NY Landlord and Rental Property Insurance
Landlord Insurance covers those property owners that rent out one or more of their properties including homes, apartments or condos. A landlord needs to have protection from any loss that may occur to their rental property like fire or severe weather, as well as liability protection.
At the NY Insurance Hub, we are specialists and pride ourselves on finding the right coverage for your rental property needs while providing quality service and competitive pricing. We have hand-picked the top national and regional carriers that provide the best landlord insurance in NY to protect you properly, while also providing the most competitive rates. We tailor to your specific requirements and manually quote amongst our top-rated carriers to isolate the lowest cost and highest protection landlord insurance quote for you.
Many people think that landlord dwelling owners have it easy. They buy properties, lease them out, collect money, and lay back and enjoy all the wealth that come with being a rental property owner.
We know better than that around our agency, having a multitude of landlords as clients from one-unit owners to customers that own a tremendous number of properties. It’s a lot of hard work with stressors and risks involved. We have a major respect for dwelling owners and know that their prosperity only comes with a lot of sweat, tears and time.
In our vast number of conversations with rental property owners we’ve learned about the problems they face outside of insurance, such as high turnover rates, late rent payments, paperwork and organization, evictions and property management responsibilities. Top that off with having to learn the federal, state and local laws pertaining to landlords and one quickly learns this is not an easy profession.
Although we can’t help with the preceding problems that rental property owners face, we can help with the insurance coverage they need at the best price we can find along with top customer service and guidance.
Landlords have enough issues to deal with and they don’t need insurance to be one of them. Our goal is to be the solution for their policy needs.
Vital Components of Your NY Landlord Insurance Policy
- Dwelling – Dwelling coverage is the part of your policy that helps to pay for the rebuilding or the repair of your rental home, apartment or condo when damaged by a covered peril.
- Separate Structures – This policy endorsement helps to pay for repair or replacement of detached structures on your dwelling such as a garage, shed or fence.
- Personal Property – This part of your policy helps to pay for loss to equipment you leave at the rental site, such as lawn equipment, tools, and snow blowers.
- Premises Liability – This will protect you if there is a claim when someone is injured on your property and you are sued for damages. It will help to pay for costs like medical payments, legal fees, and claim settlement or court judgment amounts up to the limit held on the policy. Typically there is no deductible associated with a liability claim.
- For instance, say someone is walking up the front porch wooden stairs and falls down back to the sidewalk due to a loose or damaged stair board, you can be held responsible for that persons injury due to failed maintenance of the stairs.
- Loss of Rents Endorsement – provides the peace of mind and financial assistance you need in the event your dwelling becomes uninhabitable due to a covered loss, like a fire, tree falling on structure, or a bursting pipe. Keep in mind, you must have a tenant or tenants in place for the reimbursement to kick in. It pays for the rent you would have received during the time the dwelling is uninhabitable up to the limit held on the policy. Some insurers allow for a specified fixed amount for the limit, say $10,000 and up per policy where others allow for a certain time period of actual sustained loss at 3, 6, or 12 months.
Optional NY Rental Property Insurance Coverages To Consider
It’s important to note that Equipment Breakdown does not pay for damage to items caused by wear and tear, rust, corrosion, or decay and does not pay for maintenance issues. Think of equipment breakdown damage being covered due to a sudden event such as a power surge, or something rupturing or bursting.
The cost of Equipment Breakdown protection is really quite affordable considering the peace of mind it provides. You might expect to pay anywhere from $25 to $75 per year depending on the carrier with coverage up to $100,000 and normally includes a deductible.
The standard NY rental property insurance policy does not cover underground service line repair or replacement which could lead you to paying thousands in repairs out of your pocket. But fortunately this added coverage is a great value added endorsement costing as little as $25 per year for a $10,000 coverage depending on the carrier with available limits up to $25,000. Usually a $500 or $1000 deductible will apply.
Although the service line endorsement varies from insurer to insurer, here are some of the more typical perils covered:
- Wear and tear
- Rust, deterioration, corrosion and decay
- Electrical, mechanical or pressure systems breakdown
It’s important to note that septic systems and underground storm drain pipes are not covered.
Also keep in mind that not all NY insurance companies offer underground service line coverage as an option to their standard policy, but you should seriously consider it, especially considering the low cost. Be sure to check your most recent policy to see if you have this protection and if
not, call your agent to see if it’s available and at what cost. You can also contact us to get a NY landlord insurance quote with this endorsement included with a minimum $10,000 limit.
owner for the “upgrade” charges. It pertains to the demolishing, repairing or rebuilding of a structure. Keep in mind that dwellings built decades ago without recent updates usually will not pass today’s building code requirements. Some common examples of updates your dwelling might need as it pertains to current building code requirements are new wiring, new fire safety features, new plumbing, new roofing and new means of egress.
We service clients in the Albany, Schenectady, Troy, Latham, Clifton Park, Saratoga Springs, Cohoes, Watervliet areas as well as the entire state of New York. Each one of our clients is given a dedicated expert to work together to proficiently address all your concerns.
Frequently Asked Questions (FAQ) for New York Landlord Insurance
boat, and RV’s it’s same day service and we can even issue policies that same day. Once the best quote option is determined, we like to review the quote with you and answer any questions you might have.
We’re here to provide guidance to landlords for both coverage and cost.
So, contact us today at 518-783-0105 to find out more about your options and have us prepare the Best NY Landlord Insurance Quote from amongst our top rental property insurance carriers.