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Renter’s Insurance: When is a building owner not a building owner?

Why Some Building Owners Need Renter's Insurance
Some property owners occupy their homes as tenants. Make sure you have the right coverage.

While the above title might sound like a riddle, it actually describes a fairly common scenario. A number of the building owners we insure in the New York City area require renter’s insurance to protect their personal property. This scenario arises when the building itself is owned by a trust or corporation—financial decisions typically recommended by attorneys and financial planners.

To avoid any unpleasant surprises in the event of a claim, we always recommend that owners discuss any changes to the property with their insurance partners.

What’s in a name?

When it comes to contracts, such as property ownership and insurance policies, details always matter.

Any time the name on a property deed changes, the insurance policy needs to be updated to reflect the correct ownership. Otherwise, an insurance company may deny a claim. After all, the policy holder would not technically be the official owner of the building.

It’s a minor detail and very easy to handle with a call to the insurance broker.

One policy or two?

The second issue that arises involves the type of insurance policy required to protect the building owners’ personal property. Simply put, do the owners occupy the building?

If the owners live in the building but another legal entity owns the property, then the owners would need a separate renter’s insurance policy to protect their personal belongings. They reside in the building as tenants. This second policy will also provide additional protection against personal liability in a lawsuit.

Again, a conversation with a knowledgeable broker can make sure the right coverage is in place.


Do you have any questions about your insurance policy? Have you recently made, or are you considering, a change in your building ownership? Would you like a free insurance review? Call our office at 877-576-5200 or leave a comment below.

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