Is it worth getting flood insurance?

Since flood insurance is not likely to be covered by a standard home insurance policy, homeowners will have to take out a separate policy for such disasters. There are multiple factors to take into consideration, including the probability of flooding in Selden, NY. If you are in the market for an affordable plan, consider consulting with XL Brokerage Inc.

Even if you believe that a flood will rarely happen, consider the devastating flood that hit many uninsured homes last year in Houston.  Of course, being near coastlines or rivers are an obvious risk but flooding can happen in most parts of the country. This is why many go uninsured and the Washington Post reported that only 17% of flood disaster victims have insurance.

The National Flood Insurance Program and aid from FEMA is the go-to solution for most people, but the coverage limits are not very high. Damages to your residence are only covered up to $250,000 and your personal possessions will only go up to $100,000. High net-worth individuals would obviously benefit from a private insurance plan over the NFIP.

Of course, the NFIP is always at risk of being shut down by the government, especially with so much debt accumulating annually. Instead of waiting for the carpet to get pulled out from under you, getting into an ideal private plan in Selden, NY may be a good idea.

Nobody is obligated to buy flood insurance so it is up to the homeowner to determine if their risk is worth the investment. In many cases, flood insurance is not a huge expense and it can end up saving a huge chunk of money if a disaster hits your town. If you are looking around for an affordable plan, consider getting a quote from XL Brokerage Inc.

Three Benefits of Landlord Insurance

If you are planning on renting out your home, you may want to obtain landlord insurance. Landlord insurance covers your home, property and yourself against potential damage and issues. Here at XL Brokerage Inc. serving the greater Selden, NY area, we want every landlord to know about landlord insurance and what it has to offer you. Here are three benefits of landlord insurance. 

Covers Your Home Against the Unexpected

One of the biggest benefits to landlord insurance is that it helps to cover your home against the unexpected. Fire, hail damage and wind damage are all typically covered under your landlord insurance policy. In addition to covering the damage, the policy typically also covers your loss of rent during this time period. 

Protects You Against Certain Lawsuits By Tenants

If your tenants, or one of their guests, slip down the stairs in your home or have a tree limb fall on their car, they may be able to sue you. Landlord insurance helps to cover these damages, helping you to maintain your finances and prevent significant losses due to accidents. 

Covers Items of Value Left to Maintain the Property

The last benefit of landlord insurance is that it covers property that you left at the rental home for maintenance purposes. If you left a snow blower or a pressure washer to help maintain the property, and those items are stolen or damaged, your landlord insurance policy covers those items. 

Landlord insurance has many benefits for landlords. If you are looking to rent your home out and are ready to purchase this type of insurance, XL Brokerage Inc. serving the greater Selden, NY area is here to help. Contact us today for a free estimate.