Are You a Landlord? Why You Need Landlord Insurance

There are numerous reasons to get landlord insurance if you own and rent out properties, such as apartment buildings, houses, or offices. We will outline the core reasons for obtaining landlord insurance below.

Homeowners insurance claims won’t cut it when you’re a landlord.

If you consistently rent your property upon which you have homeowners insurance coverage and you end up needing to make a homeowners insurance claim on that property, your claim likely be denied. That’s because the property was rented at the time of your claim, and your insurance company will probably have stipulated that coverage is only legitimate if it is not being rented.

Additional liability coverage will likely be necessary.

It’s sad but true. If you are renting your property and someone gets seriously injured in an apartment or an office, for example, they can sue you for damages. General personal liability coverage is likely not going to cover these instances, so you’ll need additional landlord liability coverage to take care of the costs of these cases.

You may end up with liability trouble from tenants.

In some cases, lawyers who are going after your tenants for liability charges (for example, because of a dog bite in one of your apartments) will know that the tenant cannot individually pay the damages charged to them. Therefore, they will go after you, the landlord. Landlord insurance can protect you against situations such as these.

Contact XL Brokerage Inc. Today to Find Out More!

Are you a Selden, NY landlord who is looking to learn more about landlord insurance? XL Brokerage Inc. is proud to serve the residents of Selden, NY and offer high-quality landlord insurance that meets all your needs! Come visit us at our nearest office location or give us a call to speak with one of our highly skilled agents. We hope to hear from you soon!

Commercial Insurance Needs When Travel Is A Part Of The Job

We understand the needs of New Yorker’s since we are of that ilk ourselves. At XL Brokerage Inc. in Selden, NY we don’t let the hustle bustle of "The Big Apple" get to us or to you. Just about 40 miles east on Manhattan we know how to take a bite out of it without letting it take a bite out of you or your insurance budget. 

Employees who have travel as a main component of their work life have so many extra concerns added to their responsibility list as their non-traveling counterparts. As a result of the extra burden of having to travel to maintain a job many employers take on the bulk of the financial burden. 

Commercial Insurance Needs When Travel Is A Part Of The Job? 

Note the question mark on the end of that subtitle. Your first step in answering what is needed here is the ascertain what is already provided. The time to find out is not when a claim of liability has been drawn on you or by you. Speak with the staffers of your human resources department or other appropriate entity at work to determine where you stand. It is not only about what is reimbursed or out right paid for, insurance is about what if the unforeseen is right in your face.  

XL Brokerage Inc. specializes in many different types of insurance coverage to meet the liability areas of your life. Located in picturesque Selden, NY in Brookhaven township you are invited to simply drop in to ask a question about an existing policy you own with us or about how to purchase a brand new policy. We are housed in Suffolk County, NY at just about the center of Long Island, Nassau County and New York City residents are welcome.  

Common Question Regarding Renter’s Insurance

Did you know that nearly all homeowners carry home insurance, while the majority of renters do not carry a renter’s policy?

If you happen to currently  be a renter, and for some reason you are renting your apartment without renters insurance, now is a great time to consider the benefits offered by a renter’s insurance policy in and around Selden, NY.

Here are a few questions to ask an agent from XL Brokerage Inc. regarding renter’s insurance in and around the Selden, NY area:

Why doesn’t my landlord’s insurance policy cover their tenant(s) interests?

While most commercial policies have a few provisions for tenants, a landlord’s policy is put in place to PROTECT THE LANDLORD’s interests.

The bottom line – you need your own insurance coverage as a renter .

Will renter’s insurance be a smart choice even if I am just starting out and have relatively little to lose, in the way of belongings?

Yes. If a tragic event occurs and even if you only have little to lose, your finances will definitely take a direct hit if you were the victim of this scenario.

Think about some of personal possessions you would have to replace, or do without like:

  • Furniture

  • Computers

  • Cell phones

  • Clothing

What would happen if these items were stolen or destroyed by fire?

How much insurance is required?

This is a challenging question, as the coverage amount is contingent upon what you own as a renter, and how much of your belongings you would like covered.

Is renters insurance affordable?

The reality is that renter’s insurance is affordable and easy to include in one’s budget. The easiest way to demonstrate just how affordable renter’s insurance is is to call XL Brokerage Inc. serving the Selden, NY community.

Call us today!


Why You Should have Auto Insurance in Selden NY

Having auto insurance is a requirement of all states of United States, and Selden, NY is not an exception. The primary benefit of car insurance is that it provides you with the peace of mind you need while on the road and that it ensures that you stay on the right side of the law. At XL Brokerage Inc. we provide car owners with comprehensive auto coverage that matches the value of their premiums. Other than meeting the legal requirements, there are more reasons why you need to have auto insurance.

