Owning property in New York comes with significant responsibilities, including protecting your investment with the right type of insurance. You might need one policy if you live in your home. If you rent it out, you may need something different. Knowing the difference between landlord and homeowners insurance can help avoid costly mistakes.
This guide breaks down both options so you can choose based on how you use your property. Understanding these basics is the best place to start if you’re looking for the right homeowners insurance in New York.
What Is Homeowners Insurance?
Homeowners insurance is designed for people who live on their property. It provides financial protection for the home, personal belongings, and legal costs if someone gets injured on your property. This type of insurance is common for single-family homes, condos, and town homes where the owner lives full-time or part-time.
A standard policy usually includes the following:
- Dwelling coverage for damage from fire, storms, or other covered events
- Personal property coverage for things like furniture, appliances, and electronics
- Personal property coverage for things like furniture, appliances, and electronics
- Additional living expenses if you need to stay elsewhere during repairs
New York’s homeowners insurance often includes coverage for severe weather, which is essential in regions where wind or snowstorms are common.
What Is Landlord Insurance?
Landlord insurance is made for property owners who rent their homes to tenants. If you own a rental home, you have different risks than someone living there. Landlord insurance helps cover those risks.
A typical landlord policy includes:
- Property damage protection for the structure, including walls, roofs, and floors
- Liability coverage if a tenant or visitor gets injured on the property
- Loss of rental income if the home becomes unlivable due to a covered event
This type of policy usually does not cover the tenant’s items. Tenants are encouraged to get renters insurance to protect their belongings.
How to Decide Which One You Need?
The choice depends on how the property is used. If you live in the home, even part-time, homeowners insurance is likely the right fit. If you do not live there and rent it out, you may need landlord insurance instead.
Some people make the mistake of keeping a homeowners policy on a home they rent out. This can cause issues during a claim, especially if the insurer finds out the property was being used as a rental. The type of insurance must match how the home is used.
Secure the right coverage with Scautub Agency
At Scautub Agency, we help property owners find the coverage that fits their situation. Our team is familiar with the needs of full-time residents and landlords across the state.
If you are trying to decide between landlord or homeowners insurance in New York, contact us today or call our team at (518) 346-3427. We are happy to answer your questions and help you choose a policy that protects your property properly.