Landlords Insurance

About Landlord Insurance

America's first property insurer, The Philadelphia Contributionship, was founded in 1752 by Benjamin Franklin to cover brick row houses and the income they generated, establishing the mutual model New York landlords still rely on today.¹

Federal rent controls arrived in New York City on November 1, 1943, when the Office of Price Administration froze rents at March 1943 levels, ushering in modern tenant protections that still influence today's habitability and pricing rules.²

Fast forward to 2025: the warranty of habitability (codified in 1975 under New York Real Property Law §235-b) obligates landlords to maintain safe, livable buildings, so today's policies must pair compliant property limits with liability, rent replacement, and code upgrades that keep investment portfolios bankable.³

Coverage Highlights

Landlord programs blend property, income, and liability protection so tenant-caused losses do not erode your mortgage or cash flow.

• Building & Furnishings: Insures structures, owner-supplied appliances, flooring, and built-ins against fire, vandalism, and other covered perils, so a kitchen fire doesn't eat into capital reserves.¹
• Loss of Rents: Replaces scheduled rent while damaged units are uninhabitable, keeping mortgage and tax payments current during reconstruction.²
• Premises Liability & Personal Injury: Defends against slip-and-fall, wrongful eviction, or discrimination allegations tied to tenant activity.³
• Ordinance or Law: Funds demolition and code upgrades when repairs trigger newer building requirements, critical in jurisdictions that update mechanical, elevator, or fire codes mid-lease.⁴
• Service Line & Underground Utilities: Pays to excavate and replace aging water, sewer, or electrical feeds that most base policies exclude, often for as little as $20-$40 per year.⁵
• Excess & Umbrella Liability: Extends limits over your base landlord policy so verdicts exceeding $1 million do not jeopardize the entire portfolio.⁶

Rising Costs

The Federal Reserve Bank of Minneapolis reports that apartment owners in the Ninth District saw premiums jump 14% in 2022, 22% in 2023, and 45% in 2024, with deductibles climbing even faster.¹

The September 2025 Mortgage Monitor shows average property insurance costs up 11.3% year over year, now consuming nearly 10% of the typical PITI payment, and up 70% over the last five years.²

California underscores the trend: regulators approved emergency hikes letting State Farm raise multifamily premiums up to 38% as of June 1, 2025 to keep policies available after repeated wildfire losses.³

PREA's national expense survey found insurance costs rising more than 20% year over year in 51 of 121 metros, including double-digit spikes in Houston, Tampa, and San Antonio, markets that share Hudson Valley's aging housing stock and severe-weather exposure, prompting underwriters to scrutinize New York schedules too (inference based on similar risk profiles).⁴

Cheaper Premiums

• Deploy water and freeze sensors: Programs like Mercury's Flume partnership and Roost's telematics study show leak sensors reduce claims enough to justify 5%-15% pure premium credits. Plus they prevent five-figure water losses.^1,2
• Require and verify renters insurance: A 2025 survey found nearly 60% of small landlords enforce renter requirements, while Forbes notes tenant policies reduce owner liability and keep claim counts low.^3,4
• Document building system upgrades: Updating heat, electrical, and plumbing can yield discounts up to 15%, so plan code-compliant improvements before renewal submissions.⁵
• Add low-cost endorsements: Service line coverage (about $20-$40 annually) and ordinance riders prevent out-of-pocket repairs that trigger surcharges at the next renewal.^6,7
• Remarket strategically:Fed data shows owners fighting hikes by seeking multiple quotes and adjusting deductibles; we mirror that approach to keep Hudson Valley portfolios competitive.⁸

What We Do

We help landlords protect buildings, rents, and liability exposures by finding cost-effective insurance policies through trusted carriers. From New York City brownstones to Hudson Valley multifamily complexes, we keep your investments covered. As your property and risk exposure evolves, we can adjust coverages to keep pace and ensure premiums remain competitive.