All Forum Posts by: Mary Joe

 @Bjorn Ahlblad   Thanks so much.   I talked to Allstate in NY and they say the umbrella they provide will NOT cover my rental property.   So I ended up paying for what they called EXCESS LIABILITY for my rental from a different agency and the coverage is specifically for the rental ppty and nothing else.

Do most personal liability umbrella ins cover claims that arise from anywhere  in the country or only cover claims that originate in the state where the insured resides?  If I live in NY and someone in FL is suing me, will an umbrella policy cover that?

Hi All, what is the typical cost for your umbrella insurance in NY, FL or whatever state you are in for $2M or $3M + policy?  

Everybody here is saying umbrella policies are very affordable. 

I am starting to wonder if I have been overpaying for mine in FL.   I am paying about $1000 a year for a $1M policy on a tiny condo rental.   

thanks  

Mary Joe

 Thanks, is it true that liability insurance can only protect us for as long as the judge does not rule negligence on the part of the landlord in a lawsuit?   So in the end it's still up to the landlord to take all the necessary precautions on every level  possible regardless of how much insurance we get , correct?  

@Nathan Gesner  @Bill B.  

Thanks both. Do you think doing the following will be sufficient to convince the judge NOT to prosecute the landlord in the event of a gas explosion that cause injuries or even death to tenants?

- hire a licensed plumber to inspect for gas leak and gas pressure on the gas stove annually.

-install a gas leak detector or alarm in the rental unit

-spell out in lease agreement that tenant is prohibited from removing the gas leak detector and that tenant must notify landlord immediately if at any point the detector stops working

-do semi annual walk through inspection of the rental unit to make sure the gas leak alarm stays installed and is working properly and that the gas stove is working properly.

Is there anything else we as landlords can do to minimize our exposure to being sued in the event of a gas explosion in the rental unit ?????

What else can landlords do to prove to the judge that we are not negligent ??

@Joe Splitrock   I too have serious concerns about gas leak and gas explosion in my rental units.  Eviction nightmare is troublesome but it's nothing in comparison to a gas explosion that causes tenant injuries and even death.   

I had tried several personal injuries and accidents attorneys in my area to see if they can give me a list of things we can do as landlords as a safety measure that can mitigate landlords liability in the event of a gas explosion in the rental unit.  Nobody can help me. 

I am thinking we as landlords can do the following but I am not even sure if that is enough to get landlords off the hook if a gas explosion does happen:

- hire a licensed plumber to inspect for gas leak and gas pressure on an annual basis

-install a gas leak detector or alarm in the rental unit

-spell out in lease agreement that tenant is prohibited from removing the gas leak detector and tenant must notify landlord immediately if at any point the detector stops working

-do semi annual walk through inspection of the rental unit to make sure the gas leak alarm stays installed and is working properly and that the gas stove is working properly.

Is there anything else we as landlords can do to minimize our exposure to being sued in the event of a gas explosion in the rental unit ?????  

Is this sufficient to prevent landlords from being sued in the event of a gas explosion?

A lot of focus on this board is about eviction nightmare but it is nothing compared to being involved in a gas explosion lawsuit that causes your tenant severe injuries or even death.  There is no umbrella insurance policy large enough to protect a landlord from these lawsuits. 

How many landlords actually do these things to mitigate their liabilities in the event of an accident caused by the following?

1. Gas stove - do you hire a licensed plumber every year to inspect your gas stove to make sure there are no leaks or defects ? Will this help mitigate Landlord liability in the event of a gas explosion due to gas leak?  I don't think landlords care until an accident happens.   Of course, if the tenant reports gas leak, the landlord would fix the problem right away.  I am talking about landlord being proactive and initiate an annual inspection as a precaution and also as a measure to mitigate his/her liability, how many landlords do that? 

2. Balcony or Floor to Ceiling windows in high rise apartment buildings - do you hire a certified engineer or architect every 3-5 years to inspect the structural soundness of balconies and floor to ceiling windows to make sure they are built to code and do not need repairs due to wear and tear over the years?    Imagine the liability a landlord faces if someone leans against a floor to ceiling window and the window collapses in a high rise apartment.   How many landlords care of these things, especially for older apartment buildings in cities like new york. 

Any of these accidents will result in huge liability and even jail time if the landlords is found guilty of negligent, far worse than having to evict a tenant, yet i don't see much discussions in this forum about these aspects of landlording. 

Would appreciate feedbacks from fellow landlords.

Best,

MaryJoe

yes in FL, love the fact that FL has no restrictions as to how much landlords can ask for in security deposit , I find that asking for 2+ months in security deposit is a very effective way to screen tenants.

Hi All,  what are some of the things landlord can do to make tenant purchase renter's insurance?

What can a landlord do if tenant refuses to purchase renter's insurance even though this is in the lease agreement?

thanks

 Thanks Eric.  You are right, it does seem that young people do NOT want to live in Astoria , their first choice would be LIC if they ever decide to move to Queens. 

What are some of the areas in Brooklyn that you think are worth looking into for long term buy and hold landlords?  Relatively close to subways, shops, restaurants ? 

I have been looking into areas like Weeksville (near Crown Heights) but one thing that is holding me back is that it is kind of far from shops and restaurants, you are not really within walking distance to popular shops and supermarkets etc.   I am concerned it may take months before I find a tenant. 

Of course, there are properties that are closer to Prospect Park or downtown brooklyn that are close to shops and restaurants; the only problem is that the prices and ppty taxes are a lot higher in those neighborhoods and at the same time I don't see a premium in rental income high enough to justify those prices.   

Thannks so much for your insights, very helpful.  I am comparing Astoria vs Bedsty, Bushwick, Crown Heights based on the similar price points these neighborhoods all share.   More established neighborhoods like Clinton Hill and downtown Brooklyn would be a lot more expensive than Astoria from what I know (no experts here).

I am just bewildered that based on my observations, demands for housing in areas like Bedsty, Bushwick, Crown Heights etc are easily 3 times more than Astoria on any given day. 

BTW, I share your assessment of Bedsty, Bushwick etc, that it does feel kind of rough and grungy ( but in a good, up and coming gentrification way to a certain extent).

Thanks again for your feedback.