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!

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.