Helps preserve the value of the car

When you have auto insurance, you can easily maintain your car for durability and retain a high resale value. Car owners without auto insurance might at times avoid repairs if they feel like it costs more than they can afford. Having auto insurance coverage ensures that repair expenses catered for, and you will not have to worry about the cost as long as your vehicle is kept in excellent condition.

Proper car maintenance helps to preserve its value, and this ensures that you get a good deal during a resale. Loss of equity from avoiding repairs may cost more than you would have spent on insurance premiums.

Liability protection

You can never predict what will happen to you once you are on the road. No matter how careful you are it could be your unlucky day, and you may find yourself hitting a pedestrian or another individual’s car. In such case, you will be required to pay for the damages you cause to other people. This may include medical bills and funeral cost. Also, if the affected sues you, the coverage helps you pay the legal fee.

Ensure you have auto insurance in Selden, NY and enjoy these benefits plus more. Contact XL Brokerage Inc. today to get a quote and get started.

Umbrella Insurance May Protect a Business Owner For Sexual Harassment Claims

Sexual harassment claims have been all over the news lately. High profile individuals in positions of corporate power have been taken down by such claims. This includes the CEO of Fox News, Roger Ailes (now deceased), popular newscaster Bill O’Reilly, and most recently the CEO of The Weinstein Company, Harvey Weinstein.

There is a lesson to be learned by any business owner that this type of behavior in the workplace is no longer going to be tolerated.

Risks to Business Owners

Business owners may be held liable for the inappropriate activities of their chief executives or those in positions of power over other employees. The owner may be unaware that such activities are occurring and then suddenly get hit with a major lawsuit. Sometimes these lawsuits or their settlements are in the multiple millions of dollars.

Regular commercial insurance usually does not cover any lawsuits that are related to labor disputes, including charges of sexual harassment in the workplace. Therefore, business owners need the added protection of umbrella insurance that provides coverage in such situations.

Umbrella Insurance Coverage is Essential

Without umbrella coverage, a business owner may risk losing the entire business due to the inappropriate behaviors of their employees. The high profile media attention now being given to sexual harassment in the workplace encourages those who experience such inappropriate and potentially illegal behavior to come forward and to make claims.

Talk this over with your agent XL Brokerage Inc. in Selden NY to make sure as a business owner you do not lose everything because of the things that are done by your executives. This is a systemic risk that needs adequate insurance protection. Even if the allegations cannot be proven the legal expenses to defend against such a lawsuit can be very substantial.

When you work with your agent at XL Brokerage Inc. in Selden NY about these issues you will be able to understand how to use umbrella insurance to cover your business for claims such as sexual harassment at the workplace and other things not normally covered by regular commercial insurance.

Why Flood Insurance Is More Necessary Than You Think

Residents of Selden, NY are used to water in all forms, whether it’s snow, sleet, or just regular old rain. For the most part, it’s fairly routine to deal with whatever Mother Nature sends our way, but there are always exceptions to that rule. XL Brokerage Inc. wants you to know more about just how necessary flood insurance can really be when it comes to keeping your property safe. 

It Doesn’t Take Much 

Many people assume they can rely on their home insurance if they experience flood damage, but this isn’t so. You really only need a couple of extra inches of rain to make a big difference to your property. Water damage is one of the hardest kinds of damage to fix — it’s right up there with smoke when it comes to getting your home back to its original condition. 

The Real Danger

Most of the time, the real dangers that homeowners face when it comes to floods is the proliferation of mold. Bacteria can build up in areas of the home that you may not even have realized were affected by the flood (e.g., the basement or cellar.) When your home is infected with the substance, you risk the health of everyone inside. Mold removal is also extremely complicated and requires special equipment to actually get rid of it all. 

Getting Help 

If you have questions about flood insurance, XL Brokerage Inc. is here for the people of Selden, NY. There’s a lot of dangers that lie in wait for a property owner, but there’s little use in worrying about them all. When you have the right safeguards in place, you won’t have to check the weather forecast every day in fear. Give us a call to learn more about how flood insurance can benefit you. 

5 Surprising Facts You Need To Know About Landlord Insurance

If you have some extra property, renting it out can be a great way to bring in some extra income! Many people decide to become landlords, either full-time or to supplement other income. Selden, NY landlords are legally required to maintain insurance on any dwelling that they are renting out. While your basic property insurance may keep you within the legal limits, XL Brokerage Inc. encourages all our readers to consider a policy specifically designed for landlords. Here’s why!

You could be held accountable for injuries on your property.

If a tenant or a guest injures themselves on your property, they could potentially sue you to cover their medical expenses. Injuries you could be held liable for include those that occur due to fault in the property, such as an uneven sidewalk. 

Your basic insurance probably doesn’t cover natural disasters.

Protection from acts of nature, such as floods, is as important for your rental property as it is your own home. Disaster coverage is typically not included in your standard property insurance, so it’s important that you ask to have such a policy added.

Your premiums will be tax deductible.

