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 As our homes decrease in value and things break, appliances and furnishings become outdated, and our homes experience wear, they will be lesser in value.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.