Landlord Insurance in New York State
Protect Your Rental Properties From Possible Future Loss
Landlord Insurance: What It Is & Why You Need It
Landlord insurance—sometimes called rental property insurance—is designed to protect property owners who rent out one or more residential properties. Unlike standard homeowners insurance, landlord insurance accounts for the unique risks associated with tenant-occupied properties, including property damage, liability exposure, and loss of rental income.
Landlord insurance helps protect the physical structure of the rental property, offers liability coverage if someone is injured on the premises, and may provide coverage for lost rental income if the property becomes uninhabitable due to a covered loss.
Landlord insurance policies typically combine property and liability protections tailored to rental properties. Common coverages include:
- Dwelling Coverage
- Other Structures Coverage
- Personal Liability Coverage
- Personal Property Coverage (Owner-Provided Items)
- Loss of Rental Income Coverage
Additional Considerations
Beyond these coverages, there are additional, optional coverages to protect you in a variety of situations. For example:
| Coverage Type | Coverages Provided |
|---|---|
Water & Sewer Backup |
Pays for cleanup and repairs if water or sewage backs up into the property through drains or a sump pump. |
Ordinance or Law |
Pays the extra costs to upgrade the building to current Rochester codes (electrical, plumbing) during repairs. |
Equipment Breakdown |
Covers sudden mechanical or electrical failure of major systems like boilers, furnaces, and central AC. |
Personal Injury Liability |
Protects you against lawsuits for “non-physical” damages like wrongful eviction, libel, or invasion of privacy. |
Service Line Coverage |
Covers the repair of underground utility lines (water, sewer, power) that run from the street to your building. |
Rent Guarantee |
Reimburses you for lost rent if a tenant defaults on payments (distinct from loss of rent due to fire). |
Vacancy Endorsement |
Keeps your insurance active if the unit is empty for more than 30 or 60 days (standard policies often void coverage during vacancies). |
Frequently Asked Questions About Landlord Insurance
If I live in a multi-family home as the landlord, do I need a homeowners or landlord policy?
If you live in one unit of your multi-family home (owner-occupied), you typically need a specialized Homeowners Policy (often an HO-3 with an endorsement for the rental units). A standard Landlord Policy is usually reserved for properties where you do not live on-site. However, because you are a landlord, you need to ensure your liability and “Loss of Use” coverage extend to the rental portions of the building to protect your rental income.
Living in your rental property? Contact us to make sure your homeowners policy is correctly structured to cover your tenants too.
Will this cover if the tenants purposefully and intentionally destroy my property?
Not under a standard policy. Most basic landlord insurance covers “sudden and accidental” damage (like a fire or a burst pipe), but excludes intentional damage caused by a tenant. To protect against this, you often need to add an endorsement for Vandalism and Malicious Mischief (VMM). Even with this addition, it is highly recommended to maintain a security deposit and perform thorough tenant screenings. Contact us to learn about adding Vandalism and Malicious Mischief coverages to your plan.
Will this policy cover if my tenant decides to stop paying rent?
A standard policy only covers “Loss of Rent” if the property becomes uninhabitable due to a covered claim (like a fire). It does not cover a tenant who simply stops paying or is being evicted. For that protection, you would need to add a specific Rent Guarantee or Rent Indemnity endorsement. This specialized coverage helps bridge the financial gap while you navigate the legal process of a tenant default.
Protect your cash flow and contact us to see if Rent Guarantee coverage is available for your property.
What to Expect When You Contact Us for a Landlord Insurance Quote
Our team works with homeowners across Rochester, NY to ensure their homes are properly insured and not underinsured. We review your home’s value, location, and features to help tailor coverage that reflects the true cost of rebuilding and replacement.
Request your Ferris Landlord Insurance Quote Today