How much life insurance is enough?

Life insurance is personal. No one answer will be appropriate for everyone. At The Slocum Agency Inc. in Warwick, RI, we treat each customer as an individual with individual needs. As independent agents, we can offer more choices and, by getting to know you, we can make sure that you get exactly what you need at a price you can afford to pay. 

To answer the question of how much life insurance is enough, you have to understand what life insurance does and what it can do for those who survive you. Many factors go into making the decision about how much life insurance to buy and at what time in your life. 

Life insurance isn’t really about you. While some policies do have a cash value and thus are a way to save, that is not why most people purchase life insurance. Most insurance is purchased to protect the people who count on you. 

When you are young, most likely no one is dependent on your income. You may have a few bills, but you have minimal requirements for life insurance. If you get some as a benefit of your employment, it is likely enough to cover any debt you have.

Once you have a wife and children, a mortgage, and looming college, you need to think a lot more seriously about exactly how much life insurance you need. You need approximately seven to ten years of your income in life insurance to keep your family supported without you. Of course, you need to be able to afford that amount of insurance and that requires a serious discussion with your independent insurance agent. 

At The Slocum Agency Inc. in Warwick, RI, making sure that our customers are satisfied with the products we have to offer is our main goal. If you are ready to discuss your life insurance, we are ready to help. 

Costly Mistakes to Avoid When Buying Auto and Motorcycle Insurance

Today, purchasing and renewing auto or motorcycle insurance is more straightforward than it was a decade ago. However, there are some common mistakes individuals make and end up making a regrettable choice. That is why at The Slocum Agency Inc. serving Warwick, RI, our team of professional agents gives clients essential details about every insurance package before purchase.

Additionally, the following tips can help you avoid making more mistakes when buying auto or motorcycle insurance:

Using a Minimum Cost Search Policy

While price is one of the top factors to consider when buying auto insurance, it should not be your top priority. Some cheap policies may provide you with maximum coverage of less than half the overall price of your vehicle or motorcycle. It is a clear indication that such an insurance company may not cover your car in cases of heavy damage.

At The Slocum Agency Inc. serving Warwick, RI, the staff look into consumer needs and consider their budget for the most appropriate offer.

Failure to Take Policy Documents Seriously

When you receive your policy documents, take time to go through them carefully and understand all the inclusions and exclusions. You should also check your name, motorcycle or vehicle model and model number, and other crucial information on the policy.

We ensure customers get all the materials necessary to learn about the policies before making an informed decision.

Sharing Inaccurate Information

The success of an insurance company is mainly based on mutual trust. While the company sticks to its policy wordings, policyholders are expected to provide truthful information when required. It is unethical and against the law to try and hide information to minimize the payable premium. When such activities are discovered, you can be charged in a court of law.

You can drive your car or ride your motorcycle without worry when covered by the right insurance company. Call The Slocum Agency Inc. serving Warwick, RI today for more information about auto and motorcycle insurance policies.

Policies to Consider for Your Employees

Policies that protect your employees also protect you as a business owner. Whether you purchase Worker’s Compensation or occupational accident insurance, these policies help your employee cope with an injury while also helping you bear the financial responsibilities associated with an accident. In the Warwick, RI area, The Slocum Agency Inc. is a go-to for gaining insight and assistance in selecting employee-related insurance policies. 

Accident Coverage for Employees

There are two common insurance policies that business owners will purchase for their employees: occupational accident insurance and worker’s compensation. Whether you are required to hold one or the other or neither depends on the state where you live.

Rhode Island is among those states that require employers of all sizes to have worker’s compensation. This type of policy is subject to state minimum requirements, and employers can purchase the policy from the state or from an insurance broker. 

If you purchase a worker’s compensation insurance policy, know that you can have peace of mind in the event of an accident. Additionally, it is helpful to know that many insurance agencies will offer discounts when you fulfill certain qualifications, like worker safety training.

Other Coverage Options that Benefit Your Employees

Additional policies you might want to consider for your employees include business interruption insurance. This policy helps business owners cover expenses like rent and payroll when their business unexpectedly has to close down.

Typically, you will be able to customize this policy to suit your needs. Like any insurance policy, there will be exclusions to what it covers. For instance, the amount of time your policy pays out in a crisis could vary.

Additionally, there might be different coverage options for small, medium, and large businesses. Discuss your coverage options with the professionals at The Slocum Agency Inc. in Warwick, RI. 

Do i Need to Get Home Insurance in The Warwick, RI area?

