Another Important Conversation: Understanding the Basics of Renters Insurance

As spring rolls around the corner, many families have started to prepare for their children to graduate and leave home to live in an apartment for college. Others planning to move to Long Island may be searching for a rental property to begin a new chapter in their lives. In either case, those who seek rental accommodations in and around Selden, NY should understand the basics of renters insurance before signing a lease.

New York requires landlords to maintain property insurance that protects their buildings. However, the landlord’s policy does not cover any damage to your personal possessions or contents in your unit, regardless of where the event originated. In other words, if you lack a renters insurance policy and your apartment experiences a water leak originating from the floor above you or a fire that started on the other side of the unit, you will have no coverage.

You should purchase renters insurance to protect your possessions and limit your liability in the event that something happens in your unit. Some rental communities may even have leases that mandate the purchase of renters insurance before you are allowed to occupy your unit. If this is the case, you should confirm that the coverage you select offers you sufficient protection.  

Before moving into a rental community, consider the level of coverage you will need for your belongings. Take inventory of your possessions, document them with photographs or videos, and store the records in a safe location. Also, discuss liability coverage with an insurance agent. In some cases, you may have to cover legal or medical expenses if a person is injured in your place and you lack coverage.

XL Brokerage Inc. writes policies for those in and around Selden, NY. Contact our agents to learn about our policies for rental communities. 

How Commercial Insurance Options Can Protect Your Assets in Selden, NY

Imagine that you’re about to retire. You’ve got a nice retirement account, and a paid-off house and car. Altogether, your assets put you in high net worth territory, and life is good. One day, you get into a car crash driving your company’s van. You aren’t hurt and there’s minimal damage to your car. However, the other car if in bad shape and so are the executives that were riding in it. Find out how a commercial insurance can protect your personal assets. Be sure to follow up with your XL Brokerage Inc. agent with specific questions on your policy needs.

What Commercial Insurance Covers

Commercial insurance covers the same thing as regular insurance but applies to your business. It separates your personal and professional liability.

  • Bodily Injury. For instance, your employee is working at a job site and injures someone. Your commercial insurance covers the medical treatment for the injured party. Because you have business insurance, you don’t have to pay out-of-pocket, putting your personal assets at risk.
  • Property Damage. If you employ a truck driver and she crashes into someone’s front porch, your commercial auto insurance covers the damages.
  • Worker’s Compensation. If an employee gets hurt on the job, worker’s compensation pays the cost of his medical bills. 
  • Other Coverage. Product liability and business disruption are just two of many options to cover your business’s insurance needs so that you can protect your assets

Contact Us

Contact XL Brokerage Inc. to find out how getting commercial insurance for your Selden, NY business can protect your assets. Contact us for an appointment to get a quote today.