Are Landlords Required to Have Insurance?

Even though landlord insurance in New York is not required by law, it's ususally mandated by lenders for the properties that they finance. If you own the property outright, then you can choose whether or not to insure it, but we would caution against leaving it uninsured, unless you have the cash reserves to cover any potential losses or damages, including the medical expenses of tenants (or their guests) who experience injuries for which you are found to be legally liable (e.g., broken steps or icy walkways).

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