Posts by esPozz54fG
When do I need a commercial policy?
If your building has a business in it, or if you have five apartments or more you need a commercial policy to cover your property.
Read MoreHow does a property get valued for insurance?
Good insurance policies require that a building be valued at reconstruction cost, which is based upon labor and material costs, debris removal, demolition, and other factors. This is usually not the same value as the market price. The purchase price of multi-family homes and commercial properties is normally valued based upon the income it generates,…
Read MoreDoes a policy on a multi-family home cover loss of rental income?
A good one should provide at least 12 months of lost income if your multi-family is damaged by a covered peril. More can be added to ensure that you have enough money to cover for the rent you can’t collect while the house is being repaired.
Read MoreWhen do I need a landlord policy?
If you completely rent a one to four family house and there is not a business on the premises, you need a landlord or dwelling insurance policy. Dwelling policies are similar to home insurance in many respects but are more expensive, as there is a greater chance of having a claim when the owner is…
Read MoreWhat should I require from my tenants?
We suggest that all of your tenants be required to carry renter’s insurance for themselves as part of their lease with at least $500,000 in liability coverage. We also suggest that your lease require you to be named as an additional insured. Renter’s insurance is normally inexpensive, and your policy as a landlord provides no…
Read MoreIs my credit a factor in my insurance pricing?
Credit is used by nearly all insurance companies to either calculate a price or for acceptability.
Read MoreAre all insurance policies for homes the same?
Some policies are designed for less expensive homes and contain few additional coverages often found in higher end policies. Call us and we can discuss your situation and recommend different options.
Read MoreWhen do I need a home insurance policy?
If you live in a one to four family house and it does not contain a business, you qualify for a home insurance policy. This policy covers your home, other structures on the premises, your personal belongings, loss of use, liability, and medical payments to others.
Read MoreLandlord Insurance – What You Need to Know about Multi-Family Homes
esposito insurance group landlord insurance: multi-family homes (973) 284-1083 | www.espositoinsurance.com Q: What kind of insurance do I need for a multi-family home? If you live in the home, a standard home insurance policy can be purchased from some, but not all companies. Insurance policies for 3 and 4 family homes are not offered by…
Read MoreWhat You Need to Know When Insuring Commercial Properties
esposito insurance group insuring commercial properties (973) 284-1083 www.espositoinsurance.com Q: What kind of insurance do I need for a commercial real estate investment? A Businessowners Policy is usually the best value for a small to medium sized commercial investment property, providing coverage for a building, contents, loss of business income, and premises liability in a…
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