What is covered by a Landlord Insurance?

Renting out your property is a huge responsibility because you’re entrusting your investment to someone else. That’s why you need landlord insurance from XL Brokerage Inc. to help you preserve your hard work. Even though standard homeowners insurance covers most of the risks, there are certain risks like loss of income that are only catered for in a rental a property. Plus, landlord insurance provides extra liability coverage compared to home insurance.
 
Without the right coverage, being a landlord in Selden, NY can be very costly. There are many damages that may occur that are out of your control and you’ll have to take care of them from your pocket. Let’s see what’s covered by landlord insurance.
 
Dwelling: This protects the physical structure of your property including the walls, ceilings, and roofs.
 
Other structures: This part of your policy protects the physical structures that aren’t attached to your property like sheds and garages.
 
Loss of rent: This ensures you keep receiving rent even if a tenant refuses to pay. It also covers your rental income during repairs if a covered risk renders your property inhabitable. 
 
Liability claims: Should you be held responsible for an injury or property damage on your property, then this part of your policy will cover legal fees and compensations.
 
Eviction costs: Should you need to evict a tenant, this covers any costs of legal assistance you may need.
 
Property damage: This part of your policy covers the cost of damages to your property that result from a covered loss such as fire, water damage, or vandalism.
 
While landlord insurance covers most risks, there are a few exceptions, which include tenants’ belongings, maintenance, and shared property. Talk to an agent at XL Brokerage Inc. to understand what works best for your Selden, NY property. Contact us today and protect your property.

What Impacts NY Landlord Insurance Pricing in Selden NY?

New York requires landlords to keep landlord insurance on building rented out to tenants. This insurance covers the building in cases of water damage, fire and other claim incidents. I doesn’t cover anything owned by tenants, who must purchase separate renters insurance to protect their belongings. You can ask your XL Brokerage Inc. agent in Selden, NY what coverage would best fit your building. In the meantime, here is some information to get you started.

What is a Landlord Insurance Policy?

Landlords’ insurance is a type of property insurance exclusive to owners who rent out buildings to tenants. It protects the landlord from financial losses associated with rental properties. It covers the building and any contents written into the policy. It is not a replacement for renters insurance and doesn’t cover losses to tenants.

What Does a Landlord Insurance Policy Cover?

This coverage is similar to homeowner’s insurance. However, landlords require extra coverage, including damage inflicted on the property by tenants. In NY, landlord insurance policies must cover the physical structure at replacement cost. You can also receive loss of income for a covered natural disaster. Personal liability insurance for injuries, lawsuits and other property related claims is also available.

Pricing

Several factors impact pricing for landlord insurance in New York. You can ask your XL Brokerage Inc. agent how each of these can impact your premium and coverage. The location of the building can have a positive or negative impact on your premium. The type of tenants, age and size of the building, and number of units can all impact how much you spend on insurance.

Some things you can do to keep costs down include checking the electrical wiring to make sure it holds up to building codes. Make sure to have sprinklers installed and ensure they are in working order. Tenants love swimming pools, but insurance companies consider them a liability that will increase your premium.

Contact  XL Brokerage Inc. today to set up an appointment for a free quote on insurance for your Selden, NY rental building.

When Is A Good Time To Reduce Auto Insurance Coverage To Liability Only?

Everyone knows that it is mandatory in most states to carry insurance on your automobile. There is, however, some confusion when it comes to knowing how much coverage you need to carry, and when it is acceptable to reduce your coverage to liability only.

Is Liability Only Right For You?

The general rule of thumb for reducing coverage to liability only insurance is 10 years. This is only a general rule of thumb, and may not be right for some situations. Some things to consider before reducing your coverage include the age of your vehicle, if you have your financing paid off, the value of the vehicle and the amount of driving you do in your vehicle.

Finding The Right Coverage

Having the right automobile coverage is critical to your financial well being and safety. If you don’t carry coverage that is right for your situation, then you may find yourself in an unfortunate situation. Discuss your individual needs and consult a reputable insurance agent. They can help you to determine if reducing coverage to liability only is the right choice. If you live in or around Selden, NY, then you should consult XL Brokerage Inc. to find out if you should change your coverage.

XL Brokerage Inc. is an insurance provider that takes pride in providing excellent customer service for the residents in and around the Selden, NY area. They can help you find options that work for your need and offer insurance products that protect you and give peace of mind. For more information, call or stop by and speak to one of their knowledgeable agents.

Is it worth getting flood insurance?

Since flood insurance is not likely to be covered by a standard home insurance policy, homeowners will have to take out a separate policy for such disasters. There are multiple factors to take into consideration, including the probability of flooding in Selden, NY. If you are in the market for an affordable plan, consider consulting with XL Brokerage Inc.

