City Council Likely Will Change Heating Requirements for NYC Landlords

In a move that will definitely affect NYC property managers and landlords in the colder months of the year, the city council will vote tomorrow on proposed new legislation would require indoor temperatures be at least 62 degrees between 10 p.m. to 6 a.m. Presently the law calls for between the hours of 6:00 AM and 10:00 PM, if the outside temperature falls below 55 degrees, the inside temperature is required to be at least 68 degrees Fahrenheit.  Also, at nighttime between the hours of 10:00 PM and 6:00 AM, if the temperature outside falls below 40 degrees, the inside temperature is required to be at least 55 degrees Fahrenheit.
It is being reported by Crain's  that a committee passed the bill which was similar to a failed proposal sent to committee in 2015.  The means the measure is likely to be approved by the full council tomorrow.  There is no indication that there will be an increase in the fines for the non-compliance of the proposed law.  Presently the fines are as follows:

• $250-$500 dollars per day for each initial heat or hot water violation
• $500-$1,000 per day for each subsequent violation at the same building during the same and/or the next calendar year from the initial violation or, during the same and/or the next heat season

If the owner fails to pay the Court ordered civil penalties, HPD will enter a judgment against the owner and the property and seek to enforce that judgment.

Proponents of the new legislation indicates that it will enhance the well-being of  tenants, particularly. As noted in the report, "Manhattan Borough President Gale Brewer added that boosting the nighttime minimum will bring New York City in line with Boston and Chicago, cities that often endure frigid winters on par with the Big Apple. The proposed bill would also get rid of the requirement that landlords only need to heat buildings when the outside temperature falls below 40 degrees, meaning the nighttime minimum would apply throughout the October 1 through May 31 heating season."

Opponents of the bill include environmental groups which state that increasing temperature will increase carbon emissions.  Mayor de Blasio has pushed to reduced emissions by 80% over the next three decades.  Property management companies in New York City as well as landlords should be aware of the changes and adjust accordingly based on the additional resources to be used based on the changes.

Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

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Reasons why NYC Property Managers should require Renters' Insurance

One of the main issues that landlords deal with is damage arising to tenants' possession due to an unforeseen problem with the property. What NYC property managers should do is put a provision in the lease agreement that advises the tenant to carry renter's insurance to protect tenants from any such loss or damage. But this suggestion does not often get follow-up on and may not help fully protect the landlord or tenant.

A reputable and experienced property management company will often present an additional term that requires the tenant to obtain renters insurance and that the landlords be named as an "additionally insured" on the policy. It is also beneficial to have the tenant show proof of such insurance coverage within days of the date of signature of the Rental Agreement. Protecting the tenant and landlord with insurance is a smart expenditure for piece of mind.

Best of all, renters insurance is very affordable, typically about $15-$20 a month, and is available from all major insurance companies.

However, some municipalities do prohibit owners from mandating renters insurance policies for tenants in rent-controlled buildings. In that case, requiring renters insurance might be more trouble than it’s worth. However, you certainly could still recommend it and make the tenant sign a liability waiver if they choose not to obtain it.

For renters insurance to cover your tenant’s stolen property, you apartment building management company, property management company or landlord must provide at least the minimum security measures for your locale – such as locking doors and windows. If you don’t, you might be responsible for your tenant’s stolen property.

So what is protected in renters insurance?

Personal Property Coverage

Think of everything you own. The value of your belongings can quickly add up. Personal property coverage, a typical component of renters insurance, may help cover the cost of replacing your stuff if it's unexpectedly damaged or ruined. That protection generally applies to certain risks (also referred to as "perils"), such as fire and theft, the Insurance Information Institute (III) explains. So, if your computer and television are stolen, or your furniture and clothing are destroyed by a fire, this coverage may help you pay for the cost of replacing them. It's important to know that coverage limits — the maximum amount your policy will pay for personal property losses — will apply. Read your policy carefully or contact your agent for information on what may or may not be covered.

When purchasing a renters insurance policy, you may face a few different choices. For instance:

You'll want to set coverage limits that are appropriate for your situation. Creating a home inventory may help you assess the value of your belongings and help you decide how much personal property coverage is right for you.
You may also have to decide what kind of personal property coverage to purchase, the III says. A policy that provides actual cash value protection typically covers belongings up to their current market value (taking depreciation into account). Meanwhile, a policy that includes replacement cost coverage may help you pay to replace your items at today's retail prices after a covered loss.

Liability Coverage

Liability coverage is another protection typically offered in a renters insurance policy. This coverage may help protect you from paying out of pocket for certain costs if you are found legally responsible for injuries to other people or damage to their property.

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