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.

Is Umbella Insurance Right for You?

If you are in the market to make sure that everything in your life is protected by insurance, then you have likely run across something called umbrella insurance. It is not a type of insurance that is right for everyone but you should determine if it is something you need in Selden, NY before writing it off. To determine if you need umbrella insurance, answer these questions from XL Brokerage Inc. 

  • Does your home or auto insurance offer enough coverage? Essentially, an umbrella insurance policy is meant to take over where other types of insurance coverage drops off. If you have an expensive car, home, or both and you have maxed out your other insurance policies but it is still not enough, then an umbrella insurance policy may be the perfect solution.
  • Are you fairly known in an area or work in a business where you talk about people that are? Another thing that an umbrella insurance policy can do is protect you from libel or slander lawsuits. If you think you may fall victim to this or you work in an industry where there is the potential of someone accusing you of this, then an umbrella insurance policy can protect you.
  • Are you a landlord? An umbrella insurance policy is an extra layer of protection from your tenants. It goes beyond a home insurance policy to better protect you if someone were to get injured while on your property even if you are not there. 

Now that you have answered these questions honestly, you should be able to determine if an umbrella insurance policy is a right option for you. For more information and to get a free quote for an umbrella insurance policy, be sure to contact XL Brokerage Inc. serving Selden, NY today. 

What Flood Insurance Covers That Your Home Insurance Doesn’t

When living in and around Selden, NY, it is important for you to consider flood insurance. Flood insurance provides additional coverage your standard home insurance policy likely doesn’t provide. Having flood insurance may be the difference between your entire home being covered or having to pay out of pocket. At XL Brokerage Inc. we want to make sure you understand what flood insurance covers and why it is important to you.

The National Flood Insurance Program

Most insurance providers work through this federal program, NFIP for short. The insurance coverage provides $250,000 for your home and $100,000 towards your personal property. Your own home owner’s insurance covers basic rain water and maybe a burst pipe in the basement, but in the event of rising water from rivers and lakes, this kind of water damage is not covered. 

High Risk Area

When buying a new home, if the property is located in what is known as a "high-risk zone," your mortgage may actually require you to opt into this kind of insurance coverage. It is extremely beneficial though. If your home is valued at more than a quarter of a million, you can also look towards excess flood insurance, which provides additional insurance coverage for more valuable properties. Of course, this kind of insurance is not something that everyone needs. If you’re interested though, make sure to discuss the potential with your current home insurance provider to see what kind of flood insurance they recommend for your current situation and where you live. 

Investing in flood insurance is always recommended as it provides additional coverage your standard home insurance doesn’t. Whether you live in Selden, NY or you call another area home, our team at XL Brokerage Inc. is here to assist you 

Landlord Insurance for Your Property

Landlord insurance typically focuses on rental properties. Owners buy it as a form of home insurance typically to protect their structures and property from damage while renting out their property. Landlord insurance is necessary even if only part of the home is rented out to others. Landlord insurance usually does not provide protection for the contents of the rental property, which the tenant owns. For the things that are moved into the property by a renter, those personal items need to have separate renter’s insurance.

Protection for Rental Real Estate Portfolios

Landlords may own more than one rental property and it may be beneficial to insure them as a group. Talk about the specifics of all the rental property you own with your agent at XL Brokerage Inc. in Selden, NY to make a comprehensive plan that provides adequate coverage for all of your rental properties. There are also differences in the kinds of insurance available for partially owner-occupied properties; for example, if the landlord occupies one of the apartments in a small multi-unit building, so be sure to let your agent know if you live in part of the building.

The type of landlord insurance coverage you need will be different depending on the kind of property you own. For example, commercial property that is used for a retail store needs a different type of insurance than commercial property used for a food establishment. There are also differences between insurance for apartment buildings and condominium complexes because the condominium occupants are actually owners of their condominium unit.

Summary

A comprehensive insurance plan takes many factors into account when reviewing the insurance coverage for a portfolio of rental properties and checks the insurance coverage that currently exists to look for areas where there may be “gaps” in insurance coverage in order to fill those gaps and reduce risks for the landlord.

Be sure to discuss with your insurance agent, at XL Brokerage Inc. in Selden, NY, your rental property characteristics in detail to be certain you have adequate insurance coverage for all of them.

Are My Collectible Items Covered Under My Renters Policy?

Your stuff is important. A renters’ insurance policy protects your assets in case of disaster. But what about your high-value collectibles and one-of-a-kind items? How can you be sure you expensive items are fully insured?

