What Happens if a Tenant Destroys Your Property?

Whether it was intentional or not, tenants can damage your rental unit and leave you with the aftermath. There are steps you can take to get compensation for the damages and get your property back up and running in Selden, NY.

Document the damage. This is the first thing you should do. You should also have pictures from before the tenant moved in and now you want to have video or photos of the damage. You also want to have any communication documented with the tenant over the damage so have these conversations in written letters or over email.

Get estimates for repairs. This will allow you to think clearly about the work you need to do in order to get your property ready to rent out to the next tenants.

Deduct from the security deposit. If the repairs are minor then you may just be able to deduct the cost from the security deposit. Be sure to follow the procedures in the state of New York so that any money you take won’t be called into question later.

File a claim with the insurance company. If the repairs are going to cost more than the amount in the security deposit then you do have the option to file the claim. Speak with an agent at XL Brokerage Inc. to see what is possibly covered under your policy and the damage you have to fix.

You may have to go to court. Even if you file a claim in Selden, NY, if the damage is so severe then this may be your only option. If you do go this route, you will need to have the evidence to back up your claims and it helps to know that litigation can be costly.

Contact XL Brokerage Inc. to get a quote on landlord insurance.

How Often Should I Upgrade My Commercial Insurance?

Every business in Selden, NY is different, so the question of how often you need to call XL Brokerage Inc. for an upgrade really depends on your rate of growth. Generally, you’ll want to call your insurer whenever you hit the following checkpoints:

  • Any time you make expansions to your staff.
  • Any time you make changes to how your business is owned and operated. If you go public if you have a board of directors, etc.
  • Any time you make physical expansions to the business building itself.
  • Any time you invest in new equipment. Every new laptop and coffee machine might not need to be covered, but certainly big items like copy machines and pizza ovens do.
  • Any time you launch a new product or service, you’re inviting new liability to your business, and your insurer needs to know.

Even if you feel that your business has basically plateaued with no new hires or expansions in some time, it’s a good idea to review your business at the end of each fiscal year and compare it to how you were doing twelve months ago. You may find that you have whole new liabilities you hadn’t considered. You’ll want to take inventory once or twice a year and make sure that you’re still covered. Anything you can’t cover out of pocket, it’s better that your insurer knows about it as soon as possible, and these additional liabilities and property concerns can creep up on you incrementally.

If you’re still shopping around for commercial insurance in Selden, NY, get in touch with XL Brokerage Inc. and see what they can do to protect you, your business, and your staff and customers.

Home Insurance Riders: What Selden Residents Need to Know

If you live in Selden, NY, and have a home insurance policy, you may have heard about riders before. If you’re not sure exactly what they are though (or what they do), it can help to be aware of how they function to protect your property. XL Brokerage Inc. wants you to have all the facts in case you decide to change your policy. 

What Is a Rider?

A rider is essentially an addition to your Selden policy for specific coverage. The most common example is often a flood rider. Because most policies don’t cover flooding incidents, homeowners who want this protection will add a rider to their policy to ensure they can file a claim if and when water damage does occur.

However, you can get riders for any number of events, so it pays to consider the major threats in both your home and the surrounding neighborhood. For example, you may decide that you want to have a specific policy for your animals, just in case, your dogs get a little too rambunctious either inside or out. Or you may want to cover a specific possession, such as a piece of jewelry. 

Calling for Help 

If you’re interested in how riders personally impact the residents of Selden, NY, XL Brokerage Inc. is here to shed a little light on the matter. We can both ask questions and offer examples of how to upgrade your insurance. A quick conversation is sometimes all it takes to learn that you’re not nearly as protected as you thought you were. It’s our pleasure to assist you before something happens to your home (as opposed to when you’re scrambling to check your coverage to see if you can file a claim for certain damages). 

What Can a Speeding Ticket Do To Your Auto Insurance

Speeding tickets are one of the most common traffic violations you experience as a driver. Getting a speeding ticket is something that can occur when you simply lose sight of the speed limits, let the pedal get away from you a bit. When you do get a speeding ticket, you are going to be presented with a monetary fine you need to take care of as soon as possible. What many do not realize, though, is that a speeding ticket can also have an impact on your auto insurance.

The auto insurance rates that you end up falling within will be driven largely by the record you have behind the wheel of a vehicle. When you get into a car accident which is your fault or get a speeding ticket, it is a sign that you are not that responsible when driving a vehicle.

Auto insurance providers pull what are known as motor vehicle records to take a look at your driving history when they are pricing you out for your policy. When you get a speeding ticket, it is going to be on your motor vehicle record for a number of years. As the years go by and you do not get any subsequent speeding tickets, the impact of it is going to reduce. In the meantime, though, you are going to be facing a real problem when it comes to getting auto insurance at a rate you feel comfortable with.

Speeding tickets do not have to be a bit detriment, though, when you do your homework and go with the right auto insurance provider. An insurance agency in Selden, NY can help you navigate the waters to end up with a policy that is advantageous to your needs and situation. Work with the team at XL Brokerage Inc. to start this process today.

Flood Insurance Isn’t Just for High-Risk Areas

A lot of homeowners don’t think that much about flood insurance. Unless they live in a flood-prone area, they probably figure they’re safe from harm. Or they may think their homeowner’s policy covers flooding, so they don’t need to worry. But standard home insurance policies don’t cover flooding, and no one is immune. While there are places in and around the Selden, NY area where flooding is more likely than others, it can flood anywhere it can rain. At XL Brokerage Inc. we understand that insurance to protect your home from a flood is very important. We’ll help you understand the value of it and find the right policy for your needs.

