Umbrella Insurance in Selden, NY

Shelling out extra money for umbrella insurance may make you a little hesitant, but if you have a significant net worth than it likely makes sense to opt for the coverage. Additionally, if you have significant net worth plus you drive frequently, have a pool or another dangerous item like a trampoline, or keep firearms in your arm having an umbrella policy is worth the cost. In short, the whole premise of umbrella insurance is to protect your assets to include vehicles, real estate properties, and investments from a lawsuit. Let’s take a deeper dive.

How To Decide if you Need Umbrella insurance

Since there’s no one size fits all answer for this question, it’s important to ask for help. If you are located in the Selden, NY area, the XL Brokerage Inc wants to be your go-to solution for any insurance needs. We’ll ask you a few simple questions to help determine if umbrella insurance is right for your situation. For a quick guide, we recommend calculating your net worth by adding the value of your assets and subtracting any debt (ex: mortgage). Once done, check how much liability coverage you already have on your various insurance policies and subtract from the figure determined in step 1 (determining your net worth). The difference between your current liability coverage and your net worth is how much money or total assets is unprotected. If it’s a substantial figure than an umbrella policy is a good idea. 

Is it worth it?

Ultimately, only you can decide if having an umbrella decision is right for you but at XL Brokerage Inc in Selden, NY we want you to feel confident and informed no matter which way you go. If you have significant assets, then the little bit of extra cost every year is worth the peace of mind. While hopefully, you will never have to use your umbrella insurance policy, if it’s needed you will be thrilled that you have it. 

Do I Need Flood Insurance?

Flood insurance is one coverage add on you’ve likely heard of, and yet you probably wonder if it is the right coverage for you and if it is something you should consider. After all, it isn’t generally packed into your standard home insurance policy, so you may not know if it is the right option for you. Our team at XL Brokerage Inc. is here to address all of the questions regarding whether you need floor insurance in greater Selden, NY. 

What Does Flood Insurance Cover?

Flood insurance naturally covers flooding. Flooding can occur during a natural storm, such as extremely heavy rain. It can also cover a fast thaw where a large amount of snow water melts and seeps into the ground around your property. It also covers the flooding caused by putting out a fire. A considerable amount of water is pumped into your home to put out a fire, resulting in flooding. Flood insurance will cover this. 

Do You Need Flood Insurance?

Do you want to protect yourself in the event of any kind of extreme water damage? It is expensive to make water repairs (as well as remove mold). If you don’t want to make these repairs out of pocket, consider flood insurance. 

Call For All Your Flood Insurance Questions

Flood insurance is a valuable add on when it comes to your home owner’s insurance. While not necessary, it will help protect you in the event of flooding. If you want to know more about flood insurance, whether it is right for you or if you should consider other home owner’s insurance add ons, our staff here at XL Brokerage Inc. is here to address those questions. If you live in Selden, NY and the surrounding areas all you need to do is give us a call at your earliest convenience. 

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.

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. 

When Is the Best Time to Purchase Flood Insurance?

Flash floods can happen quickly especially if your area receives a lot of rain in a short amount of time. Many homeowners don’t know their flood risk until it’s too late to do anything about it. In Selden, NY, residents can look to the agents of XL Brokerage Inc. if they have questions about flood insurance and if their home is at risk for flooding. Having the right flood insurance policy in place can save you from financial disaster if a flood does occur.

Research Your Location

Research your area to find out where nearby flood plains are. You can do this by going to FEMA.gov or by talking to your local zoning commission. Both will provide you detailed information about flood zones near your home and will help you to determine your potential risk of loss.

Buy Now! Once It Floods You’re Too Late!

Many times, people think of buying flood insurance after they have been a victim. Sadly, if you’re already a victim, purchasing the insurance won’t help you until you have been flooded for a second time. The time to buy a flood insurance policy is when you buy your homeowners’ insurance. If you are ready to review your existing policy, make sure to ask your agent about adding flood insurance.

Not all residents of Selden, NY may need flood insurance. It’s important to learn how high your risk is so that you can get the coverage you need. Schedule an appointment with the agents of XL Brokerage Inc. to discuss your existing policy and any changes you would like to make. The time to add flood insurance is now before you actually need it.

Why Umbrella Insurance Makes Sense For Business Owners

Umbrella insurance is very helpful to protect a business owner because it extends the policy limits of underlying policies and may provide coverage for things that are not covered by other policies.

Umbrella Insurance Increases Policy Limits

Umbrella insurance is more effective than trying to raise all the policy limits of the underlying policies. A business owner may face the risk of a lawsuit that comes from a reason that is not expected. If the insured claim is more than an underlying policy limit, then, after the limit is passed of the underlying policy, the umbrella insurance may provide additional protection. If the claim is covered by the umbrella policy, then, the extra amount of the claim up to the limit of the umbrella insurance is available to protect the business owner.

Umbrella Insurance Provides Additional Protection

Umbrella insurance may also provide protection for things that may not be covered in other policies. Talk with your agent at XL Brokerage Inc. serving Selden, NY and the nearby communities to discuss the specifics. 

These policies can be customized to provide protection for things like a defamation lawsuit for libel and slander. They may protect against lawsuits about harassment, discrimination, and wrongful termination. Some umbrella insurance has protection for legal fees and expenses including protection against frivolous lawsuits.

Custom Insurance Programs

If your business needs special coverage such as cyber-attack protection and protection from terrorist attacks, then umbrella insurance may be available for these needs. Ask your agent to conduct a comprehensive commercial insurance review. Your agent will look for gaps in coverage that may be protected by customized umbrella insurance. 

Commercial insurance that provides adequate protection includes umbrella coverage that all business owners should have. The amount of umbrella insurance that is appropriate depends on the net worth of the business owner and the estimate of any claim for any lawsuit that might happen.

Contact your agent at XL Brokerage Inc. in Selden, NY to get an insurance review and a quote for umbrella insurance coverage.

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!