Protecting Brooklyn Properties Since 1932
We understand landlords and their insurance needs and it’s not only because we have been doing it for over 100 years. We understand landlords because we are landlords. We get what you go through - Increased costs, tightening rental market, tenants coming and going - Showing rental spaces, real estate brokers - You have a lot on your plate. Let us take one heavy burden off you back by handling your insurance.
What You Need To Know About Landlord Insurance:
Probably the most important aspect about Landlord insurance coverage is that it is ready and able to respond when you need it most - From a Property Loss to a Liability claim. It needs to be in place, written correctly and with insurance carriers that are ready, willing and able to respond to the needs of NYC landlords. Price is a factor in anything you purchase, and clearly the higher the expenses the less profit can be realized in your investment property, but that shouldn’t come at the expense of your protection.
Important things to consider when insuring your investment property:
Do I have adequate property coverage? Has my insurance broker reviewed my personal property, and improvements made to the building, to help me decide on a limit that will cover my building in the event of a total loss.
Does my property insurance cover me for replacement cost?
Does my property insurance contain any co-insurance requirements…and what the heck is a co-insurance requirement anyway (HINT – you don’t want to wait for a claim to learn what co-insurance is all about).
Does my carrier have experience insuring real estate in New York?
If your investment property has apartments, does your insurance carrier work well in this space? Many carriers steer clear of buildings with Apartments and others insure so little that they would be better off not writing coverage at all.
What Does Landlord Insurance Cover?
Building Coverage
Obvious but important - You have to cover the building - The physical structure, improvements made, equipment used to service the building.
Loss of Rents
You want to make sure that you have coverage that will kick in if your building suffers a covered property claim and your ability to fill rental units causes your rental income to plummet.
Liability Insurance
We see lawsuits come in all the time and settlement figures that are on the rise. You want to make sure you have adequate limits with an insurance carrier that knows the landscape of insurance claims in NYC.
Additional Coverage Options:
Back Up of Sewers
Truly an under-rated coverage you won’t realize how important it is until you actually have a back-up of sewers.
Equipment Breakdown
Sudden and accidental break down of equipment used to service the building.
What’s the Lincoln Brokerage difference for Landlord’s?
- We are going to review your property limits, identify the coverage per square footage and make suggestions, if needed, to help you protect your building better.
- We are going to verify your occupancy with you because it is crucial that your insurance policy be written based on your actual exposures. Did you know that insurance carriers can deny claims and void coverage if they believe the risk was misrepresented to them when written?
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We are going to ask you about your commercial tenants.
We are going to ask what your lease requirements were for insurance for your tenants - Hopefully we are working with you when the lease is being drawn up so that we can help you with the Insurance provisions.
We always welcome the opportunity to review the insurance certificates from your commercial tenants to make sure you are properly protected.
Why You Should Partner with Us
We are huge advocates of mandatory insurance for residential tenants. It is so valuable for a landlord to make sure his residential tenants have renter’s insurance - It takes away so many headaches and complaints when and if a claim occurs. The tenants insurance should be the first line of defense if there was a water damage claim to a tenants apartment.
We have worked with landlords (even giant ones with hundreds of units) to implement mandatory tenant insurance - We have helped implement the coverage, review the coverage if written elsewhere, and track annual compliance in certain cases.
We have worked with landlords (even giant ones with hundreds of units) to implement mandatory tenant insurance - We have helped implement the coverage, review the coverage if written elsewhere, and track annual compliance in certain cases.
New York is unique – unlike this overused picture of Brooklyn. It can be exciting and rewarding on one side and exhausting and daunting on another. There is money to be made and there are potential pitfalls which can lead to loss. We specialize in insurance for landlords – property owners. You want Lincoln Brokerage in your corner to protect your valuable assets.
