The Ins and Outs of Landlord Insurance

Designed for people that own a property they rent out, landlord insurance is designed to protect the owner of the home or dwelling. Although the exact coverages can vary from one policy to the next, typical landlord insurance policies consist of dwelling, other structures, and personal property. Diving into each, dwelling coverage offers support to help pay for the repair of the property if it’s damaged while occupied by a renter. Other structures pay for damage to items like a shed, detached garage, or a fence. Lastly, if you use personal equipment to perform work on the property such as a lawnmower or chainsaw, these items may be reimbursed if damaged because of a covered loss. Similar to auto insurance and homeowner’s insurance, these coverages kick in once your deductible has been met and exhaust after your policy limits are exceeded. 

Additionally, many policies will include liability protection which helps pay for a third party’s legal or medical bills if they are hurt on your rental property. Keep in mind that if someone is injured on your property than you, as the landlord, must be found responsible for this coverage to kick in. For example, if you haven’t repaired a broken stair in years and someone falls through it and breaks their leg you may be found responsible for damages due to negligence. 

For all your landlord insurance needs in Selden, NY make the XL Brokerage Inc. your first phone call. Our knowledgeable and friendly insurance professionals are ready to answer your questions and find the perfect policy for your needs. Give us a call today to schedule a time to visit our conveniently located office to learn more about our insurance offerings. 

The Most Common Myths About Commercial Insurance

As a business owner, you have to do many things to make your business runs efficiently and smoothly. And one of them is to protect your business with the help of proper commercial insurance. Unfortunately, there are many myths and misconceptions about it, which prevents business owners from making the right decision. XL Brokerage Inc. serving Selden, NY has prepared the list of the biggest myths you should not believe: 

  • General liability covers all risks a business may face.  Many business owners mistakenly believe that general liability insurance will protect their companies from all possible risks. However, even though it provides comprehensive coverage, it does not protect a company from every claim. The purpose of general liability is to protect a business owner from lawsuits filed against business owners by someone else. 
  • There is no need for workers’ compensation if there are no employees.  There is a common misconception that workers’ compensation is needed only if a business has employees. However, there are some cases when it is still required even if no one employed in the company except its owner himself.
  • Commercial insurance covers damages caused by flooding.  Unfortunately, in most cases, commercial insurance does not cover damages caused by floods. Therefore, if your company is located in a flood-risk zone, you may have to add additional coverage to your standard commercial insurance to protect your business. 

There are numerous myths and misconceptions about commercial insurance that you should be aware of before purchasing a policy. If you have a business in Selden, NY or any other surrounding community and you are searching for commercial insurance, XL Brokerage Inc. is ready to help you find a perfect option and answer all the questions about this type of insurance. Do not hesitate to give us a call today to talk to one of our knowledgable agents.