Home Improvement

Essential Coverage: Landlord Insurance in New York

Being a landlord in New York can be a lucrative business, but it also comes with its fair share of risks. From property damage to liability claims, there are many potential hazards that can arise when renting out a property. That’s why it’s important for landlords to have the right insurance coverage to protect their investment. In this article, we will discuss the different landlord insurance options available in New York.

Basic Landlord Insurance

The most basic type of NY landlord insurance is a policy that covers the physical structure of the rental property. This typically includes coverage for damages caused by fire, lightning, wind, hail, and other natural disasters. It may also cover vandalism and theft. This type of insurance is important for protecting the landlord’s investment in the property.

Liability Insurance


Liability insurance is another important coverage for landlords to have. This type of insurance protects the landlord in case a tenant or visitor is injured on the property and sues for damages. It can also cover legal fees and medical expenses. In New York, landlords are have liability coverage limits from a minimum coverage of $100,000 per occurrence up to $1,000,000.

Loss of Rental Income Insurance

If a rental property becomes uninhabitable due to a covered event, such as a fire or natural disaster, landlords can lose out on rental income while repairs are being made. Loss of rental income insurance can help cover the lost income during this time. This type of insurance is especially important for landlords in New York, where natural disasters like hurricanes and blizzards are common.

Loss of rental income insurance, also known as loss of rents coverage, provides protection for landlords in the event that their rental property becomes uninhabitable due to a covered event such as a fire or natural disaster. This insurance helps cover the lost rental income that the landlord would have received during the period when the property is undergoing repairs or restoration. It helps bridge the gap in income that landlords may experience due to the property being temporarily unavailable for rental.


Umbrella Insurance

Umbrella insurance is an additional coverage that can provide extra protection for landlords. It offers liability coverage above and beyond the limits of basic landlord insurance. This can be beneficial in case of a major lawsuit that exceeds the coverage limits of the basic policy. Umbrella insurance is typically sold in increments of $1 million and can provide coverage for multiple properties.

Flood Insurance

In New York, landlords may also want to consider purchasing flood insurance, as many areas are prone to flooding. This type of insurance is not typically included in basic landlord insurance policies and must be purchased separately. It can provide coverage for damages caused by flooding, which is not covered by most basic policies.


As a landlord in New York, it’s important to have the right insurance coverage to protect your investment. Basic NY apartment building insurance, liability insurance, loss of rental income insurance, umbrella insurance, and flood insurance are all important options to consider. It’s also important to regularly review and update your insurance coverage to ensure that it adequately protects your property and assets.