Category: Umbrella Insurance

Understanding Umbrella Insurance in Buffalo, NY

With various insurance options available today, making informed choices requires understanding how different types of policies work. At L & S Agency Inc., serving Buffalo, NY, and the surrounding areas, we aim to educate our clients about these matters. Here, we’ll discuss a few key points about umbrella insurance.

What is Umbrella Insurance?

Umbrella insurance is a policy designed to cover expenses that might still be outstanding after another policy has been exhausted. Every insurance policy has a maximum payout amount. Once this limit has been reached and there are still costs to be covered, the policy is considered exhausted. In such instances, you would generally be liable to pay the remaining expenses out of pocket.

You can avoid these potential out-of-pocket costs by purchasing an umbrella policy. This type of policy can be added to an existing one and is designed to cover the remaining expenses after the primary policy has been exhausted.

Who Should Consider This Type of Policy?

Umbrella insurance provides an extra safety net for anyone desiring additional protection. However, it’s particularly critical for those who own many assets or a business. In a liability situation where your regular insurance policies are exhausted, your other assets could potentially be at risk. Umbrella insurance protects your financial health in such scenarios.

If you’d like to know more about umbrella insurance, please get in touch with us today at L & S Agency Inc., serving Buffalo, NY, and the surrounding areas.

The good folks at L & S Agency Inc. are here to explain all of the advantages that Buffalo, NY residents can gain from a well-chosen umbrella insurance policy. While some may claim that these policies are unnecessary, this is not a mindset that can be endorsed. Thanks to this guide, you can learn everything you need to know about umbrella insurance in short order.

Primary Policy Extensions

A primary policy is excellent, but what happens when these policies are insufficient? The policyholder is left to handle the expenses that are created on their own. With an umbrella insurance policy, all the added coverage you need is readily available. This keeps a policyholder from being left holding the bag when any unforeseen problem arises.

Lawsuit Protection

Home and business owners must be prepared for any issues that could lead to a lawsuit. Let’s say that a slip and fall occurs on your home or business premises. A costly lawsuit could lead to severe financial damages that are extremely difficult to overcome without umbrella insurance.

Added Peace of Mind

Instead of being forced to worry about potentially expensive lawsuits or any other sort of unpredictable problems, you will receive the added peace of mind that comes with knowing that you are always protected. After all, no price tag can be placed on peace of mind.

L & S Agency Inc. is your one-stop shop for all of your umbrella insurance needs. Buffalo, NY residents who are looking to enhance their peace of mind are welcome to give us a call or stop by today. We are more than happy to address any additional concerns that you may have.

Understanding and Choosing Umbrella Insurance in Buffalo, NY

Umbrella insurance extends coverage beyond the limits of other insurance policies, providing protection for expensive claims and lawsuits in Buffalo, NY. With L & S Agency Inc., we help you configure a suitable umbrella insurance policy that covers excess liabilities for potential high-risk activities.

Getting to Know the Common Risks Covered by Umbrella Insurance

Umbrella policies typically cover you against high-cost damages involving bodily injury, libel and slander, legal defense costs, tenants’ injuries, and property damage, particularly if you’re a landlord. For instance, if you often participate in youth sports coaching or hunting, you face the risk of a lawsuit for a major injury under your watch.

Other scenarios needing umbrella insurance include owning a pool or trampoline, a large dog, firearms, participating as a board member of a nonprofit organization, frequently hosting parties, or writing product or business reviews online. Therefore, it’s crucial to customize your policy based on specific risks that apply to you, outlining explicit scenarios covered alongside legal fee coverage, court costs, and when the umbrella policy will step in.

Securing the Right Policy

It’s essential to understand that homeowners who resort to umbrella policies for their properties can’t use the same policy for protecting their business, and vice versa. As a rule of thumb, umbrella coverage is highly recommended for public figures or those whose assets exceed the liability limits of their other insurance policies.

Let L & S Agency Inc., serving Buffalo, NY, help guide you toward securing a proper umbrella insurance policy. Reach out to our office today for a consultation.

An umbrella policy is a great type of insurance to have for many reasons. It adds to the amount of coverage that you have in your home and auto policies. It comes at a far lower cost than if you were to add coverage directly to those two policies. Umbrella insurance comes with a very high maximum payout, but it doesn’t cost very much to get. It’s a great way to get the coverage you need without a huge price tag.

When you want more coverage for your home and auto policies, call us at L & S Agency Inc. in Buffalo, NY.

More Liability Coverage

Liability coverage is part of your home and auto policies. When you get umbrella insurance, it adds more liability coverage to both policies at the same time. This leaves you better covered in case of accidents. If an accident were to happen in your home or with your car, the cost of the medical bills and other expenses could be yours to pay. Your liability coverage pays these expenses so that you won’t be at as much risk of lawsuits. With the policy available to pay for the resulting bills, you can have peace of mind knowing that these will be taken care of. 

How It Works

After an accident has happened, your first policy comes in to pay as much as it can. This may be your home or your auto policy. Once this policy reaches its maximum, there may still be bills left over to pay. That’s where your umbrella policy comes in and pays the rest. This is very important coverage to have, and it comes at a relatively low cost. 

Get Umbrella Insurance Today

When you want to be better covered with an umbrella policy, call us at L & S Agency Inc. in Buffalo, NY.

When it comes to protecting yourself from unforeseen circumstances, umbrella insurance from L & S Agency Inc. can be a great way to do so. But how much umbrella insurance should you get here in the Buffalo, NY area? 

