Rent loss coverage

Any of the mentioned properties in LLC, S-Corp ??

ashley.collins869

in General Discussion 4 years and 6 months ago

6

Please log in, in order to post replies!

6 replies

Newest Oldest

landlord | 4 years and 8 months ago

string(1) "1"
object(WP_User)#4923 (8) {
  ["data"]=>
  object(stdClass)#4911 (12) {
    ["ID"]=>
    string(5) "10735"
    ["user_login"]=>
    string(8) "landlord"
    ["user_pass"]=>
    string(63) "$wp$2y$10$HWVF4ewRyZwIeW0dItojgObyHBeuAKsaTS3rnL4Vw0Y.WMd.bHTHG"
    ["user_nicename"]=>
    string(8) "landlord"
    ["user_email"]=>
    string(19) "pharmd718@yahoo.com"
    ["user_url"]=>
    string(23) "/forums/users/landlord/"
    ["user_registered"]=>
    string(19) "2008-05-23 19:07:23"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "landlord"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(10735)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I have rent loss coverage is part of my building’s insurance policy. A business I rent to was forced shut due to covid. They were not able to pay rent due to the forced closure. I filed a claim and was told that rent loss due to a pandemic is not covered. Nothing in the policy mentions this. On the advice of my brother (a cpa) I filed a complaint with the dept of financial services. my brother said it would be much more affective than hiring a lawyer. I wanted to know if any other landlords here have successfully filed a claim due to covid rent losses.

yudashasom | 4 years and 8 months ago

string(1) "1"
object(WP_User)#4922 (8) {
  ["data"]=>
  object(stdClass)#4921 (12) {
    ["ID"]=>
    string(6) "194528"
    ["user_login"]=>
    string(10) "yudashasom"
    ["user_pass"]=>
    string(34) "$P$BKrcOOJj2qysH3kdOE3mMqxeyqPZ1m0"
    ["user_nicename"]=>
    string(10) "yudashasom"
    ["user_email"]=>
    string(20) "yudashasom@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:32"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(29) "Dasha Sominski Dasha Sominski"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(194528)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

From what I understand, rent loss coverage is triggered by a property damage claim. It is not a standalone feature of the policy. Even business interruption policy claims are being rejected.

Keep us updated.

hkapstein | 4 years and 8 months ago

string(1) "1"
object(WP_User)#4918 (8) {
  ["data"]=>
  object(stdClass)#4924 (12) {
    ["ID"]=>
    string(6) "197623"
    ["user_login"]=>
    string(9) "hkapstein"
    ["user_pass"]=>
    string(34) "$P$Bi/rarQU.AidQ5DWnWIzXSi7UikLcx/"
    ["user_nicename"]=>
    string(31) "boerumamaemailnotprovided-local"
    ["user_email"]=>
    string(19) "hkapstein@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2018-06-15 18:43:24"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(14) "Helen Kapstein"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(197623)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I’ll keep it short. Don’t waste your time. Insurance does not cover losses due to non-payment of rent. If the loss were due to a covered peril, such as a fire or accident that damage the space making it unsuitable for uses described in your rental lease, then the lost rent might be covered. Insurance companies excluded pandemics from essentially all policies a few years back after some scare or another, so it’s safe to say that would not be a covered peril. You could have a lawyer review your policy if you think that’s worth it to check.

IronBalls | 4 years and 8 months ago

string(1) "1"
object(WP_User)#4923 (8) {
  ["data"]=>
  object(stdClass)#4925 (12) {
    ["ID"]=>
    string(5) "13371"
    ["user_login"]=>
    string(9) "IronBalls"
    ["user_pass"]=>
    string(34) "$P$BlbR0jy7Ihm1LVFGoqRU23r.ogVfuk1"
    ["user_nicename"]=>
    string(9) "ironballs"
    ["user_email"]=>
    string(18) "Threthan@yahoo.com"
    ["user_url"]=>
    string(51) "http://bstoner.wpengine.com/forums/users/ironballs/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:00:36"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "IronBalls"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(13371)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I’m in the same boat as you. I haven’t bothered to figure out how much rent loss I’ve had because it’s too depressing. It’s nearly impossible now to find new tenants since so many people have left NYC. I also had a commercial tenant break a lease. As far as I know, insurance companies are not covering rent loss due to Covid. But guess what? Property taxes are still due in a few weeks. There will be an explosion of foreclosures in NYC real estate if things don’t improve soon.

landlord | 4 years and 8 months ago

string(1) "1"
object(WP_User)#4922 (8) {
  ["data"]=>
  object(stdClass)#4926 (12) {
    ["ID"]=>
    string(5) "10735"
    ["user_login"]=>
    string(8) "landlord"
    ["user_pass"]=>
    string(63) "$wp$2y$10$HWVF4ewRyZwIeW0dItojgObyHBeuAKsaTS3rnL4Vw0Y.WMd.bHTHG"
    ["user_nicename"]=>
    string(8) "landlord"
    ["user_email"]=>
    string(19) "pharmd718@yahoo.com"
    ["user_url"]=>
    string(23) "/forums/users/landlord/"
    ["user_registered"]=>
    string(19) "2008-05-23 19:07:23"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(8) "landlord"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(10735)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

In cases where the state mandated a closure of a commercial space, there has been some issues with the vague language of the insurance policy. I filed my claim in August and swiftly rejected by the insurance company (as expected). I filed with the NYS dept of financial services right away. It has been in their hands and under review. As soon as I get any response, ill post it here. In any case, its free to file with the dept of financial services.

ashley.collins869 | 4 years and 6 months ago

string(1) "1"
object(WP_User)#4918 (8) {
  ["data"]=>
  object(stdClass)#4927 (12) {
    ["ID"]=>
    string(6) "203113"
    ["user_login"]=>
    string(17) "ashley.collins869"
    ["user_pass"]=>
    string(34) "$P$BeSh7WDzk5KfIuC3Bp6CT4FZh4ESH5."
    ["user_nicename"]=>
    string(26) "ashley-collins869gmail-com"
    ["user_email"]=>
    string(27) "ashley.collins869@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2020-02-25 07:04:00"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(14) "Ashley Collins"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(203113)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Any of the mentioned properties in LLC, S-Corp ??