Even if you believe that a flood will rarely happen, consider the devastating flood that hit many uninsured homes last year in Houston.  Of course, being near coastlines or rivers are an obvious risk but flooding can happen in most parts of the country. This is why many go uninsured and the Washington Post reported that only 17% of flood disaster victims have insurance.

The National Flood Insurance Program and aid from FEMA is the go-to solution for most people, but the coverage limits are not very high. Damages to your residence are only covered up to $250,000 and your personal possessions will only go up to $100,000. High net-worth individuals would obviously benefit from a private insurance plan over the NFIP.

Of course, the NFIP is always at risk of being shut down by the government, especially with so much debt accumulating annually. Instead of waiting for the carpet to get pulled out from under you, getting into an ideal private plan in Selden, NY may be a good idea.

Nobody is obligated to buy flood insurance so it is up to the homeowner to determine if their risk is worth the investment. In many cases, flood insurance is not a huge expense and it can end up saving a huge chunk of money if a disaster hits your town. If you are looking around for an affordable plan, consider getting a quote from XL Brokerage Inc.

Three Benefits of Landlord Insurance

If you are planning on renting out your home, you may want to obtain landlord insurance. Landlord insurance covers your home, property and yourself against potential damage and issues. Here at XL Brokerage Inc. serving the greater Selden, NY area, we want every landlord to know about landlord insurance and what it has to offer you. Here are three benefits of landlord insurance. 

Covers Your Home Against the Unexpected

One of the biggest benefits to landlord insurance is that it helps to cover your home against the unexpected. Fire, hail damage and wind damage are all typically covered under your landlord insurance policy. In addition to covering the damage, the policy typically also covers your loss of rent during this time period. 

Protects You Against Certain Lawsuits By Tenants

If your tenants, or one of their guests, slip down the stairs in your home or have a tree limb fall on their car, they may be able to sue you. Landlord insurance helps to cover these damages, helping you to maintain your finances and prevent significant losses due to accidents. 

Covers Items of Value Left to Maintain the Property

The last benefit of landlord insurance is that it covers property that you left at the rental home for maintenance purposes. If you left a snow blower or a pressure washer to help maintain the property, and those items are stolen or damaged, your landlord insurance policy covers those items. 

Landlord insurance has many benefits for landlords. If you are looking to rent your home out and are ready to purchase this type of insurance, XL Brokerage Inc. serving the greater Selden, NY area is here to help. Contact us today for a free estimate. 

Another Important Conversation: Understanding the Basics of Renters Insurance

As spring rolls around the corner, many families have started to prepare for their children to graduate and leave home to live in an apartment for college. Others planning to move to Long Island may be searching for a rental property to begin a new chapter in their lives. In either case, those who seek rental accommodations in and around Selden, NY should understand the basics of renters insurance before signing a lease.

New York requires landlords to maintain property insurance that protects their buildings. However, the landlord’s policy does not cover any damage to your personal possessions or contents in your unit, regardless of where the event originated. In other words, if you lack a renters insurance policy and your apartment experiences a water leak originating from the floor above you or a fire that started on the other side of the unit, you will have no coverage.

You should purchase renters insurance to protect your possessions and limit your liability in the event that something happens in your unit. Some rental communities may even have leases that mandate the purchase of renters insurance before you are allowed to occupy your unit. If this is the case, you should confirm that the coverage you select offers you sufficient protection.  

Before moving into a rental community, consider the level of coverage you will need for your belongings. Take inventory of your possessions, document them with photographs or videos, and store the records in a safe location. Also, discuss liability coverage with an insurance agent. In some cases, you may have to cover legal or medical expenses if a person is injured in your place and you lack coverage.

XL Brokerage Inc. writes policies for those in and around Selden, NY. Contact our agents to learn about our policies for rental communities. 

How Commercial Insurance Options Can Protect Your Assets in Selden, NY

Imagine that you’re about to retire. You’ve got a nice retirement account, and a paid-off house and car. Altogether, your assets put you in high net worth territory, and life is good. One day, you get into a car crash driving your company’s van. You aren’t hurt and there’s minimal damage to your car. However, the other car if in bad shape and so are the executives that were riding in it. Find out how a commercial insurance can protect your personal assets. Be sure to follow up with your XL Brokerage Inc. agent with specific questions on your policy needs.

What Commercial Insurance Covers

Commercial insurance covers the same thing as regular insurance but applies to your business. It separates your personal and professional liability.

  • Bodily Injury. For instance, your employee is working at a job site and injures someone. Your commercial insurance covers the medical treatment for the injured party. Because you have business insurance, you don’t have to pay out-of-pocket, putting your personal assets at risk.
  • Property Damage. If you employ a truck driver and she crashes into someone’s front porch, your commercial auto insurance covers the damages.
  • Worker’s Compensation. If an employee gets hurt on the job, worker’s compensation pays the cost of his medical bills. 
  • Other Coverage. Product liability and business disruption are just two of many options to cover your business’s insurance needs so that you can protect your assets

Contact Us

Contact XL Brokerage Inc. to find out how getting commercial insurance for your Selden, NY business can protect your assets. Contact us for an appointment to get a quote today.

