Apartment Building & Commercial Real Estate Insurance in NYC & Long Island
Sellis Brokerage is an independent insurance brokerage in Bohemia, NY that insures apartment buildings, mixed-use buildings, lessor's risk only (LRO) properties, rental homes and condo and co-op associations across Brooklyn, Queens, the Bronx, Manhattan, Staten Island, Nassau and Suffolk, with coverage available in New Jersey and Florida.
Coverage for every kind of building
Apartment buildings
Walk-ups, elevator buildings and garden apartments from a few units to 100+, including rent-stabilized buildings.
Mixed-use buildings
Ground-floor retail, restaurant or office with apartments above, the most common building type in Brooklyn and Queens.
Lessor's risk only (LRO)
Retail, office and warehouse buildings leased to tenants, with your tenants' insurance and lease requirements reviewed.
1-4 family rentals
Dwelling fire and landlord policies for investors with one rental or a portfolio held in LLCs.
Condo & co-op associations
Master building policies, D&O for the board, crime / fidelity for the managing agent and umbrella limits.
Vacant, renovation & new construction
Vacant building, builder's risk and owner's interest coverage while a property is being renovated, gut-rehabbed or built.
Coverages we put together
Serving New York City, Long Island and beyond
Based in Bohemia, we insure buildings throughout the five boroughs and Long Island, and place coverage in New Jersey and Florida for owners with properties there.
Quoting a building with Sellis Brokerage
Send us the building
Address, number of units and stories, year built and major updates, tenants or commercial occupancy, and your current declarations page if you have one.
We shop the market
We take the building to standard carriers and to wholesale and specialty markets for older buildings, vacancies, frame construction or prior losses.
Review, bind and close
We walk you through limits, deductibles and exclusions, then send binders and certificates to your lender, attorney or managing agent.
What we'll ask for
Have these handy and we can turn a quote around faster. Missing something? Send what you have and we'll fill in the rest together.
- Property address and owner / LLC name
- Number of units, stories and square footage
- Year built and years of roof, plumbing, electrical and heating updates
- Commercial tenants and their type of business (mixed-use / LRO)
- Current declarations page and 3-5 years of loss runs
- Lender's mortgagee clause and loan number, if financed
- Rent roll or annual rents (for loss of rents)
- Desired effective date or closing date
Real estate insurance questions
What insurance does an apartment building in New York need?
Most apartment buildings carry building property coverage, loss of rents, general liability and an umbrella, often written together as a commercial package policy. Owners with employees such as a super also need New York workers compensation and disability (DBL / Paid Family Leave), and buildings in flood zones may need flood insurance for the lender.
What is lessor's risk only (LRO) insurance?
Lessor's risk only is a commercial policy for a building owner who leases the space to tenants and does not operate a business there. It covers the building and the owner's liability as landlord, while the tenants carry their own business insurance and name the owner as an additional insured.
How is insuring a mixed-use building different from a home?
A mixed-use building has commercial tenants and residential units, so it is usually written on a commercial package policy rather than a homeowners policy. Underwriters look at the type of storefront business, especially restaurants, along with the number of units, building age and updates.
Can I insure a 1-4 family rental property that I don't live in?
Yes. Rental homes and small multi-family buildings that aren't owner-occupied are usually insured on a dwelling fire (landlord) policy, which can include loss of rents and liability. We can also combine several rentals held in an LLC on one commercial policy.
Do you insure older or hard-to-place buildings?
Yes. Older brick and frame buildings, vacant or renovating properties, and buildings with prior losses often need wholesale or specialty markets, which we have access to as an independent brokerage.
How fast can you get a binder for a closing?
Timing depends on the building and the carrier, so send us the details as early as possible before your closing. Once coverage is bound we send the binder and evidence of insurance directly to your lender or attorney.
Get a quote on your building
Tell us about the property and we'll shop it with the right carriers at no cost to you.
