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. 

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! 

What are the benefits of getting classic car insurance?

Owning a classic car is something that a lot of people in the Warwick, RI area would love to do. At the same time, being a classic car owner can also be a great form of investment. While there are plenty of advantages that go along with classic car ownership, it is also important that you carefully consider all of your responsibilities. One thing that you will have to do is get an appropriate insurance policy. There are many benefits that come when you get classic car insurance. 

Personalized Liability Insurance Coverage

One of the benefits of classic car insurance is that you can receive personalized liability insurance. Having liability insurance is required if you ever drive your car. However, classic car owners likely drive their cars very infrequently. When you go for this form of insurance, the insurance company will take your mileage driven into consideration. Often times, this will result in lower insurance bills. 

Agreed Upon Value Coverage

Coming up with the value of a classic car can be complicated. To ensure that the value of your classic car is appropriately considered, the process of getting a classic car insurance policy will include working with the insurance company to determine a fair value. This will ensure you get a fair level of coverage that both you and the insurance company are comfortable with. 

Choosing classic car insurance in the Warwick, RI area is an important decision. To ensure that you get a good insurance policy for your situation, you should contact The Slocum Agency, Inc. When you work with The Slocum Agency, Inc., the insurance team will provide you with the guidance and support that you need to choose a quality insurance policy that meets the coverage needs of your vehicle. 

Three reasons to invest in boat insurance

There are numerous reasons why it’s always a good idea for Warwick, RI boat owners to carry boat insurance coverage. At The Slocum Agency Inc., boat insurance is one of the numerous insurance products we offer.

The following are three of the most important reasons why you need boat insurance. 

You can meet insurance coverage requirements that your lender set forth as part of your boat loan. 

If you used a lender to finance the purchase of a boat, chances are pretty high that you’ll be required to purchase boat insurance coverage.

Boat insurance coverage ensures that any damage to a boat will be paid for by the insurance provider. This is important for lenders because the boat itself is securing the loan until the loan is paid back. Only when the loan is paid off do you as the borrower get full ownership rights of your boat. 

You can protect the investment you make in purchasing your boat.

A boat is an expensive piece of equipment. If you don’t insure your boat, you won’t be compensated at all if it gets destroyed in an accident. This means that you’ll lose all the money you’ve put into your boat.

If you purchase insurance coverage for your boat, you won’t risk losing everything you’ve invested in your boat in the event of a severe accident. 

You can prevent yourself from going into debt as a result of a boating accident. 

If you’re determined to be at fault in a boating accident, it could cost you a great deal of money. Liability coverage on your boat insurance policy will cover any resulting expenses so that you can enjoy boating without taking any financial risks. 

At The Slocum Agency Inc., we’re here to provide insurance coverage to boat owners in Warwick, RI. Contact us to learn more about our boat insurance policies. 

Add an Extra Layer of Protection With Umbrella Insurance

When you’re looking for protection and security, there are a lot of different things to consider. One of the ways you can get more security and peace of mind is through an umbrella insurance policy. This kind of policy is designed to add to the coverage you already have and increase the maximum benefit you can receive in the event of a covered incident. While this type of policy isn’t for everyone, there are more reasons to consider it than you might think. At The Slocum Agency Inc., we offer all our Warwick, RI area customers the opportunity for umbrella coverage, and are happy to answer questions about whether it’s right for them.

If you’re not sure whether an umbrella policy would be right for you, our agents can discuss your specific needs and situation. These kinds of policies aren’t just for business owners, celebrities, or people with a very high level of assets. They can also be good choices for others who want or need additional coverage. No matter what specific situation you have in your life, our trained professionals are dedicated to helping you find what’s going to work best for you and give you proper protection. When standard policies just aren’t enough, an umbrella policy may be exactly what you need for the level of security you’re looking for in life.

If you’re in the Warwick, RI area, The Slocum Agency Inc. can help you get the umbrella insurance policy that fits your situation. Not only will that give you more protection and peace of mind, but it can also help your family feel more secure, too. You don’t have to settle for lower levels of coverage. Reach out to us today, and let’s talk about the insurance policy that’s going to provide extra, added protection, and the security you want and need for all your important assets.

Best Life Insurance Policies for People Under 50

Life insurance isn’t always the most colorful thing to think about. For starters, it can be a complicated issue, and there are a lot of pieces to the life insurance puzzle. Secondly, many young people, which we’ll define as people under 50 years old, don’t even give life insurance a second thought. A lot of us think we should only consider purchasing life insurance when we become older. However, if you’re under 50, having life insurance can pay off.

Not all life insurance is created equal, so it’s important to know what types of life insurance will suit your specific needs. It may not be beneficial for a 25-year-old to have the same life insurance as a 75-year-old. Here at The Slocum Agency, Inc.in Warwick, RI, we want to help you explore the best options. Let’s take a look at some of the best life insurance policies for people under 50.

