How landlord insurance protects you

As a property owner who is a landlord, you have a tough job. You have all the headaches that come along with homeownership and in addition, you have to deal with the stress that being a landlord can cause. Not that all tenants are stress-causing, many are not but having even one can make you very grateful that you have landlord insurance. In Selden, NY, XL Brokerage Inc. is there to explain how landlord insurance can benefit you and your rental property. 

Landlord insurance like homeowners insurance protects you in the event of a liability claim and also for property damage when a covered event happens. You may think that regular homeowner’s insurance would be enough but most home policies are designed to cover owner-occupied homes. 

Liability

If someone is injured at your rental property, even if it is the tenant, you can be held responsible if it is found that the injury is due to neglect on your part.  With liability claims, typically there is no deductible. 

Property 

This is an important coverage that protects the building and any furnishing that belong to you the landlord, this can include things like the appliances, furnace, and water heater. Things covered include fire, vandalism, theft and many weather events. Included are other structures such as fences, detached garage or shed. This coverage can protect your rental in the event you have a tenant who damages the property. 

Income protection

If your home is damaged by a covered event and you are not able to collect rental income, this protection will be sure that you don’t suffer the loss of income. 

Additional coverage

Other coverages that landlords may want to consider are flood insurance, hurricane insurance, and emergency coverage. 

In Selden, NY, XL Brockerage Inc. is there to answer any questions you have about landlord coverage. Give their office a call or stop in for a no-obligation quote. 

 

Umbrella insurance takes over once your primary policy is exhausted

If you are a business owner or a high net worth individual, it’s time to take a look at umbrella insurance. One’s primary policy, whether commercial or homeowner’s, will have policy limits, that once reached, are exhausted and you then become liable for any excess loss. In order to protect yourself in the event that a covered loss exceeds your primary policy limits, an umbrella insurance policy will then kick in to protect you from damages that aren’t covered by your base policy. The team at XL Brokerage Inc. understand how important it is to have adequate liability coverage, and they are here to meet those needs for the greater Selden, NY community.

Umbrella insurance takes over once your primary policy is exhausted

It may feel like your policy limit levels are adequate to protect you and your family or business, but what happens in the event that they aren’t? One major event can exhaust a primary policy. Because life is filled with uncertainty, and it is always better to be prepared, it makes sense to add umbrella coverage to your primary policy. Personal liability can be devastating in many events, and having an umbrella policy can make the difference between a recoverable loss and financial devastation. Even if you have assets to absorb such a loss, why wouldn’t you want to allocate those assets to more beneficial uses? Many cases of personal liability can be avoided when one carries adequate umbrella insurance coverage. 

Don’t be left with liability that you could have prevented. Call or stop by the XL Brokerage Inc. office and meet with one of our knowledgeable local agents. We are proud to serve the greater Selden, NY area and look forward to meeting with you soon!

3 Tips for Buying Flood Insurance in Selden, NY

A flood is a devastating event that leaves homeowners in a terrible situation. Flooding is not only dangerous to people’s lives, it causes extensive damage in a short time. Once a flood occurs, it’s important to call in a cleaning crew immediately. Standing flood waters are dangerous to your health as they produce mold and bacteria.

Without a flood insurance policy in place in Selden, NY, you would be left on your own to cover the flood damage. To avoid this, consider purchasing a flood insurance policy to protect your home. XL Brokerage Inc. has put together a short list to help you get started with the process.

1. Bundle Your Insurance Policies

When you bundle all your insurance policies together under one insurance carrier, you will save money on your premiums. Keep this in mind when shopping for flood insurance as you can bundle this with your auto, home, life, commercial, and toy insurance, for example.

2. Compare Several Quotes

Not all flood insurance policies are the same. For this reason, it’s important to compare several quotes before making a commitment. A trusted insurance agent can help you go through the fine details, comparing cost and coverage, and help find you the right policy for the right price.

3. Work with a Reputable Agent

A trusted and reputable agent will be key to finding the right flood insurance policy. This experienced professional will have the knowledge needed to make sure you purchase the correct flood insurance policy.

To learn more about purchasing flood insurance in Selden, NY, contact XL Brokerage Inc. today. One of our friendly agents is standing by to help you get started.  

 

Landlord Insurance for Real Estate Investors

Many real estate investors start small with a single property that they rent out and then over time they add more rental properties to build up a nice real estate portfolio of rental homes. To make sure there is adequate insurance protection for each property work with your agent at XL Brokerage Inc. serving Selden, NY and the nearby communities to set up a uniform landlord insurance program.

What is landlord insurance?

Landlord insurance is much more than property insurance for the building. It includes that but also much more. It may provide protection for accidental damage and even loss of rent.

Loss of rent coverage is really helpful if the property cannot be rented due to circumstance beyond anyone’s control. This protection can help pay the mortgage payments of a rental property for a covered cause when there is no rental income coming in. Some lenders require this kind of insurance to be in place in order to make a loan on the property.

If the rental property is furnished, landlord insurance may be extended to protect the personal property owned by the landlord as well.

