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Lower the Cost of Landlord Insurance with Customized Policy

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Custom building insurance lets building owners get better coverage for less money.

No two buildings are exactly the same. And no two building owners are the same, for that matter. That’s why one-size-fits-all policies usually don’t fit anyone very well.

Standard building insurance policies make certain assumptions about coverage. For instance, a standard policy may automatically include contents coverage equal to 50% of the building value, $300K in contents for a $600K building. Most people, however, don’t have 50% of their home value in contents. As a result, they end up overpaying for more insurance than they need because of a predetermined formula.

When looking for a building insurance policy, here are some of the coverages to keep in mind:

  • Contents. As mentioned above, a standard building insurance policy may automatically include a specific percentage of the building value in contents coverage. Creating a home inventory will help determine how much contents coverage is needed. (This document will also make life easier in the event of a claim.)
  • Liability. An important coverage for apartment buildings, liability protects building owners from lawsuits that might arise from injury or property damage.
  • Loss of rents. If the building becomes uninhabitable because of a fire or storm, for instance, this protection will replace lost rental income for up to one year.
  • Water backup. This option protection covers property damage caused by sewage backup through drain pipes, which can result from issues with the city sanitary main or tree roots.
  • Water damage legal liability. This special coverage protects building owners against third-party water damage claims. For instance, a pipe breaks and causes water damage to the building next door.
  • Ordinance or law coverage. When filing a claim, this coverage pays for additional expenses required to make a building comply with current construction codes.
  • Flood. Damage from flood is not covered under standard building insurance and requires a separate policy from the federal government’s National Flood Insurance Program (NFIP).
  • Earthquake. Similar to flood coverage, protection against damage from earthquakes requires a special rider.

In addition, raising the deductible is an easy way to lower the premium. The savings can be used to self-insure any small claims.

Now, owners of one- to four-unit residential buildings in New York City can design their own custom policy with A-rated insurance companies, approved by all major banks.

Get a Commercial Property Insurance Quote

Call City Building Owners Insurance at 877-576-5200 to discuss how you can save money with a custom building insurance policy. Have a question? Please post it in the comments below.

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