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Blasdell, NY 14219

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What every new homeowner needs to know about buying home insurance

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If you are a new homeowner you know when you have a mortgage you are required to have home insurance. Home insurance is not one size fits all even if you are comparing two similar homes. Home insurance is made up of different components and each of those components needs to be considered individually to make sure you have the right amount of protection. At L & S Agency Inc. in Buffalo, NY, we are locally owned and operated. We are an independent agency that is consumer-driven, and we believe we work for our clients, not the insurance companies. 

You have options

The first thing to understand is that as a homeowner, you have lots of options when it comes to choosing home insurance. When you’re dealing with an independent agency, you have choices. Different carriers offer different combinations of coverage, and you need to discuss the things that really matter to you with your agent.

Know your risks

Liability coverage protects you from legal actions against you. As a homeowner, you stand a good chance of being sued at least once in your lifetime. If you have a dog, you need to make sure they are a covered breed. A swimming pool or a trampoline opens you up to greater liability. If you love to entertain and have people in your home and yard, this is a greater risk. 

Cover your content

Your personal property is an important part of your home coverage. Certain categories have limits. You need to know if you have expensive jewelry or electronics you probably need a policy rider to extend your coverage. You can choose actual cash value or replacement cost as to how your items will be replaced. Replacement cost is the value of your item at today’s cost and actual cash value takes depreciation into account. 

Contact L & S Agency Inc. in Buffalo, NY for all your home insurance needs.

Required Auto Insurance in New York

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If you own a car in New York, you are required to have an insurance policy for it. Like other states, New York has specific mandates for the types of coverage you must have and the minimum required amounts for each. If you need auto insurance, contact us today at L & S Agency Inc. in Buffalo, NY to talk to an agent.

Liability Coverage Types

There are three different amounts that are required for various types of liability coverage. The first is a specific minimum amount for one person’s bodily injury that occurs during an accident. The second is a different number that is required for everyone who has been injured. A third amount is required for property damage that happens during an accident. All of these have minimum required amounts, but they are quite low amounts. It’s generally recommended that you get higher amounts of coverage so that you aren’t stuck paying the overage after your insurance maxes out. 

Uninsured and Underinsured Motorist

If you have an accident with a motorist who has either no insurance or very little insurance, your uninsured and underinsured motorist coverage can pay for you and your passengers’ injuries. There is one amount required for one person’s injuries and another amount for everyone who is injured in the accident. 

Personal Injury Protection

In New York, personal injury protection is required to pay for your own injuries in an accident. This amount can also be increased if you choose so that serious accidents can be paid for. 

Get Your Auto Insurance

Don’t take a chance and drive in New York without insurance. Even a moderate accident could destroy you financially. If you need auto insurance, or you want to add to the coverage that you have, contact us at L & S Agency Inc. in Buffalo, NY.

How to Know if Umbrella Insurance is Right for You?

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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. 

Home buying tips for Buffalo NY residents

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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.

How Umbrella Insurance Protects Your Finances

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When you get insurance, you hope never to need it, but you know that it can make a big difference in your finances later. This is especially true with umbrella insurance. If you are interested in an umbrella policy, contact us at L & S Agency Inc. in Buffalo, NY.

Protection Against Liability

Some of your most important insurance types are those that protect your assets. Your home and auto insurance policies are extremely important to have, but that doesn’t always mean that they provide enough coverage. The liability coverage of both these insurance types tends to be quite low. If there is a major accident in your car or in your home, that coverage may not be enough to cover all of the bills from injuries and property damage. Umbrella insurance is a way to expand those limitations and give yourself more liability coverage. 

Adding to Your Protection

Here’s how it works- your home or auto insurance, depending on what kind of accident it was, is the first to pay for the medical and property bills. However, once it has reached its payout maximum, you would then have to come up with all of the rest of the money. However, when you have umbrella insurance, it kicks in when your original policy gives out. It has a far higher payout maximum, and that means you won’t have to come up with the money yourself. 

Spend Less

Umbrella insurance is also much cheaper than getting more liability coverage for your auto and home policies. It is an affordable way to give yourself a thick layer of liability coverage. 

Get Your Umbrella Insurance

If you want more protection for your future finances, call us today at L & S Agency Inc in Buffalo NY to talk about an umbrella insurance policy. 

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