Commercial Habitational Insurance in New York

builders risk insurance New York

Commercial residential properties include condos, apartments, hotels, boarding houses, and other properties that landlords rent out. Since the relationship between the building owner and the various tenants is so complex, it becomes essential to have a habitational insurance policy in place.

Having a policy like this in place protects landlords from the multitude of possible risks that come with renting out commercial properties. The habitational specialists at NCI take the time to understand the specifics of each organization we serve. Contact our insurance professionals today and get a free quote.

What Is Habitational Insurance?

Habitational insurance, also known as landlord insurance, provides essential coverage for owners of commercial residential properties, including multi-unit dwellings, condominiums, and apartment complexes. Typically, the cover protects landlords against claims associated with tenant injuries, property damage, or losses resulting from fire, theft, vandalism, and storms.

However, you can include other forms of coverage into your policy to extend your benefits. For example, you may customize your policy to include commercial flood insurance if your apartment building sits in a high-risk zone.

Who Needs A Habitational Insurance Policy?

Anyone who owns a rental property should consider buying commercial habitational insurance. Whether you lease a student boarding establishment or own a large condominium block, having protection for yourself, your tenants, and your building is essential. 

Since these buildings run a greater risk of sustaining damage due to vandalism, theft, or natural disasters, having the policy to protect your building is worth considering.

What Does It Cover?

Habitational insurance provides coverage that protects both landlords and tenants. As a result, commercial habitational insurance will typically include:

  • General Liability Insurance – This covers you as a building owner should a tenant or one of their visitors become injured on your property. For instance, if a tenant experiences electrocution due to faulty wiring or falls down the stairs leading to their apartment, your policy can help you cover medical bills and legal fees related to the incident. 
  • Vandalism and Theft – A policy of this nature provides coverage for any property damages sustained and the repairs or replacement of any items lost due to vandalism or theft.
  • Damage Resulting from Fire, Storm, or Wind – Rental properties can sustain severe damage as a result of fires and windstorms. Further, the cleanup and repairs following an incident of this nature can be expensive. As a result, we strongly recommend rental property owners with buildings in areas designated as high-risk for flooding and earthquakes to ensure they have this coverage.
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How Does It Work?

Typically, habitational insurance protects the building you own and any personal property inside. Further, landlords can add additional coverage for aspects not generally covered in these policies. 

For example, commercial habitational insurance does not cover: 

  • Signage – Damage to building signage and other outdoor property is often not covered.
  • Vehicles – Personal vehicles owned by tenants are not covered under habitational insurance.
  • Equipment Breakdown and Repair – For instance, HVAC or air conditioning systems are not part and parcel of habitational insurance policies. 

In light of this, building owners should always ensure that the policy they take out covers all aspects of the property they wish to protect. And if the policy does not cover certain areas, take out additional cover to extend to these areas. 

Contact us to learn how Next Century Insurance can help you protect your habitational properties.

Is Habitational Insurance Required?

Although commercial habitational insurance is not required by law in New York, some level of general liability insurance is. Since habitational insurance covers a plethora of needs in terms of risk coverage for a commercial habitational building, we highly recommend investing in a habitational insurance policy.

 Speaking to insurance professionals can help you navigate the ins and outs of habitational insurance and assist you in securing the proper coverage.

Why Choose NCI?

NCI specializes in commercial insurance aimed at meeting the needs of business professionals. Whether you own an apartment block, rent out a condominium, or lease out student dormitories, NCI’s highly qualified insurers will help you put together the right policy for your individual needs. So, whether you have a large 150-apartment building or a four-condo block, we will design the ideal policy that gives you the coverage you need.

So, don’t wait for disaster to strike. Instead, contact NCI today for a commercial habitational insurance policy quote.