The Difference Between Flood and Water Damage

XL Brokerage Inc. offers a variety of policies that cover residential and commercial dwellings. In Selden, NY, homes in certain areas may be more susceptible to flood waters. Many homeowners often confuse water damage with flood damage. They may appear similar but the causes are different and covered by separate types of policies.

Flood Damage

Flood insurance must be in place if you file a claim for flood damages. Flood insurance is normally sold to homeowners who live in a floodplain or near an area where floods are likely to occur. Flood insurance will not cover burst sewage pipes or overflows from indoor or outdoor plumbing systems. For flood insurance to be used, the damage must be caused by a natural event that is out of the control of the homeowner.

Water Damage

Water damage is often the result of broken pipes, damaged roofs, or backed up sewage. Although insurance will cover various types of water damage such as a leaking roof, the damage to the roof must be caused by something falling on the roof. If the damage is caused by the roof being worn, most insurance policies will not cover it.

at XL Brokerage Inc. each of the agents has the knowledge and experience to answer all of your questions pertaining to flood insurance and how it affects your home. They can explain all of the nuances and subtleties that separate the different types of policies. If you live in the Selden, NY, contact the agents in the office and schedule a consultation. They can perform a review of your policies and find out which ones need to be updated or added.

Why Every Small Business Owner Should Have a Comprehensive Umbrella Insurance Policy

Are you a small business owner in the greater Selden, NY area who wants to learn more about a comprehensive umbrella insurance policy? The team at XL Brokerage Inc. is here to review your umbrella insurance policy options with you. With the right policy, you can rest assured that your business is covered in the event of a loss that exceeds the protection limits of your primary commercial insurance policy. 

Top Reasons to Add An Umbrella Policy to Your Insurance Portfolio

If you are a small business owner you understand how even the smallest change in cash flow can have an impact on your overall success. Here are 3 good reasons to add an umbrella policy to your current insurance holdings:

  1. Your primary policy has coverage limits, typically $250,000 of protection. If you experience a loss that requires more than your primary policy covers, you will have to cover the difference from your company profits or your own funds.
  2. When a loss occurs payouts for business interruption, in addition to replacements and repairs, can quickly exceed your primary policy limits causing further loss of revenue.
  3. An umbrella policy allows you to get back to business as soon as possible, without risking failure of your business.

If you don’t have comprehensive umbrella coverage in addition to your primary commercial insurance, it’s time to find out more about your options. Coverage can include your fleet, inventory, business interruption, as well as physical damage to your structure and its contents.

Now is the perfect time to review your commercial umbrella insurance policy options! If you are in the Selden, NY area, call or stop by the XL Brokerage Inc. to meet with one of our knowledgeable agents and find out more about comprehensive commercial umbrella insurance.