You don’t need to put your home at risk from flooding when it’s easy to protect it with the right type of policy. We’re here to provide you with policy options, so you can choose the best one. You can get your questions answered, determine your risk, and then choose a policy that will keep your home safe and give you peace of mind for the present and the future. Sometimes the weather can do unexpected things, and that includes causing flooding in an area where a flood wouldn’t be a common occurrence. If your home is in one of these low-risk areas, it can still benefit you to have insurance to cover flooding issues.

Reach out to us today at XL Brokerage Inc. and let us give you information on flood insurance policies. We help clients in and around the Selden, NY area, and we want to add you to our list of satisfied homeowners who have adequate flood protection. Even if you live on higher ground, there are circumstances where a flood could happen. There’s no reason to leave your property at risk when we can help.

When should someone get umbrella insurance in New York?

Everyone in the Selden, NY area needs to carefully consider all of their personal insurance needs. One form of insurance that someone may need to get could be umbrella insurance. This is a form of personal liability insurance that will provide you coverage on top of the liability insurance that is provided by your auto or home insurance. There are several situations when someone in New York may want to get umbrella insurance. 

When They Want More Coverage

One situation when you should get umbrella insurance is when you want to have more insurance coverage. If you have a home or auto insurance policy, you are going to have a certain level of liability coverage. This is enough to cover you in the majority of all situations. However, there are still times when more liability coverage would be helpful. In these situations, having umbrella coverage would be helpful. 

Additional Coverage Situations

Another situation when someone should get umbrella insurance in New York is when they want coverage for more situations. While home and auto insurance offer coverage for a lot of risks, they do not cover everything that could result in personal liability. An umbrella insurance policy will give you coverage for a wider range of situations that come with a risk of liability. 

There are several situations when someone in the Selden, NY area should get umbrella insurance. If you believe that getting this form of insurance is right for you and your situation, you should call the team at XL Brokerage Inc. When you call XL Brokerage Inc. you can receive guidance that will help you to decide if this form of insurance is right for you. They can also help you to build a policy that provides the right type and level of liability insurance coverage. 

What does landlord insurance cover?

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. 

What type of commercial insurance does your home business need?

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. 

Tips for Residential Electrical Safety

You rely on electricity to brighten your home, cook meals and to keep you warm; electricity allows you to live comfortably in your home, but it doesn’t come without risks. Studies have shown that there are over 30,000 electrical fires and electrical related injuries that occur each year, many of which may have been avoided. Home electrical safety is critical for the safety of your family and your home. To help you gain some knowledge about basic electrical safety tips, XL Brokerage Inc. has put together a few tips for the residents of Selden, NY.

Hot Outlets

A warm or hot outlet may mean there is a dangerous situation just waiting to happen. Outlets that are warm to the touch often means the electrical load on the circuit is too high, the wiring is loose or the wiring isn’t up to code and if the outlet feels hot, it typically means the wiring has already started melting. When inspecting outlets also be aware of a loose outlet or those that don’t hold plugs tightly. Be sure to switch out all two-pronged outlets with grounded three-pronged outlets and outlets that are located near water should have code-correct GFCI outlets. Contact an electrician as soon as possible to handle these changes for you.

Power Cords and Extension Cords

One of the riskiest things you can do is to use appliances or other types of electrical equipment that have exposed wiring in the power cords. If you notice that the protective coating on an electrical wire has been damaged or stripped away, it should be replaced before using it. Extension cords make life easier, especially during the holidays when you use more electrical decorations than usual, but extension cords pose a risk of injuries and may lead to a fire if they are overloaded. The best solution is to avoid using extension cords and consider contacting an electrician to install additional outlets in your home.

Water conducts electricity, so even a small exposure will lead to electrical injuries. Never use electrical equipment near water and always wipe up spills to avoid the risk of a plug getting wet. When it comes to electrical safety, one of the most important things to keep in mind is that small children are naturally curious, so always use tamper-resistant safety caps on electrical outlets and be sure to keep loose cords out of reach.

Residents of Selden, NY interested in learning more electrical safety tips or how to upgrade their home insurance should contact XL Brokerage Inc.

What is Usage Based Auto Insurance?

Do you sometimes feel like you’re paying too much for your auto insurance? If you don’t drive very often, you very well may be investing more in your premiums than necessary. Drivers in the Selden, NY area have the option to switch from traditional policies to a usage-based coverage system. What is usage-based auto insurance and how can a policy from XL Brokerage Inc. keep you covered?

What is Usage-Based Auto Insurance?

Also known as Pay As You Drive coverage, usage-based auto insurance takes into account the number of miles you drive when determining your premium options. Insurers look at these pieces of information when deciding the risk on your usage-based contract.

  • The type of vehicle you drive.
  • How much time you spend driving.
  • How far you typically drive on each trip.
  • The average time each trip lasts.
  • Where you normally operate your vehicle.
  • Driving behaviors such as braking patterns, how long it takes for you to stop, average speed, etc.

There are 3 main ways your auto insurer can use to determine your final rates.

  • Tracking the odometer allows agents to calculate your usage, which is used to determine premiums.
  • GPS data from an installed tracker, cellphone, or specialized RF technology device reports miles and timing to the insurance agency.
  • Additional tracking information from the vehicle such as speed, time of day and place in which vehicle is used, and driver behaviors are compared against the historic riskiness of the roads you take to determine overall risk.

In order to take advantage of this potentially cost-saving option, drivers usually need to agree to have a device installed in their vehicle.

Usage-Based Auto Insurance for Your New York Lifestyle

If you don’t drive often or have a low daily mileage range, a usage-based auto insurance policy may be perfect for you. Contact XL Brokerage Inc. to find out if this coverage is right for your Selden, NY automobile.