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. 

What Kind of Commercial Insurance Does My E-Commerce Business Need?

Many e-commerce businesses in Selden, NY aren’t sure about the type of insurance they need. Brick-and-mortar businesses need coverage to protect products, but what do e-commerce business need? There are some guidelines, but an agent at XL Brokerage Inc. can help you determine the coverage for your exact type of business.

General Liability Insurance: Even an e-commerce business can have accidents. If any of your products, services, or employees cause property damage or bodily injury, you could be sued. Having a general liability policy will help protect you.

Product Liability Insurance: If your e-commerce business has products, this insurance will protect you if your products cause harm. This is important if your products are expensive to produce or could cause harm if they malfunction.

Professional Liability: This is useful for e-commerce businesses that sell services, and this type of policy can protect you from a lawsuit that stems from how you perform these services.

Workers Compensation: Even an online business can have employees and, if you have even just one employee, you need workers compensation insurance, since it’s required by law in Selden, NY. This insurance will help provide payments and wages for those employees that are injured on the job.

Commercial Auto: If your e-commerce company has vehicles, such as delivery trucks that are used for business purchases, then this policy will protect these vehicles if there is an accident, damage, or theft. If employees drive their own cars for work, then you should consider a non-owned auto liability insurance policy, which will protect your business assets in the event that they are in an accident. It also covers damage or theft when the vehicles are being used for business. This is even more important if your employees don’t have adequate insurance coverage personally.

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

 

What You Should Know about Landlord Insurance and Allowing Pets

Allowing pets into your rental property in Selden NY can offer some benefits. Almost half of renters own pets, so when you allow pets you can have a larger group of tenants to choose from. Pet owners tend to make more money and stay in a rental longer. Tenants that have pets can also be more responsible, since they demonstrate they can care for an animal and they are usually happier. However, there are some things you should know about your insurance if you choose to allow pets into your rentals.

Check with your agent at XL Brokerage Inc. about your liability risk for your insurance. It’s important to know the amount of liability coverage the policy includes. There may be limitations or exclusions to coverage, and there could be some dog breeds that are considered to be dangerous. In court, if a tenant’s dog injuries a person, courts will hold the landlord liable. This is the case if he or she knew the dog was dangerous and could have had the dog removed. It also applies if the landlord could have kept the dog and cared for it, or had some control over the dog.

Include your pet policy in your lease, so tenants clearly understand the lease and can agree to the terms. You can require your tenants to have renters insurance that will cover your units, and it will cover you in the event of an accident or bite with the pet. You can charge a pet fee to cover the expense in your insurance going up as well. There are some rules about these types of fees, and they can’t be more than a specific amount.

It’s important to note that even if you don’t want to allow pets, landlords must provide reasonable accommodations for service and support animals. It’s necessary to comply with the Fair Housing Act and fees can’t be charged for service animals.

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

3 Tips for Buying Home Insurance in Selden, NY

Do you live in Selden, NY and are looking to purchase homeowners insurance?  If so, here is a list of three ways you can save money on your homeowners insurance. Read on to learn more about these three tips: bundling, comparing quotes, and working with a reputable agent.  

1.  Bundle your Policies

Chances are you already have one or two insurance policies under your name. This could be for a vehicle, another home, a boat, a recreational vehicle, or even a business.  If so, you can bundle your policies together under one insurance company for long-term savings on your premiums.

2. Compare Policy Quotes

It’s always important to look at more than one quote when it comes to homeowners insurance in Selden, NY.  In fact, you should be comparing at least two or more quotes. To help you do this, the team at XL Brokerage Inc. can help by going over each policy in detail and answering all of your questions.  

3.  Work with a Reputable Insurance Agent

Your home is probably your most valuable asset and you want it to be covered by the right policy and with the right insurance company.  By working with a reputable agent, you can make this happen.  A good insurance agent will have the knowledge and experience to help you acquire the right policy for your home in Selden NY.  

To learn more about purchasing homeowners insurance in Selden, NY, contact the team at XL Brokerage Inc. today. They will answer all your questions and help you find the right policy to fit your needs. They can be reached at 631-736-6100.  

 

 

Why You Should Add Teenage Drivers To Your Auto Insurance Policy

Selden, NY residents with teenager drivers in their home often visit XL Brokerage Inc. with certain questions on their mind. Many wonder if XL Brokerage Inc. can provide them with insight about their current auto insurance policy and whether teenage drivers should be added.

In a word? Yes. Selden, NY teenagers who are planning to become motorists will benefit immensely from being added to their parent or guardian’s auto insurance policy. Let’s take a closer look at some of the advantages that are gained.

Avoiding Lawsuits

Let’s say that a parent has allowed their teenager to get behind the wheel without being added to the auto insurance policy. It’s just a quick trip around the corner, right? What’s the worst that could happen? A lawsuit could take place as the result of a seemingly minor accident and if these lawsuits are filed against the parent of a teen driver, all of their assets could end up being at risk as a result.

Tracking Their Driving Skills

There is a wide range of policies that allow parents the chance to track their teen driver with the use of electronics. These electronics are not used as a means of surveillance but they do provide the opportunity to collect important data. The insurer is able to find out more the rate of speed that the driver is traveling at and they can also make sure that the teen is not working the brakes too hard.

Student Discounts

Is your teen driver a top-notch student? If so, they may qualify for a good grades discount. There are also discounts available for teen drivers who are heading off to college soon. If the student is not going to be taking the car with them, a parent can save money by requesting a "distant driver" discount.

 

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.