You might not think that liability is a big issue in Warwick, RI, but the truth is that no corner of America is exempt. Protecting yourself from lawsuits and the like can be a tricky business, so the experts at The Slocum Agency, Inc. have put this guide together to help you better understand umbrella insurance.
The Liability Breakdown
Umbrella insurance is often called excess liability insurance. That’s going to make sense in a moment. Homeowners and auto insurance policies include a certain amount of liability coverage. Most states even have minimum liability requirements. Umbrella plans don’t kick in until these existing liabilities are exceeded. Things are slightly more complicated than that because a lot of insurers don’t offer an umbrella policy until you have certain amounts of liability coverage (usually more than the minimum) from these other policies. It’s kind of like getting a premium channel from the cable company. They have progressive packages that build up to that channel instead of offering it directly.
Going the Extra Mile
That might feel a little complicated, but it actually makes things simpler. Your agent will help you assess your overall liability risk and compare it to the coverage in your home and auto plans. If you deem it worthy, they can help you get a personal umbrella plan. What you can note is that these plans are designed to help cover liability from any source (unless you have separate business insurance). That means one umbrella plan can be applied to auto accidents, home accidents, toy accidents (like on a boat), or a number of other issues. In short, most people only need one umbrella plan.
This should be enough to show that even in Warwick, RI, insurance can be a complicated mess. Whenever things feel less than obvious, you can always speak with your representative from The Slocum Agency, Inc. They’ll be happy to help you demystify any concepts and help you find comfort in your insurance plans.
When you purchase a new home, your lender will require that you carry a certain amount of homeowners insurance. This protects both you as the owner and the lender because you both have invested in the property. With the required coverage in place, you might consider it a closed matter. It’s important to understand the level of flood risk your area has. Flooding is one risk that is not covered by homeowners policies. By understanding the level of risk your area has, you can consider additional flood insurance if needed.
Flood insurance is available through the National Flood Insurance Program. This program was created because flood damage is the most common and expensive disaster that homeowners face. Usually, flood risk is not covered by policies designed for renters or homeowners. While it is essential to find out your area’s flood risk, realize that over 20% of flood damage claims are filed in areas that are not considered to be high-risk areas.
The agents at The Slocum Agency, Inc. serve clients in the Warwick, RI area. They know the risks that home and business owners in the area face. This makes them the perfect partner to help you understand the types and levels of coverage that best suit your situation. If you decide that you need flood insurance for the structures on your property, they can help you get that coverage. As flood insurance only covers the buildings, they will ensure that the insurance you carry also covers the contents and your personal possessions.
Get the answers you need from the experts. Call the agents at The Slocum Agency, Inc. in the Warwick, RI area; we are always ready to help. So, contact us for more information. Then, call or visit our offices. Don’t wait until it’s too late!
Life insurance is an important part of your long-term financial plan. Your policy ensures that your children, spouse, or loved ones are provided for when you are gone.
Are you sure you have enough life insurance?
Use these tips from the Slocum Agency, Inc. in the Warwick, RI area to determine if your current policies are enough.
- What does your life insurance payout need to cover? The fastest way to estimate life insurance needs is to multiply your monthly expenses by 12. Then, multiply the product by the number of years your loved ones will need to establish their own financial stability. Add in special funds like education, burial costs, and cash for any outstanding loans or obligations that your family may need to pay.
- Small business owners should consider adding a commercial life insurance policy to their portfolios. This coverage provides funds to help your business partner pay off mutual debts, to save your family from shouldering the weight of your business obligations, or give your surviving partners the needed cash flow to stay afloat while they rebuild their lives.
- Show your gratitude and leave a legacy by naming your favorite charitable organization as a beneficiary. Your favorite charity can receive any portion of your personal life insurance payout. Use this strategy with a whole-life policy. These policies accumulate cash value over time, which you can use during your lifetime for investments or personal emergencies.
