Getting Your Home Ready for Spring With an Eye on Safety

The birds begin to chirp, the cold temperatures give way to warmth, and signs of spring emerge. That’s good news for everyone who is ready to say goodbye to winter. And here are some tips for preparing your home to welcome spring while staying safe, courtesy of XL Brokerage Inc. serving the Selden, NY area.

Maintain safety equipment

As the seasons change, it is the perfect time to make sure your home’s safety equipment is in great shape to protect you and your family. Replace batteries in smoke detectors, carbon monoxide detectors and any other equipment you have.

Repair outdoor areas

You will likely be spending a lot more time outside when the weather warms up. So make those areas safer by completing tasks like repairing sidewalks, steps, decks, and patios.

Remove hazardous materials

You might have some materials and supplies on hand like paint or cleaning supplies in your garage or basement, but gather those up and properly dispose of them. Your city might have a special location where you can drop them off.

Replace lighting

Day and night, your home should have the proper lighting with a special emphasis on safety. That means you should make sure your lamp posts, porch lights, and all other outdoor lighting keep all areas safe for residents and guests. Install lighting as necessary, and make sure all light bulbs work.

The safety-related tasks you need to do will vary based on your unique needs. Write a list of all the tasks you need to do, and prioritize the items on that list. Plan to get them done before warmer weather arrives. If you have questions about preparing your home for spring or need details about home insurance, feel free to contact XL Brokerage Inc. serving the Selden, NY area.

Why does my lender require auto insurance?

One of the biggest purchases that you will ever make is when you buy a new or used car. When you are shopping for a car, you may find that they are too expensive to buy in cash. In these situations, you likely will require a loan to finance the purchase of the car. If you do take out a loan, you will have some responsibilities that need to be followed. One important responsibility that you need to comply with is the requirement to carry auto insurance. There are several reasons why your lender will require that you carry insurance at all times. 

Ensures Legal Compliance

One reason why your lender will want you to have auto insurance is that it will ensure that you stay in compliance with the law. All lenders will want you to have a valid license and stay in compliance with the law. Lenders are also aware that states have minimum auto insurance requirements. Because of this, they will want you to have liability insurance coverage at all times.

Protects Collateral

Your lender will also need to make sure that their collateral is properly protected. The lender will need to confirm that you have a full collision and comprehensive coverage policy at all times. This will help to ensure that their collateral is protected in the event of theft, vandalism or another issue that could cause a loss. 

If you need to get auto insurance for your Selden, NY area vehicle, you should speak with XL Brokerage Inc. first. The team at XL Brokerage Inc. can help you to review your loan agreement to figure out what your auto insurance requirements are. This will help to ensure that you have the right coverage for your Selden, NY area vehicle. 

Commercial Property Insurance for Landlords Who Own More Than One Property

Successful landlords may start with one rental property and then add more to their commercial real estate portfolio. It is important to establish a good relationship with an insurance company to always have adequate coverage for landlord insurance. Be sure to consult with your insurance agent at XL Brokerage Inc. serving Selden, NY and the surrounding area to understand the insurance that is available to protect yourself and your business.

It is always a good idea to have an annual insurance review as well as have a special insurance review when anything changes, such as a sale of a property or having the potential of a new acquisition that is under consideration.

Here are the common considerations for landlord insurance:

  • General Liability
  • Property and Casualty Coverage (P&C)
  • Coverage for Employees
  • Business Interruption
  • Umbrella Coverage

General Liability Landlord Insurance

This is the coverage needed by any landlord for things like a “slip and fall” or another general liability risk for things related to the business and that can happen to people that are on the property.

Property and Casualty Landlord Insurance

This coverage is to protect the landlord from damage that happens to the property itself, such as a fire or other disaster. This category is something to talk with your insurance agent about because some things, like a natural disaster of a flood, may not be covered unless you have specific insurance for those kinds of disasters.

Landlord Insurance to Cover Employees

Employees must be covered by workers compensation insurance. Additional coverage may be needed for the acts of employees on behalf of a landlord, which can be a part of umbrella insurance coverage as described below.

Business Interruption Landlord Insurance

This insurance provided financial help for the landlord if something causes the business to stop. If tenants cannot pay rent, for a reason not caused by the tenants, this will help keep the landlord’s business operating.

Umbrella Coverage for Landlords

Umbrella coverage is beneficial to landlords because it may extend the policy limits of other coverage or provide protection for things that are not insured under other policies.

Consult with your agent at XL Brokerage Inc. in Selden, NY to make sure that you always have adequate landlord insurance.

What are the main types of commercial insurance?

Your New York business is everything that you could have imagined. Do you have the right commercial insurance to protect it from significant financial loss, though? The experts at XL Brokerage Inc. can help you find the indemnity policy that works best for your company.