The Basics of Renters’ Insurance

In the state of New York, all landlords are required to insure their properties against certain types of damage. The landlord’s policies, however, do not extend to their tenant’s belongings. That means that if a fire or flood damages your things along with the building, you will have to replace your own property.

A renters’ insurance policy covers your items in case of damage or theft. It also covers you are found legally liable for an injury someone sustains while in your apartment.

XL Brokerage Inc. offers renters’ insurance policies that are tailored for those living in the Selden, NY area.

Special Coverage for Special Items

A basic renters’ insurance policy offers a predetermined dollar amount in the event of property loss. That amount might not be enough to cover your special items and valuable collectibles.

For items whose value might exceed your policy limits, collectibles insurance can be added to protect your special things:

  • Jewelry
  • Artwork
  • Antiques
  • Other rare and valuable items

Do You Need Special Coverage?

Before purchasing collectible coverage, have your items professionally appraised. Knowing the true value will help you decide how much additional coverage you need, if any at all.

Keep in mind that the collectibles market is volatile. What is considered valuable today may be worth almost nothing in a few years.

The experts at XL Brokerage Inc. provide renters in the Selden, NY area with customized renters insurance packages that fit their unique budgets, interests, and lifestyles. We are here to answer any questions you might have about protecting the things you value most.

Keep Your Business Working with Workers Compensation Insurance

While every business is required to carry workers compensation insurance, XL Brokerage Inc. reminds you to work with a qualified agent to ensure your Selden, NY construction company has the right coverage to protect you and your employees in case of a severe workplace accident.

Review the Risks of Working in Your Industry

An office worker will not face the same kind of challenges that a construction worker does. Twisted ankles and carpal tunnel syndrome may send an employee to the doctor, but they aren’t as likely to materially change the quality of life as an industrial accident. When your employees work in a hard hat area, your workers compensation insurance policy ought to reflect the higher threat to life and limb.  

Carry Sufficient Liability to Cover Serious Injuries

You’ll want to discuss maximum and minimums per accident with your insurance agent. It may be less expensive to carry lower maximums up front, but if a worker suffers the loss of a limb and the policy won’t adequately compensate them for the injury, you could face additional expensive and lengthy litigation in civil court. When you care for the future of your staff, you build a positive reputation as an employer, lowering turn over and building your customer base.

Proactive Response Helps to Process Claims

When a serious workplace injury does occur, not only does a responsive insurance company help you weather the financial strain, but along with positive management can increase the satisfaction of the injured party through simple services. When you personally follow up with the employee, you’ll be able to properly respond to any new difficulties they might be facing. 

Your agent with XL Brokerage Inc. looks forward to the opportunity to assist you in finding the right workers compensation insurance for your Selden, NY business.

Choosing a Homeowner’s Insurance Policy

You need home insurance if you own a home, whether it’s paid off or not. In other words, even after you pay off your home and you’re no longer required to have insurance, you should still have a policy. When you’re selecting a policy, there are a few tips you should keep in mind and many reasons why you should select us. 

Insurance Policy Tips

When choosing a policy, make sure you take into consideration how much your home is worth, how much it will cost to replace or repair in the event of an accident and how much your possessions are worth. You need enough to cover these expenses and possibly more. You need to take into consideration all the possibilities, so you’re covered for the most prevalent concerns. 

Why Choose Us

1. Customer Service

Our customer service is one of the main reasons to choose us. Our representatives go out of their way to answer your questions and address your concerns. They help manage your policy and ensure if you have a claim that it’s handled promptly and properly. You always call our office and get someone who is friendly and who has a genuine passion for the work we do. 

2. Policies for Your Needs

It’s not easy to find a policy tailored to your needs unless you’re working with our company. We offer a variety of policies, so you can find one that’s not too much or too little for what you need. You’ll find a policy that’s just right. We offer policies that offer a comprehensive level of coverage. We have renter’s insurance policies available for those who rent an apartment or house. Those who own a condo can find a policy with us tailored to the specific needs of this type of property. 

3. Recognition from Major Insurance Brands

Our clients will vouch for the coverage and support we provide, but we also have major brands who back us such as GMAC Insurance, MetLife, The Hartford Group, Foremost Insurance Group, Travelers and Security Mutual Insurance Company. 

To get a quote or open up a policy, contact us today at XL Brokerage Inc. by calling 631-736-6100. We serve Selden, NY and the surrounding area.