| NYC Business Group
Builder’s risk insurance policy covers a building where the insured area or building is still under construction. The insurance policy can cover the building/structure and the materials on-site waiting to be transported or installed. Learn more in this article on what this entails.
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| NYC Business Group
Landlord insurance covers any risks related to rental activity and buy to let property. Normally, most insurance policies start with property owner's liability insurance and building insurance. However, property owners can add more covers such as accidental damage, tenant default, and loss of rental income. Rental properties are riskier to insure, and additional coverage makes landlord insurance coverage costlier, i.e., about 25% more of the homeowner's insurance. Property owners should invest…
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| NYC Business Group
Typically, homeowners insurance covers the cost of damage or theft to a home. However, the insurance does not offer coverage if the house is left unoccupied for long periods. A standard home insurance policy states that homes are not covered against vandalism or theft if they have been unoccupied for more than 60 days. Homeowners insurance is specifically designed to cover homes that are occupied full time. Therefore, if your home is unoccupied for several months, it increases the risk of…
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| NYC Business Group
There are numerous reasons you would leave your house empty for some time. Also, there are a few terms you would use to define an empty house. Vacant and unoccupied are commonly used to describe empty houses and even sometimes interchanged. However, when it comes to property insurance, the two mean different things. Their definition should be clear because it determines your insurance rates.
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| NYC Business Group
If you consider commercial property insurance, it is crucial to understand the main differences between replacement cost coverage and actual cash value coverage. When the claim entails repairing or replacing damaged property, you can have two coverage types depending on your policy limit for small business insurance. The coverage can either be: The total of replacing damaged property The total value of what was damaged during the claim Business owners should familiarize themselves with the…
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