What Does Flood Insurance Cover?

If you live in Selden, NY, you may have heard of flood insurance. Maybe, flood insurance is a totally new concept to you. Either way, flood insurance is not something to be overlooked as it can come in handy in the worst of situations. Learn the in’s and out’s of flood insurance with the experts at XL Brokerage Inc. 

What Does Flood Insurance Cover? 

Flood damage is pretty self-explanatory as it provides financial coverage to you for any damage that was done to you or your property from a flood. Here are some general areas in which flood insurance can provide coverage: 

  • Property damage
  • Repair costs
  • Replacement costs
  • Personal items that are damaged
  • Structures on your property
  • Window damage

These are just some of the areas in which you can receive coverage from flood insurance. The specific coverage type and amount of coverage will depend on the flood insurance policy you choose. To find out what flood insurance policy is best for you, get a consultation with XL Brokerage Inc. 

Why Is Flood Insurance Important?

Flood insurance is something that might slip the minds of several Selden, NY residents, but it’s something that is more important than you might think. If something were to happen, like a flood or mudslide, would you financially capable of recovering without flood insurance? Flood insurance can provide relief for an unbelievable occurrence that you never saw coming. Life can be unpredictable, so it’s important to always be one step ahead and stay prepared. 

When you have the right coverage, you can take the stress of having to ask yourself, "Am I covered?" It’s better to have coverage and never need it than it is to never have coverage and find yourself needing it. 

Get Protected with XL Brokerage Inc. 

When it’s time to choose a flood insurance policy, choose XL Brokerage Inc. to help you find the perfect policy. Our office is located near Selden, NY, but you can contact us online or over the phone.   

How Does Umbrella Insurance Apply to Auto Insurance?

Umbrella insurance might sound like a big tarp, somehow covering everything that you might ever need to file a claim for. But the truth is that it’s a little more specific than that, and it helps to know how it might affect you. XL Brokerage Inc. wants you to know more about what this policy is and how it applies to different kinds of insurance policies — including that of auto insurance. 

What Does Umbrella Insurance Do?

When you first buy an insurance policy in Selden, NY, you might be aware that it has certain limits. This means that the insurance carrier will pay up to a certain amount for a certain category. So in the case of auto insurance, it might be up to $100,000 per accident. This means that if the costs of the accident go beyond this 6-figure number, the auto insurance company will not pay the additional amount.

However, this does not mean that you’re not liable for these fees. You will still need to pay them in order to be legally compliant. Umbrella insurance will essentially extend the limits of your policy so that you’re covered in case this occurs. From bodily injuries to legal fees, the fall-out from a serious accident can be severe. 

Going the Extra Mile 

Umbrella insurance is all about liability, which is why you’ll see public officials rushing to get a policy. However, that doesn’t mean that more people wouldn’t benefit from having this extra resource in their back pocket. If you live in Selden, NY, and have questions about how to get the type of coverage that you can really rely on, call XL Brokerage Inc. today to learn more about our services and get the right advice. 

The Ins and Outs of Landlord Insurance

Designed for people that own a property they rent out, landlord insurance is designed to protect the owner of the home or dwelling. Although the exact coverages can vary from one policy to the next, typical landlord insurance policies consist of dwelling, other structures, and personal property. Diving into each, dwelling coverage offers support to help pay for the repair of the property if it’s damaged while occupied by a renter. Other structures pay for damage to items like a shed, detached garage, or a fence. Lastly, if you use personal equipment to perform work on the property such as a lawnmower or chainsaw, these items may be reimbursed if damaged because of a covered loss. Similar to auto insurance and homeowner’s insurance, these coverages kick in once your deductible has been met and exhaust after your policy limits are exceeded. 

Additionally, many policies will include liability protection which helps pay for a third party’s legal or medical bills if they are hurt on your rental property. Keep in mind that if someone is injured on your property than you, as the landlord, must be found responsible for this coverage to kick in. For example, if you haven’t repaired a broken stair in years and someone falls through it and breaks their leg you may be found responsible for damages due to negligence. 

For all your landlord insurance needs in Selden, NY make the XL Brokerage Inc. your first phone call. Our knowledgeable and friendly insurance professionals are ready to answer your questions and find the perfect policy for your needs. Give us a call today to schedule a time to visit our conveniently located office to learn more about our insurance offerings. 