Professional Liability Insurance

Professional liability insurance is also known as Errors and Omissions (E&O) assurance. This type of plan covers your business in Selden, NY when a consumer claims that your negligence led to damages. Errors and Omissions coverage is meant to cover the financial cost of your mistakes so that you do not have to worry about being sued for telling or giving someone the wrong thing.

Professional liability insurance is common among lawyers and medical practices. The policy covers any advice given that may prove to be incorrect or reckless. Those who sell homemade goods may also consider investing in such a plan. You do not want an allergic reaction to ruin your reputation in Selden, NY.

Property Insurance

Another important commercial insurance plan is property insurance. Contrary to some beliefs, this type of policy is not just for those who own land. Property insurance in business covers the structure as well as goods inside. You need a property assurance plan, for instance, if you use computers for daily operations. You may find yourself out of pocket if a pipe bursts and ruins your equipment if you lack property insurance.

Workers’ Compensation Insurance

Workers’ compensation insurance is required the moment that you decide to hire an employee. It is against the law for employers to have workers on the books without this type of commercial indemnity plan. Workers’ compensation pays when one of your employees suffers an injury on the job. The coverage also pays for damages if your employees are hurt while away from the work site so long as he is on company time.

The experts at XL Brokerage Inc. can help you find a commercial insurance policy that fits your situation. Call them today to get started with a quote!

The Difference Between Flood and Water Damage

XL Brokerage Inc. offers a variety of policies that cover residential and commercial dwellings. In Selden, NY, homes in certain areas may be more susceptible to flood waters. Many homeowners often confuse water damage with flood damage. They may appear similar but the causes are different and covered by separate types of policies.

Flood Damage

Flood insurance must be in place if you file a claim for flood damages. Flood insurance is normally sold to homeowners who live in a floodplain or near an area where floods are likely to occur. Flood insurance will not cover burst sewage pipes or overflows from indoor or outdoor plumbing systems. For flood insurance to be used, the damage must be caused by a natural event that is out of the control of the homeowner.

Water Damage

Water damage is often the result of broken pipes, damaged roofs, or backed up sewage. Although insurance will cover various types of water damage such as a leaking roof, the damage to the roof must be caused by something falling on the roof. If the damage is caused by the roof being worn, most insurance policies will not cover it.

at XL Brokerage Inc. each of the agents has the knowledge and experience to answer all of your questions pertaining to flood insurance and how it affects your home. They can explain all of the nuances and subtleties that separate the different types of policies. If you live in the Selden, NY, contact the agents in the office and schedule a consultation. They can perform a review of your policies and find out which ones need to be updated or added.

Why Every Small Business Owner Should Have a Comprehensive Umbrella Insurance Policy

Are you a small business owner in the greater Selden, NY area who wants to learn more about a comprehensive umbrella insurance policy? The team at XL Brokerage Inc. is here to review your umbrella insurance policy options with you. With the right policy, you can rest assured that your business is covered in the event of a loss that exceeds the protection limits of your primary commercial insurance policy. 

Top Reasons to Add An Umbrella Policy to Your Insurance Portfolio

If you are a small business owner you understand how even the smallest change in cash flow can have an impact on your overall success. Here are 3 good reasons to add an umbrella policy to your current insurance holdings:

  1. Your primary policy has coverage limits, typically $250,000 of protection. If you experience a loss that requires more than your primary policy covers, you will have to cover the difference from your company profits or your own funds.
  2. When a loss occurs payouts for business interruption, in addition to replacements and repairs, can quickly exceed your primary policy limits causing further loss of revenue.
  3. An umbrella policy allows you to get back to business as soon as possible, without risking failure of your business.

If you don’t have comprehensive umbrella coverage in addition to your primary commercial insurance, it’s time to find out more about your options. Coverage can include your fleet, inventory, business interruption, as well as physical damage to your structure and its contents.

Now is the perfect time to review your commercial umbrella insurance policy options! If you are in the Selden, NY area, call or stop by the XL Brokerage Inc. to meet with one of our knowledgeable agents and find out more about comprehensive commercial umbrella insurance.

Protect Your Castle

Your Home Is Your Castle

No house becomes a home without effort from its owner. Repairs, decor, and building home memories are what makes a home feel like a castle. Smart homeowners will review their home insurance policy routinely. This allows them to update it to reflect changes in their lives. Have you:

  • Added new members to your household?
  • Moved to a new address?
  • Added a room?
  • Made replacements or repairs that are significant, like a new roof or garage?

You might not realize that in the middle of changes like these you need to keep your insurance coverage updated. Not only that, but New York state regulations change from time to time as well. You might even have a package policy available for you to take advantage of, and not know about it. Visit our agents at XL Brokerage Inc. serving the communities around Selden, NY to learn what policies are out there that might prove an advantage for you. 

