Why Flood Insurance Is More Necessary Than You Think

Residents of Selden, NY are used to water in all forms, whether it’s snow, sleet, or just regular old rain. For the most part, it’s fairly routine to deal with whatever Mother Nature sends our way, but there are always exceptions to that rule. XL Brokerage Inc. wants you to know more about just how necessary flood insurance can really be when it comes to keeping your property safe. 

It Doesn’t Take Much 

Many people assume they can rely on their home insurance if they experience flood damage, but this isn’t so. You really only need a couple of extra inches of rain to make a big difference to your property. Water damage is one of the hardest kinds of damage to fix — it’s right up there with smoke when it comes to getting your home back to its original condition. 

The Real Danger

Most of the time, the real dangers that homeowners face when it comes to floods is the proliferation of mold. Bacteria can build up in areas of the home that you may not even have realized were affected by the flood (e.g., the basement or cellar.) When your home is infected with the substance, you risk the health of everyone inside. Mold removal is also extremely complicated and requires special equipment to actually get rid of it all. 

Getting Help 

If you have questions about flood insurance, XL Brokerage Inc. is here for the people of Selden, NY. There’s a lot of dangers that lie in wait for a property owner, but there’s little use in worrying about them all. When you have the right safeguards in place, you won’t have to check the weather forecast every day in fear. Give us a call to learn more about how flood insurance can benefit you. 

5 Surprising Facts You Need To Know About Landlord Insurance

If you have some extra property, renting it out can be a great way to bring in some extra income! Many people decide to become landlords, either full-time or to supplement other income. Selden, NY landlords are legally required to maintain insurance on any dwelling that they are renting out. While your basic property insurance may keep you within the legal limits, XL Brokerage Inc. encourages all our readers to consider a policy specifically designed for landlords. Here’s why!

You could be held accountable for injuries on your property.

If a tenant or a guest injures themselves on your property, they could potentially sue you to cover their medical expenses. Injuries you could be held liable for include those that occur due to fault in the property, such as an uneven sidewalk. 

Your basic insurance probably doesn’t cover natural disasters.

Protection from acts of nature, such as floods, is as important for your rental property as it is your own home. Disaster coverage is typically not included in your standard property insurance, so it’s important that you ask to have such a policy added.

Your premiums will be tax deductible.

You can deduct your premiums for basically all insurance you have on your rental property. This includes non-standard policies such as liability and natural disaster coverage!

You can insure yourself from loss-of-income.

Should your property need repairs or become temporarily unlivable due to disaster, a Loss Of Income policy can help you collect the fair rental amount for the property. This policy covers a short amount of time to allow for repair or rebuilding.

You can require your tenants to have renters insurance.

Landlords in Selden, NY are allowed to stipulate that renters acquire their own insurance to cover liability and property damages. However, it’s important to be aware that renter’s insurance likely won’t cover accidents that occur outside their living space.

There are many other benefits to landlord insurance too, we’re only scratching the surface. Contact XL Brokerage Inc. to learn more today!