Discuss the specifics with your insurance agent because there is the possibility of a customized protection plan that fits your particular circumstances.

Landlord Insurance Review

If you already own rental properties that are insured individually then consider getting an insurance review to receive recommendations about landlord insurance to help you better manage your rental real estate.

If you are just starting out that is fine too, we are happy to work with you as you build your real estate portfolio. When a comprehensive landlord insurance program is established, it is easy to add additional properties to the coverage

To get a quote for landlord insurance contact an agent at XL Brokerage Inc. in Selden, NY by calling 631-736-6100 or the office in Mastic at 631-281-6100.

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.

Do I still need landlord insurance if I require my tenants to carry renters insurance?

If you are a landlord in Selden, NY, you probably have a clause in the lease that requires your tenants to carry renters insurance, hopefully through XL Brokerage Inc. This is a common policy because it places the responsibility of insuring the property on the owner. However, you should also have landlord insurance. It is important to understand the difference between the different kinds of policies.

Landlord Insurance

This kind of policy protects the physical structure, including the building and any related fixtures. Other contents may be covered, such as major appliances, but the policy is mostly about the building itself. If the house burns down or gets hit by a tree, the damage should be covered by the landlord’s insurance policy.

This kind of policy also includes some liability coverage. For instance, if someone gets hurt in a common area like a stairwell, he or she could sue for damages, including medical bills. Instead of being forced to pay out of pocket, you would use your landlord insurance to defend yourself and pay the claim.

Renters Insurance

This kind of insurance mainly covers the renter’s property, such as clothing, furniture, small appliances, and other items. If the renter’s property is stolen or damaged, he or she can make a claim against the renter’s insurance.

The renter can also make a claim against the renter’s insurance if there is some sort of event that makes the place unliveable, such as a fire. The policy will cover the expense of staying somewhere else while repairs are made or a new place is found.

If you own or rent in Selden, NY, you probably need either landlord or renters insurance. If you have any questions or are interested in discussing policy, please call XL Brokerage Inc. so we can help.

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.

4 Common Myths About Flood Insurance You Shouldn’t Be Fooled By

Believing inaccurate myths about flood insurance in Selden NY could cost you a lot of money if your property experiences a flood and you don’t have insurance.

Unfortunately, many homeowners don’t know the truth about flood insurance and are misguided by common myths.  We want to make sure you understand the realities of flood damage at XL Brokerage Inc.

The following are four common myths about flood insurance you shouldn’t be fooled by so that your home is adequately protected:

You can’t get flood insurance if you don’t live in a flood-prone area. 

It’s important to understand that flooding can happen anywhere. You don’t have to be in a flood zone. 

Flood insurance is available in areas that are not flood-prone, and it’s generally much more affordable in these areas. You should therefore weigh your options and find some coverage to protect you. 

I don’t need flood insurance because FEMA will cover damages. 

When people think about flood damage, the Federal Emergency Management Agency comes to mind.

While FEMA does offer homeowners some compensation for flood damage, FEMA does not cover every flooding event. Also, FEMA typically offers disaster loans rather than giving money outright. 

It’s therefore important not to rely entirely on FEMA for coverage.

Flood maps never change over time.

You may be in a flood zone now even if historically you have not been. Flood maps can evolve over time with subtle climate changes. 

A homeowner’s insurance policy will provide flood coverage.

A standard policy rarely offers flood coverage. Flood coverage is typically an add-on homeowners have to set up specifically. 

If you’d like to learn more about flood insurance that’s available in Selden, NY, contact us at XL Brokerage Inc. to learn more. 

What is Umbrella Insurance and Why Do You Need It?

Umbrella insurance is a little known about the type of insurance that could save you a lot of money in the future. Understanding exactly what umbrella insurance is will help you decide if this is something you should invest in. The folks at XL Brokerage Inc. in Selden, NY can better help you understand this option. 

What Is Umbrella Insurance?

Umbrella insurance is a type of insurance policy which will protect you in the event that someone is injured in your home or in your car and that person chooses to file a lawsuit against you. In the United States, individuals have the right to prosecute someone if they are injured on that person’s property or in that person’s vehicle. Although this is an important right we possess as American’s it can also mean that we are put at risk by others. If someone chooses to file a lawsuit unfairly against us, then we could find ourselves in financial danger. 

Who Will Benefit From Umbrella Insurance?

Umbrella insurance is not beneficial to everyone. The people who will benefit the most from umbrella insurance are those who own property, boats or cars. If you host parties and have guests often to your home, then you might want to consider purchasing an umbrella insurance policy. This type of insurance is also beneficial to parents who have children. Children and teens are often inviting friends over. Parents do not want to discourage this, but you do want to be protected in the event that one of your children’s friends is hurt on your property. Property owners who also have swimming pools would do well to purchase umbrella insurance to protect themselves in the event that a lawsuit is filed in connection with injuries incurred on the property. 

If you would like to learn more about umbrella insurance contact XL Brokerage Inc. serving Selden, NY.