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Blasdell, NY 14219

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Reasons You Should Get Umbrella Insurance if You Have Children

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At L & S Agency Inc., we frequently encounter individuals who are underinsured, particularly parents. Many people in Buffalo, NY, may not realize the various ways they can be underinsured once they have children in their home. This oversight could potentially cost you thousands of dollars down the line if you don’t enhance your insurance policy now. Here are three reasons why parents need to consider umbrella insurance.

Teenagers Behind the Wheel

As soon as you have a teen driver in your home, it’s crucial to update your auto insurance. New drivers pose increased risks, both for themselves and other road users. We frequently see people left with totaled vehicles after their teen driver gets into an accident while they are underinsured. It’s essential to address this even while your teen has their driver’s permit.

Hosting Friends at Home

It’s comforting to know your children are safe at home when they invite their friends or classmates over for a sleepover or a party. However, accidents can happen. Ensure your home insurance includes a rider that protects you if one of your kids’ friends gets injured while on your property.

Visiting Friends’ Homes

Your kids are also likely to attend social gatherings at their friends’ houses, where accidents could occur. If your child is negligent and causes damage to someone else’s property, you are likely not covered. Consider adding a clause to your home insurance policy that protects you if your child is liable for damages while they are away from home.

If you have children in Buffalo, NY, L & S Agency is here to help you secure the appropriate level of insurance for your needs. Contact us today to learn about how we can assist in updating your policy.

Monoline Versus Package Insurance

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Purchasing a new home is a significant life event. If you’re located near Buffalo, NY, our team at L&S Agency Inc. can help you explore various insurance options and select the one that best suits your needs. We’ve been providing insurance services for clients in your area since 2020.

Monoline Versus Package Insurance

When you consult with one of our insurance agents, you’ll encounter several insurance-related terms. For instance, you may hear the terms "monoline" and "package" in discussions about insurance. According to the New York State Department of Financial Insurance, some homeowners opt for multiple monoline policies, each providing coverage for a specific aspect of insurance, such as liability or property insurance. Others prefer to consolidate all types of home insurance coverage into one policy.

The New York State Department of Financial Insurance states that a package policy is typically more expensive than a monoline policy. However, a package policy can often save the policyholder money, as all types of coverage are bundled into one package. The same source recommends that when purchasing a homeowner’s policy, you should be aware of what events (such as fire, flood, or windstorm) are covered and consider adding additional "hazard" policies to their packages if advised by their agents.

Contact Us Today

Homeownership comes with many new responsibilities, and our team at L & S Agency Inc. can assist you in choosing the right homeowners’ insurance policy. Homeowners near Buffalo, NY, have come to rely on the expertise and support they receive when working with our team. Please schedule an appointment with us today, and let us help you secure the insurance you need.

How much auto liability coverage is enough?

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New York is a no-fault state for auto personal injury protection purposes, requiring drivers to carry at least minimum levels of bodily injury and property damage liability insurance. While the state sets minimum standards, it doesn’t necessarily suggest that this is the amount of liability insurance you should carry. If you want to discuss the amount of liability insurance you need, contact our L & S Agency Inc. team, serving the Buffalo, NY area.

Determining Auto Insurance Liability Levels

At-fault drivers in New York must carry minimum levels of liability insurance. Often noted as (25/50/10), the numbers refer to:

– Bodily Injury Liability: $25,000 per person and $50,000 per accident

– Property Damage Liability: $10,000 per incident

While the state considers these the minimums, they are the maximum amounts insurers pay on claims unless you extend your policy. New York’s no-fault status means each driver’s policy pays for bodily injury, but those found at fault remain responsible for damage to others’ property. So, if you carry the $10,000 property minimum and cause damage exceeding that amount, you are responsible for the difference, putting your savings and other assets at risk.

Some insurers recommend increasing the claim limit based on your net worth or historical damages awarded in New York. Another approach is to increase the limits to, for example, $100,000 in property damage. Alternatively, adding an umbrella policy would extend your liability coverage on your auto and home policies and cover certain lawsuits.

Working With The L & S Agency Inc. in New York

Our L & S Agency Inc. team serves the Buffalo, NY area. We will gladly answer your insurance questions and prepare a coverage plan to meet your needs. Call us at (716) 828-4400 today for an appointment or stop in to see us.