You don’t have to limit yourself to just one life insurance policy. A skilled insurance agent can help you create a personalized package that covers all the essential things in your life. Contact the Slocum Agency, Inc. in Warwick, RI to discuss your insurance needs today.
The Slocum Agency, Inc. in Warwick, RI can help you rest easy with the knowledge that you have reliable coverage, but that’s only half the battle. The other half is proper car maintenance, and the backbone of proper car maintenance is regular oil changes. Having your tires rotated now and then is important too, of course, and you should use premium gas if that’s what your auto calls for, but oil changes will keep your car running smoothly for years to come.
So, how often should you change your oil? The longest you can typically go is five thousand miles. That’s not recommended, though, because you’re pushing your luck. The best way to manage your oil changes is to have it changed once every three thousand miles, or once every three months.
The next question you may be considering: Do it yourself or have someone do it for you?
Unless you like the idea of doing all your basic maintenance yourself, we recommend having it done professionally. It’s a very easy job, but in Warwick RI you are required to dispose of your oil safely, you can’t just pour it down a storm drain or throw it in the trash. This can take precious time out of your day. But auto garages are set up to get rid of it for you, so it’s just a little less effort on your part.
The Slocum Agency, Inc. can help any driver in Warwick, RI to get the auto insurance they need for their car, truck, you name it. But without proper maintenance, you can’t expect your car to last. Reach out to our agents to learn more about car maintenance and how it can affect your auto insurance.
Commercial insurance doesn’t have to be a puzzle for business owners if they know how to look at it. Unfortunately, too many people only see a price tag when it comes time to choose a policy. So they may assume that as long as they’re staying within their legal boundaries, they should save money by picking the least comprehensive plan. Before you make the same mistake, consider the following tips for picking the right commercial insurance plan for you.
Threats in Warwick, RI
There are plenty of threats in Warwick, RI that owners should consider, but the key is to think about the ones that are most likely to affect you. So if you operate in a fairly bad neighborhood, you may want to protect against vandalism or criminal theft. If you store customer data on your computer systems, you may want to ensure you have enough protection to cover a cyber attack. If your windows are old or your building has seen better days, then you may want to get additional weather protection so that you don’t have to go out of business just because of a bad storm.
The Slocum Agency, Inc. has been helping business owners get the insurance they need to keep their heads above water for many years. It’s our job to help you identify the most common threats in your area so you can get the help you need to stay afloat. While we always encourage people to focus on prevention as much as possible, commercial insurance is sometimes the only thing a person can turn to in a time of need. If you’re a business owner who wants to protect their livelihood, give The Slocum Agency, Inc. a call today.
Warwick, RI residents are not required by law to purchase homeowners insurance, but many lenders will require that their customers do so. It is also common for people without mortgages to obtain coverage, because it will offer indemnification in many circumstances and will serve to protect financial assets. Part of good fiscal planning involves the creation of a home inventory, and we will discuss this at more length.
Home Inventory Basics
A home inventory will make things easier for you and your insurance company in the event that you have to file a claim, and it will help the process go faster. It is important to keep this list as up-to-date as possible because this tool can help insurance adjusters accurately identify items that have been damaged or destroyed. A home inventory can also aid in filing property tax reports involving personal property losses, making it an essential part of every homeowner’s record keeping.
It is best to take photographs of everything you own, documenting entire rooms and taking care to focus on specific items that are of high value, such as pieces of jewelry, artwork, tools, and expensive equipment. Make a list on paper or on a spreadsheet of all your belongings, room by room. It is vital that you videotape your items and that you keep the footage on your computer and on a backup drive. You will want to keep copies of your photos, lists, and film in a separate location, such as a safety deposit box.
Talk to the Slocum Agency, Inc.
We at the Slocum Agency, Inc. can answer your questions regarding homeowners insurance, and we will be glad to offer you a quote. We have experience serving the Warwick, RI area, and we look forward to working with you. Contact us, and speak to one of our knowledgeable and friendly agents today!