4 Common Myths About Flood Insurance You Shouldn’t Be Fooled By

Believing inaccurate myths about flood insurance in Selden NY could cost you a lot of money if your property experiences a flood and you don’t have insurance.

Unfortunately, many homeowners don’t know the truth about flood insurance and are misguided by common myths.  We want to make sure you understand the realities of flood damage at XL Brokerage Inc.

The following are four common myths about flood insurance you shouldn’t be fooled by so that your home is adequately protected:

You can’t get flood insurance if you don’t live in a flood-prone area. 

It’s important to understand that flooding can happen anywhere. You don’t have to be in a flood zone. 

Flood insurance is available in areas that are not flood-prone, and it’s generally much more affordable in these areas. You should therefore weigh your options and find some coverage to protect you. 

I don’t need flood insurance because FEMA will cover damages. 

When people think about flood damage, the Federal Emergency Management Agency comes to mind.

While FEMA does offer homeowners some compensation for flood damage, FEMA does not cover every flooding event. Also, FEMA typically offers disaster loans rather than giving money outright. 

It’s therefore important not to rely entirely on FEMA for coverage.

Flood maps never change over time.

You may be in a flood zone now even if historically you have not been. Flood maps can evolve over time with subtle climate changes. 

A homeowner’s insurance policy will provide flood coverage.

A standard policy rarely offers flood coverage. Flood coverage is typically an add-on homeowners have to set up specifically. 

If you’d like to learn more about flood insurance that’s available in Selden, NY, contact us at XL Brokerage Inc. to learn more. 

What is Umbrella Insurance and Why Do You Need It?

Umbrella insurance is a little known about the type of insurance that could save you a lot of money in the future. Understanding exactly what umbrella insurance is will help you decide if this is something you should invest in. The folks at XL Brokerage Inc. in Selden, NY can better help you understand this option. 

What Is Umbrella Insurance?

Umbrella insurance is a type of insurance policy which will protect you in the event that someone is injured in your home or in your car and that person chooses to file a lawsuit against you. In the United States, individuals have the right to prosecute someone if they are injured on that person’s property or in that person’s vehicle. Although this is an important right we possess as American’s it can also mean that we are put at risk by others. If someone chooses to file a lawsuit unfairly against us, then we could find ourselves in financial danger. 

Who Will Benefit From Umbrella Insurance?

Umbrella insurance is not beneficial to everyone. The people who will benefit the most from umbrella insurance are those who own property, boats or cars. If you host parties and have guests often to your home, then you might want to consider purchasing an umbrella insurance policy. This type of insurance is also beneficial to parents who have children. Children and teens are often inviting friends over. Parents do not want to discourage this, but you do want to be protected in the event that one of your children’s friends is hurt on your property. Property owners who also have swimming pools would do well to purchase umbrella insurance to protect themselves in the event that a lawsuit is filed in connection with injuries incurred on the property. 

If you would like to learn more about umbrella insurance contact XL Brokerage Inc. serving Selden, NY.