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. 

How A Teenaged DUI Can Affect Your Car Insurance

If you are a Selden, NY teen or the parent of a teen who has suffered from a DUI charge, it is important to know how this will affect your car insurance. Unfortunately, there is a chance it could seriously impact your rates for years to come. At XL Brokerage Inc. we can offer you the guidance you need to avoid excessively expensive insurance.

Teenage DUI Charges Can Stick Around

When a teenager gets a DUI charge, it isn’t like other types of juvenile charges that may be taken off their record: it will stick around into adulthood. The seriousness of the crime (especially if it is pursued as a felony) makes it one that courts tend to keep on records. While it is possible in some states to have this charge expunged or removed from a record, most teens will possess them long into adulthood.

The Immediate Insurance Impact

When a teen suffers from a DUI charge, their insurance will likely go up very quickly. Teenage car insurance is very high in general, but a DUI charge may double the cost. This is the kind of cost increase that a teenager simply cannot afford. Unfortunately, this increase, while not as high as it is during the teen years,  may last into their adulthood.

Affect On Adult Insurance

Teens with a DUI on their record are likely to have higher insurance as an adult. Why? Insurance companies consider someone with that charge a risk to insure. As a result, rates are likely to be higher. The longer the driver shows safe behavior, though, the less severe that increase will be over time. That said, the best way to avoid this problem is to simply not drink and drive.

At XL Brokerage Inc. we can provide you with the help you need to get fair insurance and keep it. So if you live in Selden, NY or the surrounding areas, make sure to contact us today to learn more about what we can do.

Creating an Auto Insurance Checklist in Selden

Auto insurance in Selden, NY isn’t just about getting the legal coverage that you need, but about getting the coverage that will allow you to keep your lifestyle even if something terrible happens to you or your car. Keep this short checklist in mind from XL Brokerage Inc. 

Hit and Runs: Most people don’t realize that they may not get financial coverage if they’re in a hit-and-run accident. It’s these types of events that add insult to injury if you’re financially liable for the damages. 

Bare Minimums: Paying for the base amount of insurance could mean that you’ll have no help for your own car if you cause an accident. It could mean no way to get to your job or having to buy another car if yours is totaled. It can also mean that you’re responsible for expensive medical costs if you have hurt someone else in an accident. 

Additions to Your Car: Planning to put a sweet new stereo system into your car? Any additions and improvements to your car should be insured, which means that you’ll only get financial help if you let your insurance carrier know that you’ve made major changes to your car. 

Weather: The roads can get rather nasty in Selden, NY, so it’s helpful to have the coverage that will stop you from having to pay any property damage if something should happen to you because of a bad storm or stray patch of ice. 

Finding Someone to Help: Your first move should be finding a partner who can help you understand the best ways to get the coverage you need. XL Brokerage Inc. has staff who can help you make the right decisions, so give us a call to find out more or to request a quote. 

What is Home Depriciation and How Does it Affect Home Insurance Premiums?

As our homes age, they do something called depreciating. This means that they are worthless twenty years from the time that they were built than they might have been brand new about the market in which they were built. As our homes decrease in value and things break, appliances and furnishings become outdated, and our homes experience wear, they will be lesser in value. For those in the Selden, NY area, the agents with XL Brokerage Inc. can help you to determine just what your home is worth.

Home depreciation, much like depreciation that comes with a car, is something that happens gradually and over time. Dependent on the economy in which you will be rebuilding, depreciation might not be as big of a factor as you think. It is important that if you are adjusting your home insurance to account for depreciation, you take the time to talk with an agent about the benefits and drawbacks.

If you are having your home assessed for depreciation with the sole purpose of having your coverage and home insurance premiums lowered, you might want to think twice. Though lowering coverage and altering it based on the depreciated value of your home might help you save a few dollars here and there each month, it might make rebuilding difficult and may make it so that you have to downsize.

For those that are thinking of having their home assessed for depreciation, the process is quite simple. An assessor or appraiser will come to your home having been sent from your insurance agency. They will determine how much your home is worth and how much it would cost to rebuild, then they will issue a statement to your insurance. For those in the Selden, NY area, the agents with XL Brokerage Inc. can help.  

How auto safety laws save lives

Most people know better than to drive while drunk or distracted. Almost everyone has gotten into the habit of automatically fastening their safety belts and making sure their passengers do the same before starting their vehicle. While many people seem to regard the speed limit as a suggestion rather than a law, prudent drivers stick to it in order to avoid accidents.

Yet, as the CDC notes, millions of people still do not buckle up. Impaired driving and distracting driving are also major problems that cause too much death and mayhem. Everyone who has been on a highway has been passed by someone who is in a hurry.

The risks that some people will take behind the wheel is one reason why most state and local governments have laws requiring seat belt use and prohibiting driving while impaired. More governments are cracking down on driving while texting, a major cause of distracted driving.

The National Safety Council is advocating for more auto safety laws. The idea only makes sense. Every time an officer pulls someone over for driving erratically or for not wearing a seat belt, he or she has potentially saved that person from serious injury or even death.

No one wants to be pulled over for any reason. It is aggravating, time consuming, and potentially expensive depending on the citation that results.

The one way to avoid being pulled over is to stick to the speed limit, do not drink and drive, do not drive while distracted, and always wear a seat belt. Better to know how to drive in safety than to have an officer remind you with a ticket or, in extreme cases, an arrest.

For more information on auto safety and insurance contact XL Brokerage Inc. serving Selden, NY.

Is Home Insurance Really Necessary In Selden?

The people of Selden, NY enjoy their area for a variety of reasons, but a major part of the success of the community is built upon people who care about their properties. So with all the people working tirelessly to keep their lawns and homes looking tip-top, it makes sense that it would call the question of home insurance into people’s minds. With so much work being done to care for the community, is it necessary to buy expensive policies here?

Major Damage Happens 

Storms and vandals are just two major events that can destroy an otherwise perfect house. You can’t mortgage your future based on wishful thinking. Regardless of how handy you are around the house, eventually the odds predict that you will run into a problem that will be difficult or simply too costly to solve without having home insurance. The right policy from XL Brokerage Inc. is what will move you into a hotel rather than a friend’s house, and what will ensure that you can get back into your home as quickly as possible. 

The Betterment of the Neighborhood 

XL Brokerage Inc. has been helping people see the value of home insurance for years. Our agency is designed to make Selden, NY a place people want to be. By tackling the smaller problems and giving the homes and grounds the care they deserve, everyone gets a strong message here that Selden is worth the time and effort. This keeps property values high for when people go to sell their homes, and may even make criminals hesitant to attack a place that so clearly cares. If you have more questions about how we make the community safer and more attractive, give us a call today to find out more about what we do.