3 important benefits of umbrella insurance

The Slocum Agency Inc. is here to provide business owners with the insurance coverage they need to protect their companies in the greater Warwick, RI area. If your business is growing, it may be time to add an umbrella policy to your current insurance portfolio. Additionally, if you operate in an industry that has a lot of liability risk or is highly litigious, it is worth considering an umbrella policy.

Check out these 3 important benefits of a commercial umbrella policy

Owning and operating a successful company takes a lot of work. An umbrella policy is an effective way to protect that hard work and provide future protection.

  1. An umbrella policy will provide ongoing protection if and when your primary policy is exhausted. Because policies have maximum coverage levels it is important to have further measures in place to protect your company.
  2. Umbrella policies will protect the personal assets of the firm’s stakeholders. Once insurance coverage is maxed out, it may fall upon the company owners to cover any financial liabilities that may arise.
  3. Owning a company is a lot of hard work, and the major benefit of an umbrella policy is the way that it protects the holder from insolvency. An umbrella policy provides the ongoing protection necessary to keep your company operational.

Primary commercial policies are an important part of financial security for any business, but they are not always sufficient for every company’s needs. Find out more about how a supplemental umbrella policy can provide the protection you need.

Is it time to give your insurance coverage a boost? Contact us today

We are proud to serve the insurance needs of the greater Warwick, RI business community. If it’s time to review your commercial policies, give The Slocum Agency Inc. a call today!

What You Need to Know About Flood Insurance

Homeowners want to make sure that the investment they have made into their home is adequately protected. Purchasing homeowner’s insurance, however, is usually not enough to cover all of the important layers of home protection. At The Slocum Agency Inc., serving Warwick, RI, we understand that the only way families can make good insurance choices is by having access to good insurance information. Keep reading to find out what you need to know about flood insurance. 

Is Homeowner’s Insurance Enough?

The truth is that homeowner’s insurance is not enough to protect you from the expenses of flood damage. Homeowner’s policies usually do not include flood protection. The reason for this is because the risk of a flood can vary so much from state to state and from region to region within a state. This makes it very difficult for insurance companies to create a one size fits all policy. 

What Should Homeowners Do?

It is very important for homeowners to review their homeowner’s insurance policy carefully to see if flood insurance is included. If flood insurance is not included, then you should consider adding this coverage. In order to understand your risk of flood for your area, though, you will need to sit down with a knowledgeable home insurance representative. This professional will be able to help you assess your flood risk and choose a policy that is right for you and your budget. 

If you would like to learn more about our insurance products and services, please contact us at The Slocum Agency Inc. serving Warwick, RI. We will be so happy to sit down with you to discuss your options.

3 reasons to choose whole life insurance

Term life insurance is often the first type of indemnity converge individuals pursue when they are searching for financial security that lasts after they have passed in Warwick, RI. Many purchase a term indemnity policy, though, without fully understanding what comes along with such a plan. In most instances, it is better to spend more on whole life insurance. 

The agents at Slocum Agency Inc. can help you find the right life insurance plan. Here are three reasons to pick whole life insurance over a term indemnity plan. 

1. Whole life insurance lasts for the entire life cycle

A term life insurance plan lasts for a certain period. Most policies provide coverage up to 20 years from the date of the first monthly premium. 

Whole life insurance lasts the entire life cycle. This perk is especially beneficial to those who develop a chronic illness. A whole life insurance plan ensures you do not have to pay more in monthly payments because of your illness. 

2. You can enjoy the benefits of a policy while living

Whole life insurance accrues interest that may be cashed out for vacations or financial emergencies. Your timely monthly payments, therefore, go further than just providing financial security for your loved ones after your death. 

3. Whole life insurance may offer higher policy limits

Many term insurance policies have coverage limits because they do not require physical exams from a doctor in Warwick RI. A whole life insurance plan may offer protection up to $1 million to those willing to pay higher monthly premiums. 

The agents at The Slocum Agency Inc. can help you understand the many benefits of a good whole life insurance plan. Call them today to get started with a quote for coverage.

Common Myths About Auto Insurance

It is not easy to pick the right auto insurance for your car, especially if you have never done it before. There are so many things and factors that need to be taken into consideration. It is even more complicated because of the existing misconceptions and myths about auto insurance. The Slocum Agency Inc. serving Warwick, RI has prepared a list of the most common of them that you should know about:

Myth 1: It costs more to insure an expensive car

The truth is the price of your car does not have an impact on your insurance premiums. There are some mid-priced cars that cost more to get insured than luxury cars because their repairs are expensive. 

Myth 2: Your credit score does not affect your premiums

Unfortunately, it does. Most insurance companies use credit scores to set the rates for policyholders because the statistics say that people with higher scores are less often involved in car accidents. This means that they are less expensive for insurance companies. 

