Landlord insurance in New York, compared across carriers
Landlord insurance protects rental properties, the rent they produce and you, if a tenant or visitor is hurt and blames the owner. Whether you own a single condo you rent out, a two-family house in Queens, mixed-use buildings in Brooklyn or a growing portfolio held in LLCs, the right policy depends on the buildings, the tenants and how the properties are owned.
Gordon Companies is an independent, family-owned brokerage working out of Midtown Manhattan since 1968. We compare coverage across several carriers and explain the differences in plain English, so you can protect your investment without paying for coverage you do not need.
What a landlord policy covers
- Building coverage: the structure and permanent fixtures, ideally at replacement cost.
- Loss of rents: income you lose while a covered loss is being repaired.
- Premises liability: legal defense and damages if someone is injured on your property.
- Contents you own: appliances, furnished-unit contents and equipment used to maintain the building.
- Equipment breakdown: boilers, HVAC and electrical systems.
- Ordinance or law: the extra cost of rebuilding an older building to current codes after a loss.
Single properties and portfolios
One to four family homes are often written on a dwelling fire or landlord policy. Larger buildings, mixed-use properties and multi-location portfolios usually move to a commercial package, sometimes with blanket limits across locations. We help investors decide when it makes sense to combine properties, how to name LLCs and lenders correctly, and how much umbrella coverage to carry above everything.
What New York landlords should know
- New York's Scaffold Law (Labor Law 240) can make owners liable for falls during construction or repairs, so contractor insurance and certificates matter.
- Require tenants to carry renters insurance and contractors to name you as additional insured.
- Vacant or renovation properties often need different coverage, and many policies limit coverage after a property sits empty.
- Flood is excluded from standard policies. Properties near the coast or in low-lying areas may need separate flood insurance.
- Lenders set specific requirements for limits, mortgagee clauses and loss of rents.
Renovations and value-add projects
If you buy to renovate, the building may need builders risk while work is underway, and your liability policy should fit the construction. We line up coverage before closing so there is no gap between purchase and the start of work.
Questions we hear from landlords and investors
Does homeowners insurance cover a rental?
Not if you rent the whole home out. Owner-occupied homes and rentals are insured differently, and using the wrong policy can mean a denied claim.
Should each LLC have its own policy?
Not always. Many carriers can write several entities on one program, as long as each is named correctly. We will look at your structure and your lender requirements.
What does landlord insurance cost?
It depends on the building, its age and construction, the number of units, the location and your claims history. We compare carriers side by side.
Is my liability covered if a tenant sues?
Premises liability usually covers injuries on the property. Disputes like discrimination or wrongful eviction need specific coverage, which some carriers offer.
Related coverage
Get your landlord quote
Start with a few details on our quote page, or call 212-687-2525 Monday through Friday, 9am to 5pm. A real person on Aaron Gordon’s team will review what you have, compare carriers and walk you through the options.
Own more than one rental?
We will review your properties together and look at portfolio options, umbrella limits and how your LLCs are named.
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