More than 4.4 million New York residents live in rental homes. Whether you are renting out a single-family home or have invested in a multi-unit apartment building, rental properties make wonderful investments. You likely want to protect your investment with excellent coverage from a top-notch New York landlord insurance policy.
Shopping for a suitable policy can be time consuming. A Trusted Choice® independent agent can assist you. Your local Trusted Choice member agent can explain your coverage options and answer any questions you might have so that you can make an informed decision. Contact Trusted Choice today find an agent in your neighborhood and to receive obligation-free New York landlord insurance quotes.
Managing a rental property can be a lot of work, but the income potential is high. Landlords do face risks, however, but can protect their finances with a landlord insurance policy. These policies offer coverage for property damage and liability.
While your tenants can protect the contents of the rental unit with a renters insurance policy, you need only cover the structure of the building and any liability charges that you may face on the property. You are not typically responsible for loss or damage to your tenants’ personal belongings.
Most of New York’s rental units can be found in New York City. Most landlords in the city invest in high-rise, multi-unit apartment buildings. In Upstate New York, landlords are more likely to rent out single family homes or own small buildings with living space for 3 or 4 families.
New York is home to several colleges and universities. The towns in which they are located, such as in Albany, Rochester and Oneonta, are great spots for owning rental properties. In these cities and towns, a number of people are looking for temporary housing including students, visiting professors and researchers.
You can expect your New York landlord insurance policy to be a bit more expensive than a typical homeowners insurance policy. This is because tenants tend to be a bit harder on properties, and also because you have an increased risk of being held liable for injuries. You must be prepared to cover medical costs for your tenants as well as their guests if they are injured on your property due to negligence on your part.
Landlord insurance will typically provide two types of coverage: protection from property loss and damage and protection from liability expenses.
Requesting quotes for landlord insurance, whether online or by phone, can be time-consuming. You will need to provide a lot of personal information to each insurance company before they can calculate a rate quote. Working with a Trusted Choice independent agent can save you time and aggravation because you only need to provide your details once, and your agent will do the comparison shopping for you.
In addition to helping you find a competitively priced landlord insurance policy that meets you coverage and budgetary needs, your agent can assist you with your other insurance needs as well. Member agents will be happy to review your current policies to ensure that you are adequately covered, and they may even be able to save you money by finding better policies at lower rates. See what a Trusted Choice member agent can do for you. Contact an agent for free New York landlord insurance quotes.