Please recommend a landlord insurance company (Liberty: real estate, rental, homeowners insurance)

[adventurer6]

We have a single family house in Staten Island. We moved out and decided to rent it.Does anyone know a reputable landlord insurance company in the area? Thanks.

[mc33433]

You might want to ask on Streeteasy too.

[mathjak107]

libery mutual offers it . most of the time you have to call insurers to inquire about it. even liberty mutual doesnt list it on their website but if you call them they do have another compay they go through that offers it to their policy holders.

its very important that you dont make the mistake everyone else does and just cover a property they own which is a rental with their homeowners insurance.

that only works until it doesnt. typically regular claims for stuff goes right under the radar but when liability claims or claims involving a disgruntled tenant who trashes your place , steals from you or

torches your place come up you find out at the wrong time you can not use standard ho3 insurance which is for owner occupied only ,to cover a rental..


liberty mutual 800-837-5254

[jad2k]

Hmm, I need to change the insurance on my co-op too. I currently have Liberty Mutual, but (I assume) it's not the correct coverage since I've moved out and a family member moved in. The easiest thing would just be to call LM and change the coverage but I don't use LM on my new place, I have Travelers. Is it better advised to have one company for both places? Would it be cost efficient? If not, does it really even matter?

[mathjak107]

you usually get a better discount if you can bundle everything together with one company.

not all companies offer non owner occupied insurance though. i know liberty mutual does because we were having the discussion on another thread.

someone questioned the fact they had a plumbing leak in a rental and homeowners paid them with no problem. i said thats because the issues of using ho3 homeowners dont usually crop up until you file a claim for something tenant specific like theft , liability or vandelisim by a tenant.

so he said i was wrong ,his company would cover it so i challenged him and called his company liberty mutual.

they said they would not honor claims caused by a tenant on ho3 homeowners but do offer a non advertised type of insurance through a sister company called landlord insurance.


i knew they wouldnt because it happened to me. i once let someone stay with us a few weeks who it turned out was back on drugs. they burglarized us the day they left after i threw them out.

geico said they were going to deny my claim because under h03 anyone living in your home beyond x amount of days is considered a household memember and an insured under the policy terms making it basically an insurance job .

if a disgruntled tenant torches your rental or steals the appliances under h03 there is no dividing line that makes them not household members as h03 homeowners is for owner occupied and thats why its important to get this correct when you insure a rental.

typically homeowners covers issues pertaining to you, your household members and your pets. landlord insurance puts a line between a tenant and a household member.

[rickbrian]

I tried all the above suggestions, but one thing i learnt in my years in real estate; every property and building is different and the insurance companies rate them differently. I started using Evergreen Insurance & Risk Management, They specialize in only real estate, and they always find me the best deal. good luck!