Myth 3: The state-minimum liability insurance is more than enough

Even though the state of Rhode Island requires car owners to carry the minimum liability insurance, this amount is usually not enough in case of a car accident. If you get the state minimum, you should be ready to pay more out-of-pocket. It is recommended to talk first to an insurance agent to find out what is the right amount is good for you. 

These are only a few myths about auto insurance. Now you know some of them, and you will be able to make the right decision when shopping for auto insurance. If you live in Rhode Island and you need any help, the Slocum Agency Inc. serving Warwick, RI is ready to assist you. Do not hesitate to visit our website and give us a call to ask all of your questions – our experienced agents will be glad to answer them. 

Does Your Family Need Umbrella Insurance?

There are so many types of insurance policies available today, sometimes it is hard to keep them all straight. Insurance, though, is essentially about protection, and umbrella insurance is one insurance product that is all about protecting you and your family on all fronts. At The Slocum Agency Inc, serving Warwick, RI, we are all about providing you with the best insurance information so that you can make the best insurance choices. Keep reading to find out what you need to know about umbrella insurance.

What is Umbrella Insurance?

Umbrella insurance policies are a type of policy you can purchase which will add additional protection to you and your family above and beyond your current policies. Many people forget that their insurance policies have limitations. Whether you are talking about health insurance, auto insurance or home insurance all of these policies will have limits as to how much they will pay out in an event. If you incur expenses beyond this amount you will be financially responsible. This responsibility could leave you and your family financially vulnerable. In order to avoid this, you can purchase an umbrella policy. This policy will kick in should your other policies become exhausted. 

Who Should Purchase Umbrella Insurance?

Anyone can benefit from this additional protection. Families with substantial income and assets, though, may find an umbrella policy more of a necessity in order to protect their income and assets from liability cases. Individuals who are involved in highly dangerous occupations or occupations with a high risk of liability will also benefit greatly from these types of policies. To better understand if you need an umbrella policy, you can sit down with an insurance representative to discuss your particular situation. 

If you would like to learn more about umbrella insurance, please call our staff today at The Slocum Agency Inc. serving Warwick, RI. 

3 Tips for Buying Auto Insurance in Warwick RI

When you own a car in Warwick, RI, you need auto insurance. First of all, it’s mandatory to have the minimum to register your car (although we recommend full coverage), however, if you have an auto loan on your vehicle the bank will require full coverage to protect their investment. If you’re buying auto insurance for the first time or want to upgrade or renew a policy, our team at The Slocum Agency Inc. has put together a list of three tips to help you get started. Read on to learn more.

1. Work with a Reputable Agent

When you go off into the world to buy auto insurance, you’ll want a reputable insurance agent by your side. Our agents are friendly and available to answer all your questions and concerns. They’ll ask you a few questions to determine what kind of policies you need to look at and then help guide you in making a decision. But there’s no rush. Take as much time as you need.

2. Compare Insurance Quotes

It’s always a good idea to compare two or more auto insurance quotes to make sure you’re choosing the right policy. Your reputable agent can assist you in going over each policy in detail, comparing cost and coverage. Once you’ve chosen a policy, you can move on to the next step.

3. Bundle Your Auto Insurance Policy

Chances are you already have one or more insurance policies, such as life or home. For savings on your premiums, consider bundling all your policies under one insurance carrier. This is an easy way to save. Also, ask your reputable agent about other ways you can save on auto insurance.

To learn more about purchasing an auto insurance policy in Warwick, RI, contact the team The Slocum Agency Inc., serving this area, today. 

Earthquake Insurance for Homeowners

Your home may be at risk from earthquakes. Learn how to protect it.

Earthquakes and coverage

Earthquakes can cause much harm to home structures. They can damage housing foundations and collapse walls; even relatively mild tremors can destroy furnishings and belongings.

Homeowners and renters insurance does not cover earthquake damage. A standard policy will, however, generally cover losses from fire following a quake and, if such a fire makes your home unlivable, cover the additional living expenses incurred while you live elsewhere during repairs.

Cars and other vehicles are covered for earthquake damage under the optional comprehensive part of an auto insurance policy.

Earthquake coverage is available in the form of a separate policy or an endorsement from most private insurers and, in California, from the California Earthquake Authority (CEA).

Earthquake insurance recommendations

Determining if you need earthquake insurance is more important than ever—even if you do not live near a fault line. Not only can earthquakes have an impact far beyond major fault lines, some areas of the country—notably, parts of Oklahoma—are experiencing more seismic activity as a result of oil drilling efforts. If you are thinking about buying a home in an earthquake prone location, it’s advisable to look into the cost of insurance coverage to understand the home’s true cost.

Some questions to determine whether you need earthquake insurance:

  • Can you afford the cost of rebuilding or repairing your home if it damaged?
  • Can you replace your personal belongings if they are damaged or destroyed?
  • Can you afford to pay for temporary housing and other expenses if structural damage makes your home uninhabitable?

Rates for earthquake insurance can vary significantly, from fairly inexpensive in lower risk areas to a relatively high cost in places that are more prone to earthquakes. Deductibles for earthquake insurance plans are higher than those in standard homeowners or renters insurance, usually from 5 to 15 percent of the policy limit.

