There are many insurance companies that offer a number of highly specialized coverage options intended to meet the changing needs of the real estate industry. While not every one of the real estate insurance New York policy options available to property managers, developers, homeowner associations, and other related groups will fit every client, it is good to know what lines of coverage are available just in case you should ever need to modify your policy.
Coverage that addresses the risks you face
There are several special lines of real estate insurance New York available. Some of these are:
- Building risk coverage
- Soft points analysis
- Tenant discrimination coverage
- Building valuation
- Entity protection during periods of remodeling or construction
- Pollution coverage
- Compliance coverage (sometimes called law or ordinance coverage)
- Storm, flood, fire, and earthquake protection
If you are unsure about whether or not a particular line of coverage addresses your specific needs, simply speak with your insurance agent for a more detailed explanation of your coverage options.
Covering the basics
Starting off with an insurance policy that includes comprehensive forms of basic liability, such as business auto and disaster recovery, is a good place to start. The basic forms of coverage you purchase should be the foundation that more specialized forms of coverage are supported by. Once you feel confident about your fundamental coverage then you can select the options that more precisely tailor your policy to your particular concerns.