What Flood Insurance Covers That Your Home Insurance Doesn’t

When living in and around Selden, NY, it is important for you to consider flood insurance. Flood insurance provides additional coverage your standard home insurance policy likely doesn’t provide. Having flood insurance may be the difference between your entire home being covered or having to pay out of pocket. At XL Brokerage Inc. we want to make sure you understand what flood insurance covers and why it is important to you.

The National Flood Insurance Program

Most insurance providers work through this federal program, NFIP for short. The insurance coverage provides $250,000 for your home and $100,000 towards your personal property. Your own home owner’s insurance covers basic rain water and maybe a burst pipe in the basement, but in the event of rising water from rivers and lakes, this kind of water damage is not covered. 

High Risk Area

When buying a new home, if the property is located in what is known as a "high-risk zone," your mortgage may actually require you to opt into this kind of insurance coverage. It is extremely beneficial though. If your home is valued at more than a quarter of a million, you can also look towards excess flood insurance, which provides additional insurance coverage for more valuable properties. Of course, this kind of insurance is not something that everyone needs. If you’re interested though, make sure to discuss the potential with your current home insurance provider to see what kind of flood insurance they recommend for your current situation and where you live. 

Investing in flood insurance is always recommended as it provides additional coverage your standard home insurance doesn’t. Whether you live in Selden, NY or you call another area home, our team at XL Brokerage Inc. is here to assist you 

Landlord Insurance for Your Property

Landlord insurance typically focuses on rental properties. Owners buy it as a form of home insurance typically to protect their structures and property from damage while renting out their property. Landlord insurance is necessary even if only part of the home is rented out to others. Landlord insurance usually does not provide protection for the contents of the rental property, which the tenant owns. For the things that are moved into the property by a renter, those personal items need to have separate renter’s insurance.

Protection for Rental Real Estate Portfolios

Landlords may own more than one rental property and it may be beneficial to insure them as a group. Talk about the specifics of all the rental property you own with your agent at XL Brokerage Inc. in Selden, NY to make a comprehensive plan that provides adequate coverage for all of your rental properties. There are also differences in the kinds of insurance available for partially owner-occupied properties; for example, if the landlord occupies one of the apartments in a small multi-unit building, so be sure to let your agent know if you live in part of the building.

The type of landlord insurance coverage you need will be different depending on the kind of property you own. For example, commercial property that is used for a retail store needs a different type of insurance than commercial property used for a food establishment. There are also differences between insurance for apartment buildings and condominium complexes because the condominium occupants are actually owners of their condominium unit.


A comprehensive insurance plan takes many factors into account when reviewing the insurance coverage for a portfolio of rental properties and checks the insurance coverage that currently exists to look for areas where there may be “gaps” in insurance coverage in order to fill those gaps and reduce risks for the landlord.

Be sure to discuss with your insurance agent, at XL Brokerage Inc. in Selden, NY, your rental property characteristics in detail to be certain you have adequate insurance coverage for all of them.