  • Permanent Life Insurance – Permanent life insurance offers more than just a death benefit that all other life insurance policies offer. Permanent life insurance offers the potential for an incredibly high cash value. This is achieved by the cash value on these policies accumulating over time. The advantage younger people have with this kind of policy is that they have more time to let the value accumulate than older people.
  • Term Life Insurance – Term life insurance only provides coverage for a set amount of time or term. Term life insurance pays a death benefit to your beneficiaries if you die before the term. Most term life insurance policies typically only cover a range of 10-30 years, so this may not be the most suitable for someone in their 20’s or 30’s. However, the biggest attraction younger people have to term life insurance is the lower premiums, and when you’re just starting out, lower insurance costs can go a long way.

We here at The Slocum Agency, Inc. in Warwick, RI hope this was helpful as you plan your journey into the world of life insurance. Remember that just because you’re young doesn’t mean you should overlook the benefits of life insurance. Because there are so many options you’ll want to make sure you pick the right kind of coverage that fits your needs and circumstance.

Who Needs Umbrella Insurance?

Umbrella insurance can be a confusing concept, but The Slocum Agency, Inc. in Warwick, RI can make it easier to grasp. For a simplified definition, imagine yourself going out into the rain. You have already put on your rain boots, raincoat, and rain hat, but there is always the chance that rain will hit you in the few spots that are exposed. Using an umbrella will help cover those extra spots.

Umbrella insurance works the same way. Sometimes, even when you insure everything as you think you should, there is the chance that some parts are still exposed. Umbrella insurance is extra liability insurance that works in addition to your current home, auto, and even watercraft insurance. 

If, for instance, you are in an accident and are found at fault, you will be responsible for the damages. Should those damages be more than the amount of your coverage, you may find yourself losing other personal assets, such as your home or even your life savings. 

Sadly, if you have more assets than the average person, you may find yourself the target of advantageous characters and unjust court cases. While everyone with any assets can benefit from umbrella insurance, those with a lot of money and valuable assets should consider an umbrella policy. Additionally, an umbrella policy can come in handy if you have vacation homes and condos. At times, an umbrella policy will cover these additional belongings without the need for other coverage. 

If you are interested in what umbrella insurance can do for you, how it can help protect you, or how much you need, The Slocum Agency, Inc. in Warwick, RI wants to help you. Stop by or give us a call today to make sure you and your assets are adequately protected!

Beneficiary Considerations on Your Life Insurance Policy

Life insurance policies are a necessary part of life and death. If you have any financial obligations that you may leave behind to loved ones, people that are co-signed to loans, or property that is jointly owned, a life insurance policy is needed. Those that are affected the most by your death should benefit from this policy. At The Slocum Agency Inc. in Warwick, RI, we know that it is not always that simple. 

The key to a reasonable life insurance policy premium is not to wait too long. The older you get, the more expensive your premiums will be. You will also experience difficulty getting a life insurance policy if you have a pre-existing condition or disability. You have many things to consider. Let’s go over a few. 

People to Protect with Your Life Insurance Policy

Many times, your life insurance policy will go to the person that you share the most financial responsibility with, such as a life partner or your children. What happens when you share a home with an ex-spouse or if you have a mixed family? You will need to determine who bears the brunt of the responsibility and distribute your policy in accordance. 

Whether you are married or not, things that you need to consider are the people that may have co-signed student loans, car loans, mortgages, or share in any communal property that may need liquidation. We want these people to be able to continue to live the lifestyle that they are accustomed to living. 

The Slocum Agency Inc. in Warwick, RI and Comprehensive Life Insurance Knowledge

When you need a life insurance policy at a price that you can afford from one of the most reputable agencies in the Warwick area, then give us a call at 401-738-3366. We can help you throughout the process with knowledge, how to pick the best policy, and answering any questions that you may have about the policy. 

 

State Minimum Auto/Motorcycle Insurance Requirements

More than 750,000 licensed drivers hit the road in Rhode Island each year. They drive an annual average of 7,500 miles. Each year thousands of accidents occur. In order to protect those traveling the Ocean State’s roads, the state requires drivers to carry a minimum level of car insurance.

Do not drive the roads in Warwick, RI or elsewhere without auto or motorcycle insurance because if you get caught, you will face stiff penalties. The Slocum Agency, Inc. wants you to remain safely on the road. Here are the minimum car/motorcycle insurance requirements for Rhode Island:

  • $25,000 bodily injury per person per accident
  • $50,000 bodily injury for all persons per accident
  • $25,000 property damage liability
  • $25,000/$50,000 uninsured/underinsured motorist insurance
  • $25,000 uninsured motorist property damage
  • $3,000 in medical payments insurance.

The only optional items are uninsured motorist property damage and medical coverage. While the state does not require additional personal liability, collision, or comprehensive coverage, you may not be able to afford to pay other party’s medical bills or to completely replace your vehicle, we can help you do so.

If you get caught driving the roads of Warwick, RI without insurance, you face a first offense penalty of a $500 fine and a 3-month suspension of your driver’s license, plus the state could revoke your registration and license plates. The second offense nets the same, but if you get caught a third time it is a $1,000 fine and a possible one-year jail sentence.

You can’t register a vehicle in the state if you can’t prove you carry insurance, so visit The Slocum Agency, Inc. today to insure your ride. Stay on the roads legally and enjoy the drive.