3 Questions You Need to Ask Yourself Before Purchasing Flood Insurance

Renters and homeowners can get flood insurance from private companies or the federal government. The only way you can ensure your home in Selden, NY against floods is by purchasing a separate policy since your renters or homeowners insurance will not be enough to protect your home in the event of floods. If you have a mortgage and you are living in a high-risk flood zone, your house lender may require you to purchase a flood insurance policy to protect you and your home against floods. At XL Brokerage Inc. we understand the dangers of floods, and that’s why we have a comprehensive flood insurance policy for you. Before purchasing flood insurance, ask yourself these three questions.

What Determines the Cost of Your Flood Insurance?

The cost of flood insurance varies dramatically depending on the location of your home and the type of insurance policy. What you need to know is that the federal government controls insurance rates and the premiums will be the same no matter the agent or insurer. The rates are set by the federal government and depend on several predetermined factors such as the flood risk, the value of your home in Selden, NY and the year it was built.

What Does Flood Insurance Cover?

Flood insurance covers electrical and plumbing systems in your home, water heaters, window blinds and permanently installed carpeting, your home and its foundation, central air, and heating equipment, bookcases, wallboard, and cabinets. If you are living in a low-risk area and you have a comprehensive risk policy, or you have a personal property coverage in high-risk areas, flood insurance will cover your personal belongings such as electronics clothing and furniture. Also, all structures attached to your home are covered by the flood insurance.

Does Flood Insurance Cover Additional Living Costs?

Your additional living costs coverage helps pay for expenses related to moving out of your home during the repair process. It covers expenses such as restaurant bills, laundry, and even dry cleaning services until you get back to your home. Most private insurance companies cover additional expenses since they have a policy that allows the purchase of business interruption coverage and additional living costs coverage.

Are you a homeowner in Selden, NY and you need a comprehensive flood insurance policy to protect your property? Contact XL Brokerage Inc. today for quality insurance services.

Steps to successfully invest in rental property

Making an investment in rental property has always been a popular investment choice, especially residential housing. The decision to invest in residential rental property is often attributed to the consistent returns you can expect, particularly when long-term returns are expected. If you are considering investing in a rental property in Selden, NY, here are a few steps you’ll need to take to ensure a successful investment.

Evaluate the Quality of the Property

Property quality is an essential factor when it comes to investing in any type of property. It is important that the property features are appropriate for the location and the market. For example, an apartment should have security features or an apartment in a family oriented suburb should have at least 3 bedrooms. Another important quality of the property is that the required maintenance is low, so make sure to carefully check the exterior as well as the surrounding area to ensure the property has been well maintained. It’s also a good idea to have a pre-purchase pest and building inspection, which will eliminate any surprises.

Have a Grasp on Expected Returns

The most important thing to consider is what you are hoping to achieve from the investment. For example, capital gains from increasing property value, continuous cash-flow in the form of rent or perhaps both. Then consider the total costs of property ownership, including the investment loan, property insurance, association fees and etc. Once you have a basic idea of this information, estimate what the property will rent for by taking into account the rental rates for other properties in the area. If your expenses are greater than the rental income, then you will be relying primarily on the potential capital gains and the tax deductions in order to make this a worthwhile investment.

It is essential that you be prepared for unforeseen situations, such as the property being vacant for a long period of time. It is important to ask yourself if you will be able to cover the expenses of your investment without the generated income. For example, you will need to continue paying for landlord insurance, property maintenance, and mortgage payments. If you are having difficulties renting the property because you live out of state, you may need to hire a property management company which is another expense. If your rental property in Selden in well maintained and in the right location, you shouldn’t have to worry about the risks, but it’s always better to be prepared.

To learn more information about landlord insurance and/or property insurance, residents of Selden, NY should contact XL Brokerage Inc.

What does Renter’s Insurance Cover Besides Your Stuff?

