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Gates-Cole Insurance

Gates-Cole Insurance is an independent insurance agency with 10 locations in NY representing over 45 regional and national insurance companies. Our team of professionals has in-depth knowledge and experience in Auto Insurance NY, Home Insurance NY, Business Insurance NY, Boat Insurance NY, Motocycle Insurance NY and all other areas of insurance. We have a genuine interest in finding the right solutions for you. We would like to become part of your insurance program, and participate in the planned growth of your future.

Landlord Insurance, Anyone?

Shawna Kreis Shawna Kreis , 4/25/2016
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If you rent all or part of your property to others, it makes sense to buy this special type of Homeowners insurance. A Landlord policy will cover damage to the building and your belongings, and protect you against potentially catastrophic legal and medical cost suits from lawsuits by people injured on your property.

If the property is mortgaged, the lender will usually require that you buy enough coverage to pay off the outstanding loan balance.

Above this level, you can tailor your Landlord coverage to your needs and budget in a number of ways:

  1. Changing the deductible (which usually ranges from $100 to 5% of the building coverage).
  2. Selecting the type of losses covered, by buying either "comprehensive" coverage - which pays for losses from all causes, unless specifically excluded - or on a "named perils" basis, which covers only losses from a listed number of causes.
  3. Choosing the type of reimbursement - either "actual cash value" (the value of your property, less depreciation) or the more expensive "replacement value."
  4. Adding coverage to provide reimbursement for loss of rental income during a period when the property is uninhabitable.
  5. Covering increased liability risks from dealing with tenants, such as legal fees, libel, slander, and discrimination claims.

In making your decision, assess the benefits of potential premium savings against the risk of paying for hefty classes.

Our Homeowners' Insurance specialists will be happy to evaluate your situation and recommend a comprehensive, cost effective solution. Just get in touch with us at any time.