What Landlords Need to Know About Insurance

Mackoul Risk Solutions knows Real Estate Insurance. Is it a sexy topic? Not really. Is it crucial that you have proper coverage to protect your investment? Absolutely! @Mackoul Risk Solutions, in addition to building customized insurance plans for property owners and managers for over 30 years, offers an excellent free class to landlords and property managers. The “10 Point Primer for Landlords & Property Managers” is a class, offered through the Mackoul School, that will discuss 10 important areas that every landlord and property manager should be aware of. It’s A+ information to protect your investment and assets.

Below is an overview of the 10 points, to register for the free class and learn more - click here.

  1. Think like a Landlord, not like a Homeowner. If you think your homeowners insurance will cover you after turning your home into a rental property, or procuring an investment property, think again. There are major differences in a homeowner’s insurance and landlord insurance.
  2. Why Renters Should Have their Own Insurance. It is good practice to include in their lease that you require they carry a renter’s policy, the minimum limit, and the policy should name you and the property manager as additional insured.
  3. Sexual Harassment Training - this is a New York State requirement! this is a New York State requirement! it is required that all employers and employees take the training even if there is only one part time employee on payroll.
  4. Know your Insurance Company. Select a company that specializes in real estate insurance, know their AM best rating, etc.
  5. Tenants Discrimination. According to a report, the largest number of housing complaints and lawsuits pertain to people with disabilities, at 52%. New York is one of the top 5 states with ADA complaints.
  6. Recommendations or Requirements. Know that your building is compliant, be sure you understand things like emergency lighting, exit signs, circuit breakers, etc...
  7. Transfer Risk to Commercial Occupancies. Make sure your commercial tenants carry their own General Liability Insurance, obtain a copy each year and be listed along with the property manager as an Additional Insured.
  8. No Insurance = No Entry. NY labor law places almost total liability on the property owner. Do not allow an uninsured, or underinsured contractor to work in your building. They must have signed contracts listing you as additional insured! ...and no, your tenants are not covered nor is your superintendent’s cousin’s nephew who is helping him out.
  9. Insurance Policies 101. A general overview and breakdown of the individual policies you are required to carry; think of it as an “insurance checkup.”
  10. How to Shop Your Insurance. Every 3-4 years is a good rule of thumb unless a large increase is pending (more than 10%). Don’t visit multiple brokers, ask about raising deductibles, beware of supplemental coverages, etc.. Mackoul offers many helpful tips whether you want a coverage audit or are looking to make a change.

Classes are FREE and can be customized to fit your business or association. Each class provides landlords and property managers with invaluable information on many critical elements of real estate insurance. Schedule a class for yourself or your management firm at your selected location, or at Mackoul Risk Solutions offices.

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