NYC Business Group Insurance Blog

Wednesday, April 21, 2021 | NYC Business Group

What Does Landlord Insurance Cover?

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…

Monday, April 19, 2021 | NYC Business Group

Unoccupied and Vacant Home Insurance: What is it, and why do I need it

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…

Thursday, April 15, 2021 | NYC Business Group

The Difference Between Vacant & Unoccupied Insurance Property

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.

Friday, April 09, 2021 | NYC Business Group

The Difference Between Actual Cash Value and Replacement Cost

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…

Wednesday, April 07, 2021 | NYC Business Group

8 Types of Small Business Insurance

A small business insurance policy could be the defining factor to your business' success or failure in case of unexpected events. A small business policy is one you hopefully will not need to use compared to a car or health insurance policy. However, it is unfortunate that 44% of small business owners have not purchased business insurance even after operating for almost a year. Buying the correct type of business coverage protects your products and business, from lawsuits and damage. Purchasing…

NYCBG Insurance Blog

What Does Landlord Insurance Cover?

Unoccupied and Vacant Home Insurance: What is it, and why do I need it

The Difference Between Vacant & Unoccupied Insurance Property

The Difference Between Actual Cash Value and Replacement Cost

8 Types of Small Business Insurance

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