How Umbrella Insurance Helps Rental Property Owners

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Most people have insurance policies to cover their most significant assets or possessions, such as their home or vehicle. However, many wonder if they have adequate coverage to protect their investments if something unfortunate happens. That’s why so many people in the Quinlan, TX, area rely on the friendly and experienced team at Daniel Carinici Agency LLC for all their umbrella insurance needs and questions, like what types of options umbrella insurance offers.

Landlord and Umbrella Insurance

Landlord insurance is similar to a home insurance policy as it covers:

  • Property damage from fire, vandalism, or other covered perils
  • Other, non-dwelling assets at the rental property, such as appliances or tools
  • Personal and medical liability for injuries that occur at the property

However, landlord policies limit their payouts, leaving the landlord responsible for any liabilities exceeding the policy limit. However, umbrella insurance is available to supplement the underlying landlord policy by paying for additional liabilities up to the umbrella policy’s limits. Since umbrella insurance is not often activated, it remains affordable, yet it keeps you from the catastrophic damage that sometimes occurs.

Umbrella insurance is useful when people own property in more than one state. They often protect themselves with LLCs or legal entities in each state, but creating those legal entities takes time and money, while umbrella insurance covers them and quickly.

How you choose to protect your rental properties depends on your circumstances and risk tolerance. Still, you should discuss your needs with an experienced agent who can present options and help you make the appropriate decision.

Insuring with Daniel Carinici Agency LLC

The Daniel Carinici Agency LLC team serves Buffalo, NY, and helps protect rental property owners’ assets. Call (206) 315-7984 today to discuss your options.

Riders That Extend the Value of Your Home Insurance

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Standard home insurance policies issued by insurance companies contain specific terms and conditions. However, policyholders can modify these terms to enhance, eliminate, or otherwise adjust the policies. Often referred to as riders, these changes, also known as endorsements, amendments, or floaters, can add significant value by customizing the policy to your needs. If you need home insurance that suits your needs, contact the L & S Agency Inc., serving Buffalo, NY.

Valuable Home Insurance Riders

Most riders cost extra and upgrade their coverage over the standard policy. Policyholders often consider the money well spent since riders cover items or provide benefits vital to them. Among the riders, policyholders often find valuable are:

Water and Sewer Backup

This rider pays for damage inside your home resulting from a backup.

Scheduled Items

This covers specific jewelry, antiques, art, or other valuables that are listed and appraised.

Guaranteed Replacement

This funds the full replacement cost of your home rather than an established value.

Ordinance or Law

This rider is important for older homes. It pays the cost of bringing your home up to code after a loss.

Underground Service Lines / Equipment Breakdown

Underground service lines include sewer, water, and cable lines on your property, while equipment breakdown covers your home’s your home’s plumbing, electrical, and HVAC systems.

Identity Theft

This reimburses legal fees, other expenses, and lost wages due to identity theft.

Business Assets

This covers work-from-home business assets.

The L & S Agency Inc. Difference

Choosing the riders that make sense for your home and possessions can prove tremendously valuable if you suffer a loss. Our team at L & S Agency Inc. serves the Buffalo, NY, area and will work with you to structure a home insurance plan that fits your situation. Stop by our office today or call us at (716) 828-4400.

Is Auto Insurance Keeping Pace with Car Subscription Services?

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Car subscription services are redefining vehicle ownership in Buffalo, NY, offering consumers flexibility, convenience, and ease. Unlike traditional leases or purchases, these services provide short-term vehicle access, often bundled with maintenance, roadside assistance, and insurance. As this model gains traction, auto insurance faces the challenge of adapting to the unique demands of subscription-based transportation.

Understanding the Changing Dynamics of Coverage

Traditional auto insurance policies are designed for individual vehicle ownership or long-term leases. Car subscription services disrupt this model by allowing customers to switch vehicles frequently and share them with other users. This creates a need for more dynamic insurance solutions that accommodate short-term use and varying risk profiles.

Subscription providers typically include insurance coverage for liability, collision, and comprehensive damage in their packages. However, these policies often come with restrictions, such as high deductibles or limited coverage for additional drivers. Consumers may need supplemental insurance to fill gaps, particularly if they require broader coverage or lower out-of-pocket costs in the event of an accident.

Exploring Opportunities for Insurers

The rise of car subscription services presents insurers with an opportunity to innovate. Usage-based insurance calculates premiums based on driving habits and vehicle usage and aligns well with subscription models’ flexibility. Insurers can also partner with subscription providers to offer tailored coverage options that enhance customer confidence and satisfaction.

