Landlord insurance for New York City and Long Island
SimpleINSURE places landlord insurance for owners of 1-4 family rentals, mixed-use buildings, and small apartment buildings in New York City and on Long Island. The brokerage is in Garden City.
SimpleINSURE Brokerage LLC · NY DFS License BR-1984615 · Garden City, NY · Mon-Fri 9-6 ET.
Free coverage review for one property.
Buildings we place
The work is in New York City, Nassau County, and Suffolk County. One building or a small portfolio.
- One- to four-family houses you rent out, including two-family and three-family homes
- Mixed-use buildings with apartments and a store or office
- Small multifamily and apartment buildings
- A co-op corporation or condominium association insuring the building. A unit owner's policy is separate. Tell us which one you need.
For loss of rents, tenant damage, and a non-renewal, see apartment, mixed-use and rental building insurance.
What the coverage usually includes
- Building and property. The structure, and landlord-owned contents when they are on the policy, against covered causes of loss.
- Landlord liability. Claims that you are legally responsible for injury or damage connected to the premises.
- Umbrella. Higher liability limits above an underlying policy that qualifies.
- Loss of rents. Rental income lost while covered damage is repaired. It does not replace a tenant who stops paying.
- Equipment breakdown. Sudden breakdown of a boiler, heating plant, or other covered building equipment. A standard property form often excludes mechanical breakdown.
- Flood. Placed as its own policy, because the building form usually excludes flood.
- Workers compensation. For building employees such as a superintendent or porter. New York also requires disability benefits when you have employees.
A tenant's furniture and other belongings are not part of your building policy. Many leases require the tenant to carry renters insurance.
Price depends on the building, the construction, the limits, and the loss history. We do not publish figures.
Lenders, managing agents, and city buildings
A mortgage lender commonly wants the building insured, the lender named as mortgagee, and proof of coverage before closing or at renewal. Send the lender's written requirements with the application.
A managing agent is a different request. The management agreement often asks you to add the agent as an additional insured on the liability policy. Send that clause and the agent's legal name.
In New York City, the owner of a property is often responsible for the sidewalk in front of it. Some owner-occupied one- to three-family homes are treated differently. Premises liability is written for covered claims arising from the building and the sidewalk.
After a covered loss, repairs may have to meet current building code. Ordinance or law coverage, when it is on the policy, can pay that extra cost up to its limit. This comes up most on older buildings in the city and in Nassau County.
Do I need landlord insurance to rent out my house in New York?
New York does not require every landlord to buy a policy by statute. A mortgage lender usually does. A homeowners policy is written for a home you live in, so a house you rent out is placed on a landlord policy. Send the address if you want a broker to look at the building.
How much is landlord insurance in New York?
It depends on the building, the limits, and the loss history. We do not publish a price. Send the declarations page for a free review.
What are typical landlord insurance requirements in NYC?
A lender usually wants the building insured and the lender named as mortgagee. Liability limits are often part of the requirement. Flood is sometimes required as its own policy. Send the lender's written requirements with the declarations page.
What insurance does a New York landlord need?
A landlord program usually includes the building, premises liability, and loss of rents. Many owners also add an umbrella, equipment breakdown for a boiler or central plant, and flood as its own policy. If the building has employees, New York workers compensation and disability benefits belong in the program too. A one- to four-family rental may be a landlord dwelling policy or a commercial policy. A larger apartment building, or a mixed-use building with a store or office, is usually commercial property and liability.
Is a homeowners policy enough for a rental property?
A homeowners policy is written for a home you live in. A house or building you rent to others needs a policy written for landlord use. An owner-occupied two-family can sometimes be written either way. Ask before you assume the homeowners policy covers the rental.
Does landlord insurance pay rent if a tenant stops paying?
No. Loss of rents can replace rental income when a covered cause, such as a fire, makes a unit unlivable while it is repaired. It does not pay when a tenant simply stops paying rent. Check the declarations page for the limit and how long it pays.
Do New York landlords need workers compensation?
Yes, if you have employees, such as a superintendent, porter, or handyman on payroll. New York requires virtually all employers to carry workers compensation, and disability benefits coverage too. The building property policy does not replace that. If you have no employees, say so when you ask for a quote.
Can my managing agent be named as an additional insured?
Often, yes. Many management agreements ask the building owner to name the managing agent as an additional insured on the liability policy. A lender is different: the lender is usually listed as mortgagee on the property policy. Send the agreement clause and the agent's legal name so the endorsement can match what the insurer will add.
Does landlord insurance cover flood?
Usually not on the building policy. Standard property forms exclude flood. Flood can be placed as its own policy beside the building program when the building is eligible. Tell us the address and whether a lender is asking for it.
What to send us
Send current declarations pages, loss runs, the unit count or a rent roll, the year the building was built, updates to the roof, heating, plumbing and electrical, lender requirements, and the management agreement insurance clause if you have one. Send the policy you have.
If the insurer did not renew, include the notice with that list. Building insurance covers what to line up next, including telling the lender before it places coverage for you.
Or call (516) 226-7969, Mon to Fri, 9 to 6 ET.
Related
- Apartment, mixed-use and rental building insurance
- Contractor and builders risk insurance during a renovation
- Refer a client, for realtors, lenders, and managing agents
- Contact
- How we are paid
Coverage descriptions are general summaries. The issued policy governs.