Owning real estate is a great way to build long-term wealth. For those that are in the Selden, NY area and would like to build personal equity, getting an investment property could be a great option. If you do own a rental real estate asset, you need to consider your unique insurance needs. To ensure that you and your property are properly covered by insurance, you need to get a quality landlord insurance policy. A landlord insurance policy will protect you a few different ways to ensure you and your assets are protected.
Property Damage Coverage
One reason to get landlord insurance is that it will provide you with property damage coverage. This form of insurance will provide coverage that is standard for normal home insurance policies, such as a storm or fire damage. However, landlord insurance will also give you the coverage that is caused by your tenants and their guests. This will ensure you can repair the property if someone you trust damages it during their stay.
Liability Insurance Coverage
When you are in the market for insurance, you also will enjoy the liability insurance coverage that you will receive. A quality landlord insurance policy is going to protect you in the event that someone is injured while in your property. Give you have limited control over events that occur in a rental property, having this liability coverage is necessary.
A quality landlord insurance policy can be a big benefit for anyone in the Selden, NY area. If you are looking for a landlord insurance policy, you should contact the team at XL Brokerage Inc. The XL Brokerage Inc. team can provide you with a variety of different benefits. This will ensure that you get the right policy to protect your assets and yourself from liability.
You may be one of the thousands of entrepreneurs who operate a business from the comforts of your home in Selden, NY. A less formal setting than what you may experience in an office building does not mean that you should forgo commercial insurance. The agents at XL Brokerage Inc. can help you find the best business insurance policy for your company.
Why do you need insurance for a home business?
Your home business comes with risks just like the company that rents commercial space. In fact, there may be even greater risks associated with your home business because homeowner’s insurance does not typically cover your company. This means that the value of your merchandise is not covered under your policy. You essentially must start from scratch if your business inventory is destroyed from a fire or flood damage at your home.
What type of commercial insurance do you need for your home business?
Your home business needs general liability coverage. This type of insurance protects your company’s assets and also provides insurance when clients visit your home in Selden NY.
An individual who injures himself inside your residence while visiting on business is not covered under your home insurance policy. You need a general liability insurance plan that pays for medical bills associated with such an injury.
It may also be a good idea for home-based entrepreneurs to purchase Errors and Omissions insurance. You especially need this type of coverage if your company provides consultations. Errors and Omissions insurance can help you represent yourself in court in the instance where a client claims the advice you provided was bad counsel. This type of coverage may also pay for damages related to the incident if your company is found responsible for losses.
The agents at XL Brokerage Inc. can thoroughly explain the ins and outs of commercial insurance. Call them today to get a quote for your home business.