Landlord insurance guide
General information to help you ask the right questions at renewal.
Most building policies combine property coverage for the building, loss of rents if a covered loss forces tenants out, and general liability for injuries on the property. Many owners add an umbrella for higher liability limits, and equipment breakdown for boilers and building systems.
Market value and rebuilding cost are different numbers. Property limits should reflect what it would cost to rebuild the building, not what it would sell for. Many policies include a coinsurance clause that can reduce a claim payment if the building is underinsured.
In New York City, owners of most buildings — other than certain one- to three-family owner-occupied homes — are responsible for keeping the sidewalk in front of their property reasonably safe. That's one reason general liability matters so much for NYC landlords.
A restaurant, a laundromat and an office are very different risks. Make sure commercial leases require tenants to carry their own liability insurance and name you as an additional insured, and keep current certificates on file.
Before work starts, ask contractors for certificates of insurance showing general liability and workers' compensation, with you named as an additional insured where appropriate.
Ask for loss runs before your renewal so there's time to shop. A clean five-year history is one of the best things you can bring to an insurance company.
Review your building values, check that all buildings and units are listed correctly, confirm your lender's requirements, note any updates to the building, and look at your liability and umbrella limits.
General educational information only. It is not a statement of coverage or legal advice; your policy terms control.
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