 

Will Your Selden, NY Auto Policy Provide Adequate Coverage if Your Car is Totaled?

If you have ever been involved in an automobile accident where your vehicle is totaled, you may be painfully aware of the limitations that many policies have when it comes to vehicle replacement coverage. If you do not have comprehensive coverage, similar to the protection that an umbrella policy offers to commercial clients, you may be left with an unexpected and unwanted expense if your car is ever totaled.

The agents at XL Brokerage, Inc. serve the greater Selden and Mastic, NY areas and are available to review your auto coverage with you to ensure that all potential eventualities are covered. Clients who acquire full, umbrella-like coverage gain the peace of mind that comes with knowing that their policy will provide the protection that they need.

Depending on your needs, there are policies available that provide full-replacement coverage should your insured vehicle be totaled in a covered event. There are other levels of protection that are available that can ensure that you will not be out of pocket for the replacement costs of your next vehicle. Whether you prefer coverage that will replace the exact model of your current car with the latest model year, or are looking for coverage that will simply provide a safe and reliable replacement vehicle, both are available. In fact, there are options of coverage levels available depending on your needs. We can review the options with you and make sure that you find the appropriate coverage.

If you are a resident of the greater Selden and Mastic, NY areas, the fully trained and helpful agents at XL Brokerage, Inc. are here to help you meet all of your insurance coverage needs. Please call us or stop by today to learn more!

Is Umbrella Insurance for Large Businesses Only?

There has been a persistent myth where individuals believe that only big businesses can afford umbrella insurance. The fact is that even small businesses need the coverage as much as the big companies do. Some lawsuits or claims are too big for regular commercial insurance and having umbrella coverage in Selden, NY provides extra protection. As a business owner, you probably do not want to think of a severe disaster happening to it, but it is wise to be prepared. XL Brokerage Inc. offers small business umbrella insurance for the following reasons:

To provide extra liability coverage

Umbrella insurance can be termed as coverage that goes beyond your existing policies. In other terms, it can be described as a policy that saves you during a storm. When your current coverage does not reach the limit of lawsuit expenses required, it jumps in to save you from going back to your pockets. It also protects your business from disastrous lawsuits that could leave you drained. Some things are just out of control, and although you cannot avoid them, you can stay safe.

Helps protect areas that were not protected

Umbrella insurance also helps in protecting claims that are not included in the other current policies. The Self-Insured Retention, however, applies in such a case where it is treated as a deductible. Umbrella insurance makes sure that nothing is left unprotected just because it was not included in the initial coverage contract.

Assists you in reaching the average limit of your policy

If what is remaining in your coverage is less than what the claim is demanding, this coverage helps to fill in the remaining amount. This is in the event of a more extensive claim that what your small business can afford.

From the above explanations, it is evident that umbrella insurance is not only for large businesses. The size of your business does not determine or dictate the degree of disaster that it has to suffer. Make a point of purchasing umbrella insurance in Selden, NY from XL Brokerage Inc. and offer your business an extra layer of protection.

 

How Flood Insurance Can Save You Thousands

You may not think you live in an area where floods can occur, but increasingly wilder weather events occurring throughout the nation, it’s smart for any home or business owner to have flood insurance. Any type of home or business could be potentially damaged by floodwaters.

In the event that you have flood damage in your home or business, you’ll have to pay thousands and up to hundreds of thousands of dollars to repair or rebuild your structure and collection of belongings.

How Flood Insurance Works

It’s important to note that most homeowners insurance policies do not cover flood damage. Moreover, “water damage” is not the same as flood damage. Water damage is generally associated with leaky or burst pipes while flood damage is in a category all its own. You need to have both water damage and floor coverage in most cases.

In areas of the nation where floods are common, banks and other lenders will require that you have flood insurance to cover your home and possessions. But again, any location can have a flash flood that can cause damage. It’s a smart form of insurance to have.

Finally, keep in mind that even though flood insurance is a particular and specific type of insurance, there are actually several different forms of flood insurance. It’s wisest to speak directly with your insurance agent to figure out which type of flood insurance you should have.

Call XL Brokerage Inc. Today to Learn More About Flood Insurance!

As you can see, flood insurance is absolutely essential if you’re a Selden, NY resident. At XL Brokerage Inc. we serve the area and residents of Selden, NY and would be happy to speak with you about the flood insurance options you have. Call us today or stop by our office to learn more! We look forward to helping you find the perfect plan that meets your needs!