The Most Common Myths About Commercial Insurance

As a business owner, you have to do many things to make your business runs efficiently and smoothly. And one of them is to protect your business with the help of proper commercial insurance. Unfortunately, there are many myths and misconceptions about it, which prevents business owners from making the right decision. XL Brokerage Inc. serving Selden, NY has prepared the list of the biggest myths you should not believe: 

  • General liability covers all risks a business may face.  Many business owners mistakenly believe that general liability insurance will protect their companies from all possible risks. However, even though it provides comprehensive coverage, it does not protect a company from every claim. The purpose of general liability is to protect a business owner from lawsuits filed against business owners by someone else. 
  • There is no need for workers’ compensation if there are no employees.  There is a common misconception that workers’ compensation is needed only if a business has employees. However, there are some cases when it is still required even if no one employed in the company except its owner himself.
  • Commercial insurance covers damages caused by flooding.  Unfortunately, in most cases, commercial insurance does not cover damages caused by floods. Therefore, if your company is located in a flood-risk zone, you may have to add additional coverage to your standard commercial insurance to protect your business. 

There are numerous myths and misconceptions about commercial insurance that you should be aware of before purchasing a policy. If you have a business in Selden, NY or any other surrounding community and you are searching for commercial insurance, XL Brokerage Inc. is ready to help you find a perfect option and answer all the questions about this type of insurance. Do not hesitate to give us a call today to talk to one of our knowledgable agents. 

3 Tips for Protecting Your Home While You Are on Vacation

When you go on vacation, the last thing you want to think about is whether or not your home is safe and secure. The agents of XL Brokerage Inc. are available to the residents of Selden, NY when it comes to questions about insuring their home and keeping it safe while they are on vacation. Agents can offer several different ideas on how to keep your home secure.

Tell Your Neighbors

Tell your neighbors that you are going on vacation. Let them know when you are leaving and when you will be back. Ask them to keep an eye on your property and to report any abnormalities to local law enforcement.

Make Your Home Look Lived In

Stop your mail and newspaper service. Have your lights set to go on and off with a timer. If you are going to be gone for an extended amount of time, have one of your neighbors mow your lawn.

Install a Home Security System

Installing a home security system will allow you to look in on your home whenever you want. If your system is professionally monitored, your system will notify the police if any of the sensors are triggered. With the system’s app, you can view any part of your home as long as a camera is set up.

In Selden NY, the agents of XL Brokerage Inc. have the experience you need to keep your home safe and secure. Before you leave for vacation, discuss your plans with your insurance agent, and ask for ways that you can keep your home safe from unwanted intruders. They have all of the answers you need! Speak with an agent as soon as you can to get the information you can rely on.

How Big Life Changes Affect Car Insurance

Car insurance is a unique expense in that you are required by law to maintain car insurance in most states. This makes it even more important to make sure you get the best deal possible. There are many factors that can affect the cost of auto insurance. At XL Brokerage Inc. serving Selden, NY, we love taking the opportunity to educate our clients on these topics. Keep reading to find out how big life changes can affect car insurance. 

Marriage

One of the big life changes which can affect your car insurance will be marriage. In most cases when a couple gets married they wish to combine their car insurance. This is a great idea because most insurance policies offer a discount to married people. Take time to compare rates to get the best possible deal after getting married. 

Buying a Home

Purchasing a home is a signal of stability for most insurance companies and they equate that with a decreased risk to insure you. This life change can reflect as a discount on your car insurance. Many companies that provide car insurance also offer homeowner’s insurance. Bundling these policies can offer even more discounts. 

Adding a Teen Driver

Another huge life change that will greatly affect your insurance will be adding a teen driver. For a certain amount of time, it will be your responsibility to carry your teen on your insurance while they are first learning to drive. Be sure to discuss with your insurance representative when you will need to make this change. Also, take this opportunity to learn about any discounts you may be eligible for if your child maintains good grades. 

If you would like to learn more about auto insurance, please contact our friendly staff at XL Brokerage Inc. serving Selden, NY today. We are happy to answer your questions. 

Umbrella Insurance in Selden, NY

Shelling out extra money for umbrella insurance may make you a little hesitant, but if you have a significant net worth than it likely makes sense to opt for the coverage. Additionally, if you have significant net worth plus you drive frequently, have a pool or another dangerous item like a trampoline, or keep firearms in your arm having an umbrella policy is worth the cost. In short, the whole premise of umbrella insurance is to protect your assets to include vehicles, real estate properties, and investments from a lawsuit. Let’s take a deeper dive.

