You may not think you live in an area where floods can occur, but increasingly wilder weather events occurring throughout the nation, it’s smart for any home or business owner to have flood insurance. Any type of home or business could be potentially damaged by floodwaters.
In the event that you have flood damage in your home or business, you’ll have to pay thousands and up to hundreds of thousands of dollars to repair or rebuild your structure and collection of belongings.
How Flood Insurance Works
It’s important to note that most homeowners insurance policies do not cover flood damage. Moreover, “water damage” is not the same as flood damage. Water damage is generally associated with leaky or burst pipes while flood damage is in a category all its own. You need to have both water damage and floor coverage in most cases.
In areas of the nation where floods are common, banks and other lenders will require that you have flood insurance to cover your home and possessions. But again, any location can have a flash flood that can cause damage. It’s a smart form of insurance to have.
Finally, keep in mind that even though flood insurance is a particular and specific type of insurance, there are actually several different forms of flood insurance. It’s wisest to speak directly with your insurance agent to figure out which type of flood insurance you should have.
Call XL Brokerage Inc. Today to Learn More About Flood Insurance!
As you can see, flood insurance is absolutely essential if you’re a Selden, NY resident. At XL Brokerage Inc. we serve the area and residents of Selden, NY and would be happy to speak with you about the flood insurance options you have. Call us today or stop by our office to learn more! We look forward to helping you find the perfect plan that meets your needs!
There are numerous reasons to get landlord insurance if you own and rent out properties, such as apartment buildings, houses, or offices. We will outline the core reasons for obtaining landlord insurance below.
Homeowners insurance claims won’t cut it when you’re a landlord.
If you consistently rent your property upon which you have homeowners insurance coverage and you end up needing to make a homeowners insurance claim on that property, your claim likely be denied. That’s because the property was rented at the time of your claim, and your insurance company will probably have stipulated that coverage is only legitimate if it is not being rented.
Additional liability coverage will likely be necessary.
It’s sad but true. If you are renting your property and someone gets seriously injured in an apartment or an office, for example, they can sue you for damages. General personal liability coverage is likely not going to cover these instances, so you’ll need additional landlord liability coverage to take care of the costs of these cases.
You may end up with liability trouble from tenants.
In some cases, lawyers who are going after your tenants for liability charges (for example, because of a dog bite in one of your apartments) will know that the tenant cannot individually pay the damages charged to them. Therefore, they will go after you, the landlord. Landlord insurance can protect you against situations such as these.
Contact XL Brokerage Inc. Today to Find Out More!
Are you a Selden, NY landlord who is looking to learn more about landlord insurance? XL Brokerage Inc. is proud to serve the residents of Selden, NY and offer high-quality landlord insurance that meets all your needs! Come visit us at our nearest office location or give us a call to speak with one of our highly skilled agents. We hope to hear from you soon!