Insurance for apartment, mixed-use and rental buildings in New York
Buildings we place
Apartment, mixed-use, and commercial buildings. One or a whole portfolio. The work is in New York City and Nassau County.
What a building program usually includes
- Building property
- Loss of rents
- General liability
- Umbrella
Does landlord insurance cover loss of rent?
It can, if the policy includes loss of rents (rental income) coverage and the loss comes from a covered cause, such as a fire that makes units unlivable. It does not pay when a tenant simply stops paying rent. Check the declarations page for the limit and how long it pays.
What is loss of rents coverage?
It replaces rent you lose while covered damage is repaired. Some policies pay a set limit, others pay "actual loss sustained" for a set period. Ask how many months it covers.
Does landlord insurance cover tenant damage?
Sudden, accidental damage from a covered cause usually is. Wear and tear, and in many policies intentional damage by a tenant, is not. Read the exclusions and vandalism wording.
What is ordinance or law coverage, and why does an older building need it?
After a covered loss, the city can require repairs to meet current code. Standard property forms often do not pay for that extra work or for demolishing an undamaged part. Ordinance or law coverage can pay for that work if it is on your policy, up to its limit. Many NYC and Nassau buildings are old enough for this to matter.
Does landlord insurance cover a tenant's belongings?
No. Tenants need their own renters policy. Many leases require one.
Landlord vs homeowners insurance: what is the difference?
A homeowners policy is for a home you live in. A building you rent out needs a policy written for rental use. Some owner-occupied two-family homes can be written either way; ask before assuming.
My building insurance was non-renewed. What now?
Start early. Get five years of loss runs, list recent updates to the roof, boiler, plumbing and electrical, and tell your lender before it places coverage for you. A broker can take the building to other insurers. New York generally requires insurers to give advance written notice before they non-renew a policy. The required notice period depends on the type of policy and building. Check the date on your notice and send it to us right away.
What to send us
Send current declarations pages, loss runs, a rent roll, updates to the roof, boiler, plumbing and electrical, and the lender requirements. Send the policy you have.
Related
- Contractor and builders risk insurance during a renovation.
- Contact
- How we are paid
Coverage descriptions are general summaries. The issued policy governs.