How To Decide if you Need Umbrella insurance

Since there’s no one size fits all answer for this question, it’s important to ask for help. If you are located in the Selden, NY area, the XL Brokerage Inc wants to be your go-to solution for any insurance needs. We’ll ask you a few simple questions to help determine if umbrella insurance is right for your situation. For a quick guide, we recommend calculating your net worth by adding the value of your assets and subtracting any debt (ex: mortgage). Once done, check how much liability coverage you already have on your various insurance policies and subtract from the figure determined in step 1 (determining your net worth). The difference between your current liability coverage and your net worth is how much money or total assets is unprotected. If it’s a substantial figure than an umbrella policy is a good idea. 

Is it worth it?

Ultimately, only you can decide if having an umbrella decision is right for you but at XL Brokerage Inc in Selden, NY we want you to feel confident and informed no matter which way you go. If you have significant assets, then the little bit of extra cost every year is worth the peace of mind. While hopefully, you will never have to use your umbrella insurance policy, if it’s needed you will be thrilled that you have it. 

Do I Need Flood Insurance?

Flood insurance is one coverage add on you’ve likely heard of, and yet you probably wonder if it is the right coverage for you and if it is something you should consider. After all, it isn’t generally packed into your standard home insurance policy, so you may not know if it is the right option for you. Our team at XL Brokerage Inc. is here to address all of the questions regarding whether you need floor insurance in greater Selden, NY. 

What Does Flood Insurance Cover?

Flood insurance naturally covers flooding. Flooding can occur during a natural storm, such as extremely heavy rain. It can also cover a fast thaw where a large amount of snow water melts and seeps into the ground around your property. It also covers the flooding caused by putting out a fire. A considerable amount of water is pumped into your home to put out a fire, resulting in flooding. Flood insurance will cover this. 

Do You Need Flood Insurance?

Do you want to protect yourself in the event of any kind of extreme water damage? It is expensive to make water repairs (as well as remove mold). If you don’t want to make these repairs out of pocket, consider flood insurance. 

Call For All Your Flood Insurance Questions

Flood insurance is a valuable add on when it comes to your home owner’s insurance. While not necessary, it will help protect you in the event of flooding. If you want to know more about flood insurance, whether it is right for you or if you should consider other home owner’s insurance add ons, our staff here at XL Brokerage Inc. is here to address those questions. If you live in Selden, NY and the surrounding areas all you need to do is give us a call at your earliest convenience. 

What Happens if a Tenant Destroys Your Property?

Whether it was intentional or not, tenants can damage your rental unit and leave you with the aftermath. There are steps you can take to get compensation for the damages and get your property back up and running in Selden, NY.

Document the damage. This is the first thing you should do. You should also have pictures from before the tenant moved in and now you want to have video or photos of the damage. You also want to have any communication documented with the tenant over the damage so have these conversations in written letters or over email.

Get estimates for repairs. This will allow you to think clearly about the work you need to do in order to get your property ready to rent out to the next tenants.

Deduct from the security deposit. If the repairs are minor then you may just be able to deduct the cost from the security deposit. Be sure to follow the procedures in the state of New York so that any money you take won’t be called into question later.

File a claim with the insurance company. If the repairs are going to cost more than the amount in the security deposit then you do have the option to file the claim. Speak with an agent at XL Brokerage Inc. to see what is possibly covered under your policy and the damage you have to fix.

You may have to go to court. Even if you file a claim in Selden, NY, if the damage is so severe then this may be your only option. If you do go this route, you will need to have the evidence to back up your claims and it helps to know that litigation can be costly.

Contact XL Brokerage Inc. to get a quote on landlord insurance.

How Often Should I Upgrade My Commercial Insurance?

Every business in Selden, NY is different, so the question of how often you need to call XL Brokerage Inc. for an upgrade really depends on your rate of growth. Generally, you’ll want to call your insurer whenever you hit the following checkpoints:

  • Any time you make expansions to your staff.
  • Any time you make changes to how your business is owned and operated. If you go public if you have a board of directors, etc.
  • Any time you make physical expansions to the business building itself.
  • Any time you invest in new equipment. Every new laptop and coffee machine might not need to be covered, but certainly big items like copy machines and pizza ovens do.
  • Any time you launch a new product or service, you’re inviting new liability to your business, and your insurer needs to know.

Even if you feel that your business has basically plateaued with no new hires or expansions in some time, it’s a good idea to review your business at the end of each fiscal year and compare it to how you were doing twelve months ago. You may find that you have whole new liabilities you hadn’t considered. You’ll want to take inventory once or twice a year and make sure that you’re still covered. Anything you can’t cover out of pocket, it’s better that your insurer knows about it as soon as possible, and these additional liabilities and property concerns can creep up on you incrementally.

If you’re still shopping around for commercial insurance in Selden, NY, get in touch with XL Brokerage Inc. and see what they can do to protect you, your business, and your staff and customers.