Expanding Your Portfolio: Remember New York Property Insurance

Property has remained one of the most popular forms of investment for a long time now. Whether you are considering buying your first investment property or expanding your portfolio by purchasing a second or third house, apartment or villa, it’s always wise to protect your investments with New York property insurance.

For your own home, property insurance includes of course coverage both for the dwelling and your possessions. Should you be buying a property to lease, then you’ll require landlord’s insurance. This provides financial protection for damage to the building itself, while tenants will need to purchase renters’ insurance for their own possessions. Where a property is left untenanted for a period of time, it’s worth checking that you are still covered, as some policies have a void clause if the property is left vacant for a pre-determined period. It’s also essential to check which disasters your policy covers. Remember that earthquake coverage for instance is not automatic, and may need to be purchased in a separate policy, as will flood insurance.

Property investment may provide a valuable source of income for you and your family. To ensure you get adequate New York property insurance coverage for all of your properties, contact your agent before your purchases are finalized.

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