Protect Your Castle and Your Family

New York homeowners sometimes assume that certain coverages apply when they usually do not. For example, flood insurance is different from home insurance and must be acquired separately. Special collections that you have in sports memorabilia or artistic displays might need special coverage as well. Condo insurance is different from home insurance. Home insurance is designed to provide various kinds of coverage for specific kinds of incidents and damages. Depending on your Selden, NY neighborhood, your home’s age and design, and other factors, you can apply to many different insurance companies yourself and after wading through their many forms find a policy that seems to work best for you. Or you can come in and see us at XL Brokerage Inc. Our agents have the experience and knowledge to quickly access crucial information from national companies to find policies that fit your unique needs. Call today for the protection your castle can depend upon.

 

 

Why some cars are cheaper to insure than others

There are a lot of factors involved when insurance companies set the rate for coverage on your car. Your age and driving history has a lot to do with it, but the car itself can go a long way in determining the cost of insurance. The XL Brokerage Inc. insurance agency in Selden, NY offers a variety of plans and can help you get the best coverage for your situation.

One factor is whether replacement parts are expensive. An export with expensive parts is going to cost more than a basic sedan made in the United States for that reason. Also, the popularity of the car, especially among thieves, has an impact.  Older cars are often less expensive to get insurance for, but an exotic sports car that is older will still cost more.

Sports cars, in general, cost more to insure than regular sedans. A special sports package on a sedan can also hike up the rates.  Sports cars go faster, and are often driven by younger people, and tend to have the most accidents. 

Expensive cars often have higher insurance rates as well because of the cost of replacing or repairing them. Parts cost more for a luxury car, so that makes the rates go up. Electric cars also have higher insurance rates because of the cost of the vehicle and the cost of repairs.

Trucks are often more expensive than cars in general, and the insurance rates are higher as well.  

The cheapest new car to insure would be a basic sedan or coupe. A lower cost car would also be cheaper to ensure. The website Nerdwallet.com says the Subaru Outback, Ford Escape, and Chevy Equinox are the cheapest cars to insure.

The XL Brokerage Inc. firm in Selden, NY has all the information you need to help you decide which car to get, and they have the policies to give you coverage once you have the car you want.

4 Common Myths About Flood Insurance You Shouldn’t Be Fooled By

Believing inaccurate myths about flood insurance in Selden NY could cost you a lot of money if your property experiences a flood and you don’t have insurance.

Unfortunately, many homeowners don’t know the truth about flood insurance and are misguided by common myths.  We want to make sure you understand the realities of flood damage at XL Brokerage Inc.

The following are four common myths about flood insurance you shouldn’t be fooled by so that your home is adequately protected:

You can’t get flood insurance if you don’t live in a flood-prone area. 

It’s important to understand that flooding can happen anywhere. You don’t have to be in a flood zone. 

Flood insurance is available in areas that are not flood-prone, and it’s generally much more affordable in these areas. You should therefore weigh your options and find some coverage to protect you. 

I don’t need flood insurance because FEMA will cover damages. 

When people think about flood damage, the Federal Emergency Management Agency comes to mind.

While FEMA does offer homeowners some compensation for flood damage, FEMA does not cover every flooding event. Also, FEMA typically offers disaster loans rather than giving money outright. 

It’s therefore important not to rely entirely on FEMA for coverage.

Flood maps never change over time.

You may be in a flood zone now even if historically you have not been. Flood maps can evolve over time with subtle climate changes. 

A homeowner’s insurance policy will provide flood coverage.

A standard policy rarely offers flood coverage. Flood coverage is typically an add-on homeowners have to set up specifically. 

If you’d like to learn more about flood insurance that’s available in Selden, NY, contact us at XL Brokerage Inc. to learn more. 

What is Umbrella Insurance and Why Do You Need It?

Umbrella insurance is a little known about the type of insurance that could save you a lot of money in the future. Understanding exactly what umbrella insurance is will help you decide if this is something you should invest in. The folks at XL Brokerage Inc. in Selden, NY can better help you understand this option. 

What Is Umbrella Insurance?

Umbrella insurance is a type of insurance policy which will protect you in the event that someone is injured in your home or in your car and that person chooses to file a lawsuit against you. In the United States, individuals have the right to prosecute someone if they are injured on that person’s property or in that person’s vehicle. Although this is an important right we possess as American’s it can also mean that we are put at risk by others. If someone chooses to file a lawsuit unfairly against us, then we could find ourselves in financial danger. 

Who Will Benefit From Umbrella Insurance?

Umbrella insurance is not beneficial to everyone. The people who will benefit the most from umbrella insurance are those who own property, boats or cars. If you host parties and have guests often to your home, then you might want to consider purchasing an umbrella insurance policy. This type of insurance is also beneficial to parents who have children. Children and teens are often inviting friends over. Parents do not want to discourage this, but you do want to be protected in the event that one of your children’s friends is hurt on your property. Property owners who also have swimming pools would do well to purchase umbrella insurance to protect themselves in the event that a lawsuit is filed in connection with injuries incurred on the property. 

If you would like to learn more about umbrella insurance contact XL Brokerage Inc. serving Selden, NY.