Looking for advice on how to structure insurance to protect asset

[Munim Jalil]

Hi BP,

We currently have 3-multi family investment properties in NYC. Each property currently has their own homeowner’s policy + a umbrella policy with a $5M liability coverage. Based on my research, when your property is fully rented (i.e., you don't live there anymore--BRRRR) it makes sense to transition over to a landlord policy. The landlord policy will protect the property from damages from tenants which may not be covered by the original homeowner's policy (this is inclusive of tenants having a renter's policy). We are also working on transitioning each property to their own LLC and that LLC will roll-up into a holdings company.

Questions - Would folks be able to shed some light into transitioning over from a homeowner to landlord policy, is it worth it - should we, do it? Do folks know of any insurance companies that offer competitive landlord polices in NYC? What are the folk’s current set-up in protecting their properties?

Best,

MJ