3 Things to Know About Umbrella Insurance

Umbrella insurance isn’t a term that a lot of people are familiar with. They don’t always realize what it can offer to them, and they also might not think they need it if they have proper coverage on their home and their vehicle. But there’s more to the issue than just the basic coverage options that a lot of people have. Here are three things to know about umbrella insurance in Selden, NY and how XL Brokerage Inc. can help make sure you have the kind of coverage you need and want no matter your particular situation.

1. Umbrella insurance protects what your other policies don’t cover

Even with good policies on home and auto, there can be areas where something can fall through the cracks. That’s especially important to consider if you have a business or significant assets that could end up at risk.

2. Some policies have maximums which can be exceeded in certain situations, putting you at risk

Home and auto policies have maximums in most cases, and if a claim exceeds those maximums you could still have more financial liability than you anticipated. But with an umbrella policy it can help pick up where other policies leave off, reducing your risk.

3. Umbrella insurance policies aren’t hard to get, but they can make all the difference

It’s not difficult to get an umbrella policy, but it can make a big difference when it comes to the level of protection that you have when you need to make a claim.

Talking with an agent from XL Brokerage Inc. can help you choose the Selden, NY umbrella insurance policy you really need. That way you will have extra coverage and protection, and you’ll also have peace of mind to enjoy for years to come. A good relationship with an agent and company can make all the difference.

What is covered by a Landlord Insurance?

Renting out your property is a huge responsibility because you’re entrusting your investment to someone else. That’s why you need landlord insurance from XL Brokerage Inc. to help you preserve your hard work. Even though standard homeowners insurance covers most of the risks, there are certain risks like loss of income that are only catered for in a rental a property. Plus, landlord insurance provides extra liability coverage compared to home insurance.
Without the right coverage, being a landlord in Selden, NY can be very costly. There are many damages that may occur that are out of your control and you’ll have to take care of them from your pocket. Let’s see what’s covered by landlord insurance.
Dwelling: This protects the physical structure of your property including the walls, ceilings, and roofs.
Other structures: This part of your policy protects the physical structures that aren’t attached to your property like sheds and garages.
Loss of rent: This ensures you keep receiving rent even if a tenant refuses to pay. It also covers your rental income during repairs if a covered risk renders your property inhabitable. 
Liability claims: Should you be held responsible for an injury or property damage on your property, then this part of your policy will cover legal fees and compensations.
Eviction costs: Should you need to evict a tenant, this covers any costs of legal assistance you may need.
Property damage: This part of your policy covers the cost of damages to your property that result from a covered loss such as fire, water damage, or vandalism.
While landlord insurance covers most risks, there are a few exceptions, which include tenants’ belongings, maintenance, and shared property. Talk to an agent at XL Brokerage Inc. to understand what works best for your Selden, NY property. Contact us today and protect your property.