Most people, when buying renters insurance, do so to cover their possessions in the case of fire, theft, or other misadventure. However, as XL Brokerage Inc. serving Selden, NY explains, a good renters policy will cover quite a few other things besides replacing your possessions.

Besides replacing your stuff, a renters insurance policy will help you pay for alternative, temporary living arrangements if your apartment becomes uninhabitable as the result of a fire or some other disaster.

One of the constants in life is that accidents can happen, even in the supposed safety of your own home. A slip and fall or some other accident can result in injuries that will send one of your guests to the hospital and expose you, as the host, to liability if that person chooses to file suit. If your injured guest can prove that you were in some way liable, for example by serving too much alcohol at a party, you might wind up paying his medical bills.

Even if the suit is eventually thrown out of court, you will likely have to pay out-of-pocket legal costs defending yourself. A good renters insurance policy will cover your legal bills related to accident litigation.

Finally, if you happen to possess something of extra value, such as jewelry, art, or a collectible, you might want to consider buying an extra rider to your policy to cover the cost of the item in case of loss or theft.

If you have any questions about renters insurance or would like to buy a policy, feel free to contact XL Brokerage Inc. serving Selden,, NY.

If You Work at Home Do You Need Commercial Insurance?

If you have a home-based business in Selden, NY, especially one without a lot of risks, then you may think that you don’t need commercial insurance. However, you need to separate home from business and protect both aspects of your life. There have been many times when a homeowner’s insurance policy has been rejected when trying to process a business claim. People are litigious, so it’s necessary that you have adequate coverage to protect your business assets. An agent at XL Brokerage Inc. can help determine the right coverage.

Even if you work for yourself and don’t have employees, you still need to have insurance. If you make a mistake at work, then people may come after your home. Even if you have a personal liability umbrella policy, it won’t cover any business-related problems.

There are a few different policies you can get in order to protect your home-based business. Business general liability insurance is the main policy that you should have, regardless of the type of work you are doing. It covers many basic things, including bodily injury, property damage, and personal injury in advertising. A commercial property policy will cover any equipment you keep at home even if the equipment is minor, like a computer. Errors and omissions insurance helps protect businesses that offer services to clients. This can also be called professional liability insurance, and for doctors and lawyers, it can be called malpractice insurance. If you do have at least one employee, whether they work with you or somewhere else, workers compensation insurance will protect you if they get injured on the job. If you are using your vehicle for deliveries or other business purposes, your auto insurance policy won’t cover the business use of the vehicle and you will need a commercial policy to provide adequate coverage.

Contact XL Brokerage Inc. serving Selden, NY to get a quote on commercial insurance.

3 Things to Know About Umbrella Insurance

Umbrella insurance isn’t a term that a lot of people are familiar with. They don’t always realize what it can offer to them, and they also might not think they need it if they have proper coverage on their home and their vehicle. But there’s more to the issue than just the basic coverage options that a lot of people have. Here are three things to know about umbrella insurance in Selden, NY and how XL Brokerage Inc. can help make sure you have the kind of coverage you need and want no matter your particular situation.

1. Umbrella insurance protects what your other policies don’t cover

Even with good policies on home and auto, there can be areas where something can fall through the cracks. That’s especially important to consider if you have a business or significant assets that could end up at risk.

2. Some policies have maximums which can be exceeded in certain situations, putting you at risk

Home and auto policies have maximums in most cases, and if a claim exceeds those maximums you could still have more financial liability than you anticipated. But with an umbrella policy it can help pick up where other policies leave off, reducing your risk.

3. Umbrella insurance policies aren’t hard to get, but they can make all the difference

It’s not difficult to get an umbrella policy, but it can make a big difference when it comes to the level of protection that you have when you need to make a claim.

Talking with an agent from XL Brokerage Inc. can help you choose the Selden, NY umbrella insurance policy you really need. That way you will have extra coverage and protection, and you’ll also have peace of mind to enjoy for years to come. A good relationship with an agent and company can make all the difference.

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.