You can deduct your premiums for basically all insurance you have on your rental property. This includes non-standard policies such as liability and natural disaster coverage!

You can insure yourself from loss-of-income.

Should your property need repairs or become temporarily unlivable due to disaster, a Loss Of Income policy can help you collect the fair rental amount for the property. This policy covers a short amount of time to allow for repair or rebuilding.

You can require your tenants to have renters insurance.

Landlords in Selden, NY are allowed to stipulate that renters acquire their own insurance to cover liability and property damages. However, it’s important to be aware that renter’s insurance likely won’t cover accidents that occur outside their living space.

There are many other benefits to landlord insurance too, we’re only scratching the surface. Contact XL Brokerage Inc. to learn more today!

Is It Time To Change Your Commercial Insurance?

At XL Brokerage Inc. we have seen a lot of great Selden, NY companies stick with a poor commercial insurance company for far too long. We understand that switching can be a difficult or troubling experience. However, it is one that must be done to protect yourself from excessive costs.

Your Rates Keep Increasing

A great commercial insurance company will rarely increase your rates. However, when rate increases do occur, you will get an advanced warning and an explanation for these increases. If your insurance company keeps increases for you and refuses to explain them, you should consider new insurance options.

Coverage Is Getting Worse

When a company raises your rates, there should be a reason for it. Is your coverage increasing or improving due to this extra cost? If so, it is probably worth the extra money. However, if your coverage amount decreases while your rates increase, something is up. That’s when it is time to consider a new source of commercial insurance.

New Business Is Becoming Available

Is your company expanding its range or bringing in new partners? It might be time to start thinking of new commercial insurance. That’s because the range of your company is expanding and a new group of people may need coverage. Talk to your policy provider first before making any major switches.

Changes To Personnel

If you are welcoming new employees or new owners to your company, reconsider your commercial insurance. This change is different than when you add new business because employees and owners are typically more permanent.

Is It Time To Switch?

With the help of XL Brokerage Inc. brokers, your Selden, NY business will get the kind of commercial insurance it deserves. Whether you are switching to us or away from us, we will help you with the process.

3 Good Reasons to Get Flood Insurance

No matter how “great” your home insurance policy, it won’t cover property damage or loss of personal goods due to flooding. To ensure your home and goods are protected against the risk of floods, you’ll need to obtain flood insurance.  Here are a few good reasons to invest in flood insurance from XL Brokerage Inc. for your Selden NY home.

Floods are Not Limited to High-Risk Zones

Floods don’t just happen in “high risk” flood zones. In fact, it’s estimated that approximately 20% of insurance claims for flood damage comes from homeowners living in non-high risk flood areas. Almost any home can be at risk of flooding. By carefully considering your situation, you can make smart choices concerning flood insurance coverage to protect your property.

You Can’t Depend on Federal Assistance to Cover Your Flood Damage

If your area is declared a federal disaster due to flooding, you may qualify for federal assistance to help cover the cost of flood damage. This assistance, however, is generally in the form of a loan which will eventually need to be repaid. In contrast, flood insurance will pay for the cost of repairing your home or replacing personal goods damaged by a flood, according to your coverage and policy limits.

Affordable Flood Insurance Options

Affordable flood insurance options are available from XL Brokerage Inc. to help you obtain the flood protection you need. Investing in a flood insurance policy can save you from financial ruin should a flood unexpectedly ravage your property. By adding flood coverage to your home insurance package, you can have greater peace of mind that your home and personal goods have the full protection they need.

For more information on flood insurance options and costs, contact XL Brokerage Inc. in Selden, NY today.  

What Can Happen if You Drive Without Auto Insurance?

Driving without auto insurance is a risk that many people do not want to take. Not only is it required by law in the state of New York to have auto insurance to operate a vehicle, but you can also face some serious consequences if you are caught driving without it in Selden, NY. According to XL Brokerage Inc. these are a few of the things that can happen to you if you are caught driving without auto insurance.

  • You could pay fines. Whether you are caught driving without insurance or someone else is driving your car without insurance, you could face fines that range anywhere between $150 and $1,500 every time it happens.
  • Your vehicle could be impounded. Not only will you face fines, but the officer can even impound your vehicle if they see fit. Additionally, you could potentially go to jail for up to 15 days.
  • Your license and registration could be revoked. This is another very serious penalty but you could have your drivers license and registration taken away from you. This will result in a suspension of your driving privileges and you will have to pay $750 to the DMV in order to get your driving privileges back. However, you will not have the option of paying this fee if your insurance has lapsed for more than 91 days or you have already paid the fee at a previous time in the past three years. You will then have to wait until the suspension period has passed in order to have your license reinstated.  

Now that you know and understand what the risks for driving without auto insurance in Selden, NY are, you are likely thinking twice about opting out of getting it. If you would like a free quote so you can become covered, be sure to contact XL Brokerage Inc. today.