Addressing Challenges

Insurers must navigate complex liability issues, particularly in cases involving shared or frequently exchanged vehicles. They must also ensure that coverage terms are transparent and accessible to customers unfamiliar with the nuances of subscription-based insurance.

Contact L & S Agency Inc. for Your Insurance Needs

L & S Agency Inc. underwrites policies tailored to customers’ needs. We serve Buffalo, NY, and the surrounding cities. Contact us today.

Do Pet Owners Need Umbrella Insurance?

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Imagine you’re out walking your dog on a beautiful day in Buffalo, NY. A child suddenly runs up and starts petting your dog. Your pet, usually gentle, is startled and snaps at the child. Before you know it, you’re facing a lawsuit. This is just one example of why you may need umbrella insurance as a pet owner.

What Is Umbrella Insurance?

Umbrella insurance is additional, optional insurance that extends beyond the coverage of your basic insurance policies. Depending on the policy and the insurance carrier, umbrella insurance in New York can cover several areas, such as property damage and bodily injury. Unfortunately, lawsuits can be expensive, with final costs often exceeding the limits of your current insurance policy.

Why Would Pet Owners Need Extra Insurance?

Basic homeowner’s policies typically only cover incidents that occur on your property. If your dog bites someone or knocks an individual down while in the park, your regular insurance would likely not cover this. If medical care was required or time off work, a lawsuit could potentially cost you tens of thousands of dollars or more. For example, if your friendly dog affectionately jumped on an elderly person, causing her to fall and break bones, the cost of medical care could easily exceed six digits.

How Can L & S Agency Inc. Help?

L & S Agency Inc. in Buffalo, NY can provide you with extra insurance to cover any potential costs related to your pet. Contact us today to discuss umbrella insurance. We can help you decide on the right coverage to meet your needs. You’ll have peace of mind with coverage to help cover any lawsuit or extra costs that may occur.

Do You Really Need Liability Coverage in Your Home Insurance?

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Every homeowner needs to have home insurance. It’s a must for every homeowner, and both your lender and your community likely require it. Many people know that home insurance covers a home after certain damaging events and protects their belongings against the same. A home insurance policy includes several different types of coverage, one of which is liability coverage. While many people don’t think much about this type of home coverage and wonder whether they even need it, it’s essential for all homeowners. Contact us at L & S Agency Inc. in Buffalo, NY to learn more.

Protection Against Accidents

When someone visits your home, you’re responsible for their well-being. If the person falls or has any other type of accident, you are responsible for the bills if you don’t have home insurance. When you do have a home insurance policy, it will take on the liability for the accident and the ensuing bills. It will cover a wide range of bills you might not expect to generate by accident.

Paying for Accident Bills

Your home insurance policy can cover the medical bills, which can be excessive, but it may also have to pay many other types of bills. The injured person may need legal bills covered, as well as payments for lost wages due to the accident. All of these could be very difficult to pay without this coverage.

Get Home Insurance in New York

You need home insurance for liability coverage, among many other types. Contact us at L & S Agency Inc. in Buffalo, NY.

Is My Car Insurance Good If I Wreck in Another State?

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Whether for business or pleasure, people often travel outside their home states. If you plan to travel to another state while driving your vehicle, you might have doubts. One such concern might relate to auto insurance coverage – is your car covered if you’re involved in a wreck in another state? In most cases, insurance companies provide coverage for members involved in accidents, while in other states, there are certain factors to consider.

Different State Laws

States vary in their laws pertaining to minimum coverage and more. For instance, if you’re from Buffalo, NY, and experience an accident in Florida during your visit, you should know that Florida follows no-fault laws, where neither party is considered at fault. Instead, each driver involved in the accident files claims with their respective insurance providers. There are other differences in state laws to consider as well.

Modifying Your Policy

You may want to modify your policy if you’re traveling out of state for an extended period. Increasing your coverage or even temporarily changing your address could be beneficial and offer enhanced coverage if you’re involved in a car accident.

Contact L & S Agency Inc. for Comprehensive Coverage

If you’re a Buffalo, NY resident and looking for a new insurance provider, L & S Agency Inc. is an excellent option. We have been providing top-of-the-line service for years and are ready to do the same for you. Contact us today, and one of our friendly and professional agents will be more than happy to assist you, answer any questions, and help you choose the policy that best fits your needs.

What’s Umbrella Insurance and Do You Need It?

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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.

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