Owning a home in Warwick, RI implies needing quality coverage for your most prized belongings. Home insurance is one of the crucial ways to safeguard your most expensive asset. Regrettably, many Warwick, RI residents assume that perils like fire, major storms, or theft won’t happen until the worst strikes in reality. Home insurance can save you from serious financial setbacks propagated by these covered calamities. If you are willing to discuss your option for home insurance coverage, please contact us at The Slocum Agency Inc., and we will handle all the work while you save.

Why home insurance is a worthwhile investment

Unluckily, many homeowners in Warwick RI view home insurance as just another unnecessary expenditure. However, when the unexpected happens, they realize how home insurance is a crucial tool to safeguard their dwellings and families. Below are stipulated reasons why you need home insurance.

Provides liability protection: Irrespective of how vigilant you are, accidents are bound to happen. Liability protection coverage protects you against probable lawsuits culminating from bodily injury and property damage you and your family members inflict on other parties. Personal liability coverage comes into play to cater to medical costs arising from injuries acquired by your visitors while on your property or elsewhere. These liabilities include bites from your dog to your neighbor and friend slipping and hurting their leg on your premises.

Structure protection: Calamities like fire, theft, vandalism, and storm can transform your dwelling into a nightmare. If you procure coverage for your dwelling, it will repair or rebuild your house if the covered perils ravage it.

Protect your belongings: Home insurance safeguards your possessions such as sports gear, clothing, furniture, and electronics if they are damaged or burglarized.

Provision of additional living expenses coverage: Is your home uninhabitable due to fire, hail, or storm damage? Don’t worry. Home insurance caters to additional living expenses while you are seeking shelter elsewhere.

Caring for your home and loved ones is critical in Warwick, RI. Call or visit us today at The Slocum Agency Inc. to get home insurance coverage matching your needs and budget designed by our charismatic agents.

What makes a classic car insurance plan a good investment in Warwick?

Becoming an owner of a classic car can be a dream for many people. If you do want to own a classic car at some point in the Warwick RI area, having the right coverage for it is very important. A classic car coverage policy can be a great investment for any classic car owner as it offers unique coverage that is ideal for this type of vehicle. 

Cover Asset and Collectible Value

An important reason to have a classic car insurance policy is to cover the asset value of your car. With a classic car, the value of your vehicle can increase a lot as the years go by. Due to this, you will want to know that the collectible value is covered by your insurance plan. When you have a classic car plan, you will get to work with the insurance provider to ensure you have a replacement value that reflects this value.

Realistic Liability Risk Coverage

No matter what type of car you drive in Rhode Island, you need to have liability insurance for it. With a classic vehicle, you likely will drive the vehicle infrequently, which means your actual risk of a liability claim will be much lower than it would be with a primary vehicle. If you invest in a classic car plan, the coverage will reflect this reduced risk. 

A resident in the Warwick, RI area should ensure they get the right insurance for their classic car. As you are in the market for your next classic car, speaking with The Slocum Agency Inc. can be helpful. There are a lot of choices that need to be made and The Slocum Agency Inc. can help you build a plan that will protect you and your classic car. 

Rhode Island Boat Insurance Guide: What to Expect With Yacht Insurance

A yacht is defined by the National Boat Owner’s Association as a vessel that is over 27 feet long. Anything below that length is considered a pleasure boat. Yachts by nature have more involvement when it comes to their insurance, as they tend to travel farther and are exposed to more risks than a pleasure boat. 

At The Slocum Agency Inc., we want Warwick, RI to have everything they need when it comes to yacht insurance. Here is a starting point when you are looking for yacht insurance.

Yacht Insurance Values

When you get yacht insurance, you will choose between a policy that offers actual cash value in claims, or agreed values. An actual cash policy will be less expensive, and for a claim, you would get the depreciated value of your yacht.

Some discounts may be available that will lower your policy premiums if you want a policy with an agreed value. If you have education in boating, install or purchase security and safety measures, or have a hybrid boat, you may see a reduced premium. Having a deductible on your policy may also help reduce premiums, and that is usually 1 percent of the total value of your boat.

Yacht Insurance Coverages

There are two elements of our yacht insurance policy. They are hull insurance and protection and indemnity. Hull insurance covers damage that is direct to the hull of the vessel. This also provides a replacement cost on some losses or damages to some parts of the boat, such as sails, outboards, and batteries.

Protection and indemnity coverage often called P & I is broad liability coverage. Workers are also often covered under this. This coverage will protect you against financial losses in the event of a lawsuit in admiralty or maritime court.

Get a Quote for Yacht Insurance

Yacht insurance can be confusing because of the different kinds of liabilities involved. When you are purchasing yacht insurance, contact The Slocum Agency for a quote for your policy. We know what the residents of Warwick, RI need when it comes to maritime protection.

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.