Umbrella Insurance Coverage

The amount of umbrella insurance you need depends on the type and size of assets you have. You want to make sure that your umbrella policy has enough coverage to cover all your valuable possessions in the event of a lawsuit. Generally speaking, most experts recommend getting an umbrella policy with a limit of at least $1 million or more, depending on what you have to protect. 

Umbrella policies are also designed to supplement existing liability coverage such as auto and homeowners insurance. If you already have these policies in place, it is important to make sure that your umbrella policy coverage limit covers any potential gaps in existing coverage. It’s also important to consider different types of liability risks and choose an umbrella policy coverage limit that adequately protects against them. 

Finally, consider working with an experienced independent insurance agent who can help determine exactly how much umbrella insurance you need. They are familiar with the ins and outs of various policies and can provide tailored advice on the best option for your situation. 

Consult With Us

No matter what type of assets or liabilities you have, having sufficient umbrella insurance is crucial for financial security in case of a catastrophic event like a lawsuit or other unexpected circumstances. By taking the time to ask questions of an agent here at L & S Agency Inc. and find appropriate coverage limits, you can ensure that your assets and loved ones are adequately protected from any potential risks. So call us today! We are proud to serve the Buffalo, NY area.

At L & S Agency Inc. in Buffalo, NY, we offer many types of insurance, including umbrella insurance. Umbrella insurance is designed to provide extra protection when you reach the coverage limits of your standard policies. 

What is Umbrella Insurance? 

Umbrella insurance is also known as catastrophe insurance. It’s designed to protect you from catastrophic events, which can be very costly. It provides liability protection beyond your regular home and auto policy and also covers situations that are excluded by these policies.

Umbrella policies are typically sold in increments of $1 million, up to $15 to $20 million.  

How Does Umbrella Insurance Work?

If you reach the coverage limit on your standard home or auto policy, umbrella insurance will cover the difference up to its coverage limit. To qualify, you must have a homeowners and auto policy that meets the requirements of the umbrella policy. 

Let’s take a look at an example of how this type of policy works. You are involved in a major auto accident that involves ten vehicles. You are determined to be the cause of the pileup. 

The total cost of the accident is $1 million. However, your auto policy only provides coverage up to $500,000. In this case, the umbrella policy will cover the gap between your liability and your auto coverage limit, which is $500,000.

What Does an Umbrella Policy Cover? 

An umbrella policy will generally cover anything that your existing home or auto policy covers, with much higher coverage limits. In addition, an umbrella policy covers legal expenses for liability, slander, false arrest, and malicious prosecution. 

Reach Out To Us

If you need umbrella insurance in Buffalo, NY, contact us at L & S Agency Inc. Our friendly agents will discuss your needs and help you select the best policy for your needs. 

Umbrella insurance is protection designed to exceed the limits of your general liability coverage. Although a business may have commercial insurance, it’s not enough to cover catastrophic liability or potential losses from a lawsuit. Anyone interested in learning more about umbrella insurance for their business can count on the experts at L & S Agency Inc, serving the residents in and around the Buffalo, NY area.

Umbrella Insurance Protection 

Regardless of the limits of liability protection for commercial insurance, more is needed to provide comprehensive protection and peace of mind against risk. Anyone interested in securing reliable protection against liability should consider purchasing umbrella insurance. Customers with questions or needing assistance shopping for an umbrella policy that meets their business’s needs can count on our team of experts to provide them with the support they need. They can carefully assess each business’s current and potential future needs, recommend policies that provide adequate benefits, and offer a comprehensive solution.

Once a customer selects an umbrella policy, the agent can submit documents and information to help secure coverage quickly. Additionally, they can assist with any changes that may occur during the policy’s lifetime and with clean submissions. The goal is to ensure the business has coverage that prevents gaps and losses while giving the business owner peace of mind.

Get Information Today 

Anyone who owns a business in or around the Buffalo, NY area can count on L & S Agency Inc to provide them with the information, support, and education to help ensure they get the ideal umbrella insurance protection level. Call or stop by our office today to schedule a consultation with one of our insurance agents to get more information.

Buffalo, NY residents are not obligated to purchase umbrella insurance for their boat policies, yet many people choose to do so.

This is because there are many benefits to this financial investment:

At its most basic, umbrella insurance coverage is designed to work alongside existing policies in a particular area. For example, if you already have boat indemnification, an umbrella policy will extend past the limits of what your standard insurance offers. 

Typically, umbrella insurance will provide benefits once the initial policy’s limitations have been breached, as it typically has higher limits and can extend to situations outside the purview of other insurance. Your L & S Agency Inc. representative can discuss the specifics with you in greater detail.

Because a boat is a costly investment, your potential for damage can be higher than with other possessions. In addition, a collision with another vessel can create significant financial outlay in the form of medical bills and property damage. 

Buffalo, NY boat owners can also be involved in wrecks on land during times when their watercraft is involved in transport. Guests can injure themselves while on board, causing injuries in need of medical care. These can also lead to lawsuits to recover lost wages and medical expenses. 

Accidents can occur when young adult children or passengers decide to take the boat for a spin. Storms can threaten your property, as can theft or vandalism. Investing in an umbrella insurance policy when the stakes are high removes the risk that such expenses will come out of pocket. 

Let Us Work For You

L & S Agency Inc. seeks to make sure you are properly insured in all aspects of life. Contact us today for more information via phone, the internet, or by stopping in person to speak with one of our agents.