Buying landlord insurance in Brooklyn can be a daunting task. Especially since you’ve invested a lot into the home or homes you manage. Therefore, it makes perfect sense that you’ll want to protect that investment with the right kind of insurance coverage – and the right amount. These tips will help you buy with confidence, while avoiding some of the pitfalls other landlords fall into when purchasing insurance for their properties in Brooklyn.
Why You Can’t Afford to Skimp on Landlord Insurance in Brooklyn
Without getting the right types and amount of coverage for your Brooklyn property you might find that your home isn’t covered if, or when, disaster strikes. Brooklyn, like any other city of its size and approximate geographic location, faces certain risks that the right insurance coverage can help to mitigate. These risks include things like:
– Accidents and Injuries
– Damage from Tenants
– Loss of Income
As you can see, being a landlord is risky business. Getting the right landlord insurance in Brooklyn helps to mitigate those risks and limit your financial exposure when bad things happen. The situations above will require multiple policies to handle completely and working with an independent agency can help ensure you get the right coverage for your needs.
Getting the Facts about Landlord Insurance in Brooklyn
Not all policies are the same when it comes to covering your Brooklyn property. As a landlord, you have different needs than the average Brooklyn homeowner who lives in his or her property. This is why it’s so important to know your coverage and ask questions to make sure you’re covered for the things you find important.
These are a few questions you will want to ask – hopefully they’ll help trigger a few questions of your own as well.
– Do you need separate coverage for home that are vacant than you’ll need for those that are rented?
– Does insurance provide protection from damage tenants cause to the property?
– Does your policy provide coverage for loss of rental income when covered damages occur?
– What is excluded from coverage under your policy?
– Do you need a separate flood insurance policy?
– Is your policy for market value of replacement cost? And what does that difference mean for you?