If you are like most people then you already have a variety of insurance policies from homeowners to auto to a pet that helps protect your assets and loved ones should an accident happen. When you purchase an insurance policy, you have the option of choosing how much liability coverage to carry which covers the expenses with a third party’s property damage, injuries, or lawsuits that may arise if you are deemed to be at fault in a covered incident. Given that you already have policies with liability coverage, it wouldn’t be surprising if you have never heard of or considered umbrella insurance. In short, umbrella insurance provides additional financial assistance when your traditional insurance policies’ liability coverage has lapsed. For example, if you are deemed to be at fault in a motor vehicle accident that injures another person and the medical bills exceed your existing liability coverage of $300,000 then you would be on the hook for the difference which could be hundreds of thousands of dollars. However, with umbrella insurance, you pick a monetary figure in excess of your existing coverage – generally $500,000 or $1 Million – which kicks in once your existing coverage has been exhausted.
While the vast majority of people could benefit from an umbrella policy it is a no-brainer for anyone with significant assets to include multiple properties, investment accounts, retirement savings, expensive vehicles, and other similar items. To determine if an umbrella insurance policy makes sense for you, start by adding all your assets together and if they exceed your current liability limits for your insurance policies then it’s time to call in the experts. At L & S Agency Inc. our friendly and talented team will take the time to walk you through your options and answer your questions so you always leave happy.
Buying a home in Buffalo NY is an exciting and overwhelming task at the same time. Apart from choosing designs, location, and other aesthetics, you need to think about home insurance and other money-saving opportunities when moving into your new home. If it’s your first time buying a home in Buffalo, here are a few tips to get you started.
Do your homework
A little research goes a long way towards helping you understand what you want and create a plan on how you will achieve it. On your to-do list, including your budget, the location, house size, and the features you need in your new home. Next, research how homes cost in the area you have selected to know whether to adjust your budget or not.
Start saving early
Buying a home is not a small project. It involves using large amounts of money for various activities like move-in expenses, closing costs, and even insurance. Therefore, you need to have a reasonable amount of money to buy a house, move in and pay insurance without feeling broke.
Set your budget
A budget helps you stay financially safe when buying a home. It prevents you from buying a home based on price and also protects you from overpriced properties. When you stick to your budget, you are able to have reasonable expectations and handle other insurance needs without worry.
Explore mortgage options
There exist various mortgage options based on your needs. Take your time to explore each and determine which works for you regarding down payment, eligibility, and repayment rules. Insurance experts at L & S Agency Inc. can help you choose.
Consider a home inspection
Conduct a thorough home inspection before signing any agreement. This allows you to negotiate the price better or have repairs done before you move in. Sellers will generally lower the cost or agree to do the repairs rather than blow the deal.
Don’t forget to buy adequate home insurance. Our insurance professionals at L & S Agency Inc. can help you find a policy that matches your needs and budget. Call us today.