Why Flood Insurance Is Necessary In Every Home

Many homeowners in New York are not equipped with flood insurance simply because they are not in an official flood zone. While flood insurance is not required in non-flood zone areas of New York, it is recommended and many homeowners have unfortunately suffered tragedies and significant financial burdens due to a lack of this insurance. For homeowners in or around the Selden, NY area, XL Brokerage Inc. agency has a flood insurance policy available to protect them from the situations below that will prompt their need for this policy.

Heavy Rainfall

Flash flooding has the ability to occur at any point in the state of New York and can cause flooding in that general area in which the rain is falling. During this weather, an area is overloaded with a lot of heavy rainfall in a short time. During this time, the rain is dumped on the ground below, but it is unable to absorb in the ground or find a water source to flow before it causes significant damage. With this much water in an area and nowhere to go, it begins to flood homes and buildings in areas that may not be defined as an official ”flood zone.”

Dam or Reservoir Breaking

New York is home to several dams and reservoirs that are designed to contain water. Should these areas have a break or overflow, this water will be traveling quickly and flood homes directly in its path until it reaches other water sources, and eventually the ocean. 

Get Flood Coverage Today

Unexpected weather and accidents can be damaging to homeowners. The XL Brokerage Inc. agency serves the homeowners in Selden, NY and is available for your policy needs. For more information contact our agents today to receive your flood insurance coverage. 

Is there Insurance for Cyber Attacks?

Cyber Defense Magazine ran a recent story with statistics about cybersecurity risk that is chilling. One of the main takeaways is that the types of companies with the highest risks are not necessarily large multinational corporations. The largest companies collectively already pour billions of dollars at this problem. They work very hard to keep their cyber risks under control.

It is the smaller companies that have fewer than 1,000 employees that are the most at risk. These companies do not have adequate staff, budgets, and other resources necessary to keep the best practices for cybersecurity at the state-of-the-art level. Work with your agent at XL Brokerage Inc. in Selden, NY and the surrounding areas to discuss the cybersecurity risk insurance that is appropriate for your business.

The Cost of a Cybersecurity Breach

The average cost to a company for a major cybersecurity breach was $2.4 million in 2017. The vast portion of attacks (91%) come from basic emails that are used in a “phishing” attack and 85% of email attachments are harmful. In a phishing attack, the hackers send a fake email that looks legitimate. The email tries to deliver malware as files with a Microsoft Office format that appear to come from legitimate sources. In some cases, simply opening and reading an email is enough, for a user’s computer to become infected with malware.

The average time a cyber breach exposure is operating until it is discovered is over six months. Many cyber breaches go on for years before being detected.

How to Mitigate this Risk

Cybersecurity insurance is not a luxury that only big business can afford. This insurance is a priority for every business to have. Umbrella insurance can be tailored to cover cybersecurity risk as part of the named perils. Umbrella insurance is useful to a business because it extends the policy limits of other insurance to cover proven claims that exceed the other policies’ limits. It also can cover things like cybersecurity risk that is not covered in other policies.

Contact your agent at XL Brokerage Inc. in Selden, NY by calling to get a quote for umbrella insurance that includes cybersecurity coverage.