If the furnace or dishwasher in breaks down, most likely you will have to pay out of pocket for any repairs.
- Property You Share - If you live in the property and rent out another part to a tenant, you're typically not eligible for a landlord policy, as landlord policies are for only for "non-owner-occupied" property.
- Tenant's Belongings - New York landlord insurance does not cover your tenant's personal possessions like furniture, computers. electronics, clothes, etc. Your tenants will need to purchase their own renter's insurance policy to cover their belongings.
How Much Does New York Landlord Insurance Cost?
How much does New York landlord insurance cost? The premiums vary depending on the amount of risk exposure, and it depends on the endorsements and deductible selected. Following are some of the main factors that go into the price of a policy:
- Location - The more dangerous your location is, for both natural and human risks, the higher premiums you will pay as there is a higher probability for claims.
- Building Size - The more square footage your property has, the more the premium will be.
- Deductible - The deductible is your out of pocket cost before your policy kick in. Lower deductible = higher premium, and higher deductible = lower premium.
- Security Precautions - Having a central fire alarm and security system can lower your premiums.
- Claims History - If you have made claims in the last 5 years your land lord insurance will cost more.
The amount of coverage provided by the insurance company can one of 2 types:
Replacement Cost - Replacement cost is a coverage that will pay you enough money to replace your belongings with "like kind or quality" up to the limit of the policy you have. This should not be confused with guaranteed replacement of your items; instead it's like kind or quality. So you wont get an upgrade to what you lost.
Actual Cash Value (ACV) - Actual cash value is the amount of money that the item was worth, minus depreciation for the wear and tear since you've had it.
Get A New York Landlord Insurance Quote
Being a landlord can be stressful and time-consuming, but you can eliminate one worry from your life. Contact us today to find out the best way to get protection for all of your NY rental properties. We always take into consideration how much your properties are worth and recommend insurance that will protect your income and assets if you are found at fault and sued.
Further Reading On Business Property Insurance
- Commercial Flood Insurance
- Commercial Property And Business Interruption Insurance
- Commercial Property Insurance Basics
- Commercial Earthquake Insurance
- Flood Insurance Requirements For Commercial Property
- How To Calculate Commercial Property Insurance Rates
- Improvements & Betterments Coverage
- Landlord Insurance
- Types Of Insurance For Landlords
- Waiver Of Subrogation In Commercial Property Insurance
NY Landlord Insurance Quotes
Request a New York Landlord Insurance quote in Albany, Amherst, Auburn, Babylon, Binghamton, Bronx, Brookhaven, Brooklyn, Buffalo, Clarkstown, Clay, Colonie, Elmira, Glen Cove, Greenburgh, Hamburg, Hempstead, Huntington, Islip, Ithaca, Jamaica, Jamestown, Long Beach, Manhattan, Middletown, Mount Vernon, New Rochelle, Newburgh, Niagara Falls, Orangetown, Oyster Bay, Perinton, Poughkeepsie, Queens, Rochester, Rome, Rye, Schenectady, Smithtown, Southampton, Staten Island, Syracuse, Tonawanda, Troy, Union, Utica, Watertown, West Seneca, White Plains, Yonkers and all other cities in NY.
New York Insurance Rules & Regulations
In the state of New York, there are a couple of different types of insurance that are regulated by the state that you should be aware of - as well as the regulations behind them. Understanding what is required for business and personal insurance will help you make sure that you have the right insurance if you ever decide to open a business or even if you are simply looking for information on what kinds of personal insurance you need and what sort of oversight there is for them. Let's take a closer look at personal and business insurance in NY State.
NY Commercial Insurance
The first type of insurance is general liability insurance. Although general liability insurance is not required by law for New York businesses, it is a good thing to have. General liability protects companies from lawsuits that stem from slips and falls, damage to property while they are on the premises and a variety of other potential incidents that customers may file a lawsuit for. General liability simply keeps you safe in case something happens to someone on your property and they decide to bring a lawsuit against you.
In addition, businesses in New York must carry specific types of insurance such as Worker's Compensation insurance when they have at least one full or part-time employee. This does not apply to independent contractors and subcontractors. The only other regulation in New York is that commercial vehicles that are operating as part of a business must carry commercial auto insurance.
New York Personal Insurance
Now, we move onto personal insurance starting with auto insurance. New York State requires that anyone operating a motor vehicle carry liability insurance with $25,000 for bodily injury to one person and $50,000 total for a single accident. In addition, motorists must carry $10,000 for property damage as well.
There are also some regulations governing life insurance. In Article 32 of the New York Consolidated Law it says that residents have a free look period that is limited to 10 days, as well as a grace period of 31 days and then insurance companies must make timely payments within 30 days of receiving notification of the death. If the insurance company does not make these payments on time, then interest can be added to the amount owed. You can find out more about this life insurance information as well as information on the New York state guaranty that ensures that you will receive a payment even if your life insurance company goes out of business.
If you are looking for state specific Landlord Insurance quotes, costs and information: California Landlord Insurance, Colorado Landlord Insurance, Delaware Landlord Insurance, Florida Landlord Insurance, Illinois Landlord Insurance, Kentucky Landlord Insurance, New Jersey Landlord Insurance, New York Landlord Insurance, Oregon Landlord Insurance, Pennsylvania Landlord Insurance, Texas Landlord Insurance, Washington Landlord Insurance.