Building owners who fail to check for open violations at least once or twice a year could face a gap in insurance coverage at renewal. Open violations can create an issue for landlords when renewing the building’s insurance policy, even…
When assessing the risks of insuring a property, landlord insurance providers use inflation indicators like the Consumer Price Index (CPI) to estimate payout amounts for potential claims. But one type of inflation that increases payout amounts (and, by extension, insurance…
Whether you're a landlord or a tenant in New York State, a well-drafted lease agreement is essential to protect the rights and obligations of all parties involved. A lease agreement is a legally binding contract that outlines the terms and…
When shopping for landlord insurance, can you find bargains at certain times of the year, like buying cars and televisions? Or does it make sense to wait 60 to 90 days before your current landlord insurance policy comes up for…
To help protect New Yorkers, the New York City Fire Department (FDNY) requires landlords to post and distribute certain fire safety and emergency preparedness documents. The requirements apply to multiple dwellings in New York City, those with 3 or more…
While it’s important to have the right landlord insurance, no one really wants to file a claim. Many of the perils covered by landlord insurance and riders, such as fires and storms, lay beyond a landlord’s control. However, certain preventive steps…
Landlords in New York City have specific responsibilities for protecting tenants from lead paint hazards. Local Law 1 of 2004, also known as the Childhood Lead Poisoning Prevention Act, outlines these requirements, which apply to multiple dwelling units that were…
Cyber attacks are on the rise. According to the Hiscox Cyber Readiness Report 2022, the number of U.S. businesses that experienced a cyber attack increased from 40% in 2021 to 47% in 2022. The same study reports that 40% of…
According to the 2020 Traffic Culture Safety Index, published by the AAA Foundation for Traffic Safety, most drivers (79.7%) consider using a handheld cell phone as extremely or very dangerous. The percentages jumped to 94.9% and 95.9% for reading or…
Managing real estate investment property (i.e., being a landlord) is a business. The upside is huge, but there is also great risk, as with most businesses. It’s not just about revenues rolling in. These real costs and expenses are unavoidable…