Because in California the risk for earthquake damage is significant, the not-for-profit California Earthquake Authority (CEA) offers coverage for the structure of the house, building code upgrades and emergency repairs. It also provides separate coverage options for belongings (with a separate, lower deductible) and for additional living expenses (with no deductible).

To get more insights and to find out whether earthquake insurance is available in your area, contact your insurance professional or your state insurance department.

Additional resources

California Earthquake Authority (CEA)

FEMA: Your Earthquake Risk

Source: iii.org

Why should I get life insurance in Warwick?

Having a proper personal insurance plan is extremely important for anyone in the Warwick, RI area. If you are looking to improve your personal insurance situation, one important form of insurance coverage to get is life insurance. There are several reasons why you need to get a quality life insurance policy in place.

Life Insurance Provides Protection to Dependants

One of the reasons that you should get life insurance is that it can provide protection to your dependants. Anyone that has people that rely on their income needs to make sure that they have a plan set up for their dependants if they were to pass away unexpectedly. One great way to do this is by getting life insurance. When you get life insurance, you can build a policy that can help to replace your income or pay for major expenses that your dependants could incur in the future.

Life Insurance Offers Investment Benefits

Another reason that you should get a life insurance policy is that it could provide you with investment benefits. One popular form of life insurance to get is a whole life insurance policy. When you get whole life coverage, a portion of your monthly payment will go into an account that will accrue in value as time goes by. Eventually, you can liquidate this asset or even use it as collateral for a loan. 

There are several reasons why someone in the Warwick, RI area should get life insurance. As you are looking for this insurance coverage, you may find that choosing a policy is complicated. To make it easier, you should reach out to the team at The Slocum Agency Inc. When you call The Slocum Agency Inc. you can learn a lot more about how this insurance can protect you and your different options. 

Three things to know about auto and motorcycle insurance in Rhode Island

States can differ significantly in terms of their requirements, offerings, and costs for auto and motorcycle insurance. If you are looking for auto or motorcycle insurance in Warwick, RI, it’s a good idea to familiarize yourself with your state’s requirements for coverage. We can provide you with information on auto and motorcycle insurance policies at The Slocum Agency Inc.

The following are three things to know about auto and motorcycle insurance in Rhode Island.

You’re required to carry bodily injury and property damage liability coverage. 

As in most states, there are bodily injury and property damage liability coverage requirements in Rhode Island. In Rhode Island, you need to carry a total of at least $50,000 in bodily injury liability coverage. You are also required to carry at least $25,000 of property damage liability coverage per accident. 

You are required to purchase uninsured motorist coverage. 

Rhode Island is a state that requires auto insurance policyholders to purchase uninsured motorist coverage. The state requires at least $50,000 total in uninsured motorist coverage per accident. 

You can receive a fine or be punished with a license suspension for not meeting requirements.

You can face significant consequences for failing to meet any of the above-mentioned requirements.

You will be expected to present evidence of your insurance coverage if you are pulled over by a police officer on Rhode Island roads. You can be cited for not carrying adequate insurance coverage.

Penalties for not meeting insurance requirements can lead to a fine of $500. You might also face a suspension of your driving privileges for a period of three months. 

Find an insurance policy in Rhode Island with our help at The Slocum Agency Inc. Contact us if you have questions on your auto and motorcycle insurance options in Warwick, RI.

What is Commercial Insurance?

Maybe you have heard of the term commercial insurance. If you have a business in Warwick, RI, then you should definitely be familiar with this term. Commercial insurance, also known as business insurance, is a type of insurance that protects businesses from loss. This could be to protect employees, equipment, or the business in general. Learn more about commercial insurance and what it covers with the Slocum Agency, Inc. 

What Does Commercial Insurance Cover? 

Commercial insurance can cover anything that could potentially damage your business, both physically and by reputation. Here are some areas of which commercial insurance provides coverage: 

  • Property Damage: This would be if any damage was sustained to any physical property of the business, like the building or any equipment. 
  • Liability: This would be if any damage was done to the property or persons of another business or entity. This protects your business from being damaged by those repercussions.
  • Worker’s Compensation: This is one of the more common areas of commercial insurance. This protects workers in the case that they are injured while on the job and on the business property. 

To know more about how what kind of coverage you can receive with commercial insurance, visit the Slocum Agency, Inc. in Warwick, RI. 

Why Get Commercial Insurance?

If you own a business, big or small, commercial insurance is a must. It’s vital to protect your employees and equipment as they are the bloodline of what keeps your business going. Just you like you would want protection on your home or car, you need to protect your business. Commercial insurance offers the kind of protection to keep your business safe in the worst situations. 

Get Covered with the Slocum Agency, Inc.

To help keep your business in Warwick, RI going, visit the experts at the Slocum Agency, Inc. to get all the coverage you need. You can contact us online today!