If you have a car over ten years old and are concerned about it being a financial risk, you may consider buying classic car insurance. This specialized form of coverage can help you protect your car from the risk of being damaged or even lost.
You’ll likely have to provide an extensive history of your car to your insurer and show that you’re keeping the vehicle in a condition that will protect it from the risk of depreciation.
As with any other form of car insurance, you’ll also want to make sure you’re buying enough coverage to protect you if your car is damaged in an accident. You can consult The Slocum Agency Inc. in Warwick, RI for questions.
How to Go about a Classic Car Insurance
If you want to get the best deal on insurance for your classic car, it is vital to shop around and ensure you get quotes from multiple companies. Increasing your deductibles can significantly decrease your car insurance rates.
An ordinary policy may not work for a classic car. You may need special coverage to protect your classic car if it is not drivable. In this case, it must be insured as collectible, antique, or vintage.
Depending on the car’s value and its risk profile, you may want to purchase collision or comprehensive coverage. Collision coverage is recommended if you have a car with high value or a vehicle that is difficult to replace.
Comprehensive coverage is recommended for a car with a high risk of being stolen or damaged due to an exposed valuable item. It’s also important to ensure that your car insurance policy includes a visit to the car repair shop if you cause significant damage to another car.
Most insurance companies will not cover if a car is older than a certain age. However, most classic car insurance policies will cover a car if it falls under a certain value threshold.
To properly ensure your classic car, ensure you have the right policy. Are you stuck with questions in Warwick, RI? The team at The Slocum Agency Inc. can help!
The Slocum Agency Inc. is here for the business community of Warwick, RI and the surrounding area. If it is time for your company to beef up your insurance portfolio, we can help. Call our office today and schedule a consultation to learn more about the many benefits of commercial umbrella policies.
Utilizing your umbrella policy for liability protection
If you own a business, you know how vital the right insurance is to protect it. Your primary policy should provide the protection you need when it comes to liability. However, these policies have limits, and one major lawsuit can exhaust your coverage. This is why having a complimentary umbrella policy is such a great idea.
Umbrella insurance can protect you when your primary policy limits are reached. This protection steps into play if you have a situation arise that carries a lot of liability. For example, if you face a substantial lawsuit, your umbrella policy will provide an additional layer of protection.
Having this enhanced liability protection can help if your firm is ever held financially responsible due to a lawsuit. This type of policy is often used to defray legal expenses and protect company assets if the plaintiff is awarded a substantial sum of money. And depending on the way your firm is structured, the company’s principals will be protected from any personal exposure.
Why not take a closer look at the benefits of umbrella insurance today?
We look forward to working with you!
Warwick, RI area business owners turn to The Slocum Agency Inc. team for all of their commercial insurance needs. If it’s time for you to boost your firm’s insurance portfolio, give our office a call today.
The Slocum Agency Inc. wants to let the greater Warwick, RI business community know that we are here to help you with all of your commercial insurance needs. Reach out to us today, and let’s set up a time to discuss the insurance solutions that can help you protect your company.
Is it time for your business to have umbrella insurance?
There comes a time when many businesses outgrow their original insurance policies. They may grow beyond their current policy limits or make investments in equipment that requires additional coverage. Part of company growth is the likelihood that your firm will need to reevaluate its current insurance policies.
When making this reevaluation, many firms realize that an umbrella policy is necessary to provide the protection they need. Sometimes it’s easier to think of an umbrella policy as a complementary policy that stands beyond your primary commercial insurance. This secondary policy will come into play if your primary insurance is exhausted by a substantial claim that causes you to reach your policy limits.
Having this additional protection can help business owners to avoid personal liability, protect the firm’s assets, and make it easier to recover from a covered, catastrophic event. These are important aspects of keeping your business viable following a significant loss. Without an umbrella insurance policy in place, it may be too difficult to recover from a catastrophe and get back to the same level of success you once had.
Learn more about your commercial insurance options today
Warwick, RI area business owners can rely on The Slocum Agency Inc. for their commercial insurance needs. Whether you are an established company or are just starting, we can help you find the right policies for your needs. Call and schedule a consultation today.
Flooding continues to be the most common and worst natural disaster in the United States. Given the ubiquitous nature of floods, you need flood insurance from The Slocum Agency Inc. of Warwick, RI to protect your home when the unthinkable strikes. Want to buy flood insurance? Here are things you need to know about this coverage.
It may be required
No law in Rhode Island requires homeowners to purchase flood insurance, but this may not be the case if your house is under a mortgage. If your house is located in a high flood-risk zone, your financial institution will insist you buy flood insurance. Like you, the lender has vested interests in your home and would like to protect it when the unexpected strikes.
Typical home insurance doesn’t cover floods.
Listen to this if you have home insurance. Typical home insurance doesn’t cover your home against flood damage. Regrettably, most homeowners don’t know this and find the bitter truth when filing claims after damage. Invest in flood insurance to protect your home and loved ones against floods to be on the safe side.
This is what flood insurance covers.
When you buy flood insurance from the National Flood Insurance Program (NFIP), it covers your building and the contents inside. The dwelling coverage has a limit of $250,000, and the contents coverage is limited to $100,000. The good news is that you can opt for flood insurance from private carriers for higher coverage.
Flood insurance exclusions
While flood insurance comes in handy in protecting your assets, it has its shortcomings. Typical flood insurance won’t cover the following:
High-prized assets like cash and jewelry
Properties outside the insured building
Loss of use
Earth movement, even if the floods cause it
Need more info on flood insurance? If you are in Warwick, RI, or the surrounding area, please get in touch with The Slocum Agency Inc. for more insights.
When you are in the market for life insurance in Warwick, RI, finding an independent insurance agent will get you the most options. At The Slocum Agency Inc., we have more than 70 years of experience helping clients find the right products. Life insurance is not one size fits all. Determining the amount and type of insurance that is best for your needs requires an insurance agent who has experience making suggestions that suit your situation.
Do unmarried people need life insurance?
Life insurance is designed to provide for those you leave behind or who depend on you. It is also a way to leave a legacy for those you love. You don’t need to be married to meet any of those criteria. You also want to make sure you provide for any debt you may have and your final expenses.
Do I need my own life insurance if I get some as a work benefit?
Work-provided life insurance should always be considered supplemental and not primary insurance. Can you guarantee that you will work for this one employer for the rest of your working career? What if you become ill and need to leave your job or the business closes? Your life insurance should be completely under your control. Always have a policy of your own.
Should I keep my life insurance when I retire?
That is an individual decision. Do you still have someone who is dependent on you? Have you provided enough retirement income to support them if you should happen to pass away? If you have plenty of finances and no dependents who are counting on the death benefit, then no, you probably don’t need life insurance after you retire.
Contact The Slocum Agency Inc. in Warwick, RI to take advantage of our experienced team when considering your life insurance needs.
An umbrella policy is an extended coverage that comes into play if you must defend yourself against litigation or are at fault in a covered loss that exceeds your existing liability limits. When is this useful? Here are three benefits to umbrella coverage you may not have considered.
1) Legal Defense for Landlords
There are two primary protections built into umbrella insurance landlords may find helpful. The most important is coverage for defense costs, legal fees, court fees, and damages owed when you are deemed liable for unlawful eviction.
2) Financial Shield Against Accidents
A key benefit that everyone can use is bodily injury liability coverage. If you or someone in your household is the at-fault party in a significant accident, this coverage will kick in when your auto insurance liability limits are exhausted. There’s no deductible required to access this coverage. Since medical payments in serious accidents can be ongoing and damages may also include pain and suffering and lost wages, the bill can be steep. Umbrella policies grant significant coverage, a million or more, for less cost than you might expect.
3) Liability Woes Begone
All of us face liability risks. Every time someone visits our home, we drive somewhere, we own a pet. Even simply existing in our communities opens us up to potential litigation. An umbrella policy is an affordable way to take worry out of our daily lives with the knowledge that should the worst occur, we have the funds to meet our obligations without the risk of losing our financial security.
If you are in the Warwick, RI area and ready to discuss how an umbrella policy could help you, reach out to one of our friendly agents at The Slocum Agency Inc. We can review your financial assets and help you determine what umbrella coverage would best serve your interests.
It’s December, and we think it’s the perfect time for you to have a discussion about investing in two important things: protecting their home systems and service lines before the winter sets in and their identity while they are doing more online shopping than any other time of the year.
It’s only natural that people are more distracted during the holiday season. Between buying decorations and gifts, holiday dinners out with friends, and grocery shopping for family gatherings, people’s bank cards get a workout. Which makes it the perfect time of year for Grinches to steal others’ identities. So, if you haven’t had the conversation about adding Identity Theft Protection and Recovery coverage to your policy, now seems like the perfect time to have the talk.
Now that people are entertaining again, having your home systems in proper working order is vital. Imagine if your grandma was visiting and the furnace went kaput in the middle of the night, leaving the house too cold. It’s expensive to replace a furnace any time of the year, but in the middle of the holiday season, it can put even more strain on an insured’s wallet. Possibly saving your money on this repair cost is just one of the many reasons to add the Home Systems and Service Line Protection endorsement to your policy.
Umbrella insurance is a sometimes overlooked addition to a family’s financial protection, and this affordable policy is a secure safety net for when things go squarely wrong. Let’s take a deeper look at umbrella coverage and consider how it secures your growing family.
New Child? Protect Your Future
Our financial assets are not just for our protection but for the wellbeing and maintenance of our family. As your family expands, your assets become increasingly important. Your risks also broaden. Children play, and the potential for injury on your property grows. To protect your home and financial assets, consider reviewing your insurance coverage. An umbrella policy is an affordable option to ease your mind and enjoy the sound of laughter in the backyard instead of fretting about the risks of boisterous kids.
What is Umbrella Insurance?
Your homeowner’s and auto policies both contain some form of liability protection for you and your family. That means if someone is injured on your property or in an accident involving your vehicle, your insurance can cover damages up to a certain amount. For significant accidents that incur serious medical debt, pain and suffering, and wage loss, your existing liability protection may not be sufficient to meet your obligations. That’s where an umbrella policy shines. You can obtain significant coverage, a million or more, affordably, and that’s enough to protect your assets if the worst should occur.
What Financial Assets Does Umbrella Insurance Protect?
If you are deemed responsible for an injury, you are at risk of litigation to cover the costs that exceed your liabilities. That doesn’t just impact your bank account; they can claim your financial accounts, savings, investments, and property like your home and vehicles. Even future income is also fair game for repayment. That’s a severe consequence that could lead to financial ruin.
When you are ready to protect your family against financial decimation over an accident, new parents in Warwick, RI can call or stop by The Slocum Agency Inc. today. Our friendly, knowledgeable staff can help you review your assets and determine the best coverage to meet your needs.
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.
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.