Why Young Families Need Term Life Insurance

Photo by Natalya Zaritskaya on Unsplash

If you have a young family, you probably find yourself financially stressed. Your expenses are rising at the same time that you might be dropping from two incomes to one, even if it’s just for a short time. Money’s tight—but while you’re budgeting for the next few years, don’t forget to include an important financial safeguard for the ones you love: life insurance. While it’s never pleasant to contemplate your own mortality, think of it this way: If you were to die, would your family be able to survive financially?

 

According to Met Life, half of all Millennials (those born between 1977-1992) say they have never been approached by anyone to buy life insurance, and more than 4 in 10 think they wouldn’t qualify anyway. This was two times greater than any other age group.

 

Life insurance doesn’t have to be expensive and complicated. For young families, we usually recommend term life insurance, which is relatively inexpensive and easy to get.

 

What is term life insurance?

Term life insurance provides coverage for a specified length of time, or “term.” The term length can be anything from one year up to 30 years. Currently, the most popular term is 20 years, which is perfect for a young family, most likely protecting you through the years when your children depend upon you the most.

 

Can I afford it?

Term life is actually quite affordable. Usually life insurance premiums are based on age and health, so if you take out a term policy while you’re young and healthy, your rate will be based on those factors for the length of the term. Some policies cost less than $50 a month, a small price to pay for your family’s financial security.

 

How much should I buy?

In addition to covering burial expenses, consider your family’s future needs, including mortgage or rent, and other expenses necessary to maintain their basic standard of living. You may also want to factor in college costs and retirement for the surviving spouse. Use an online calculator like this one to get a basic idea of how much coverage you should buy, and of course, you should discuss your needs with your L & M Insurance Group agent.

 

Remember, it’s not just the breadwinner who needs to be covered. If one parent is a full-time caregiver, consider buying a term life policy for that person, too. The costs of replacing his or her contributions (think child or elder care, housekeeping, and food preparation, for example) would quickly add up.

 

Term insurance is like auto insurance or home insurance in that if you haven’t had a claim during the policy term, you won’t get any of your premiums returned. If you want life insurance to be an investment vehicle, consider purchasing whole life—the downside of this is that it’s more expensive.

 

Term life insurance is cheap, easy to get, and great for young families. Please call your L & M Insurance Group agent at (813) 672-4100 to discuss your life insurance needs. You can also contact us online if you have any questions or you’d like a life insurance quote.

Congratulations Dalia!

Dalia Monzon Insurance Agent

L&M Insurance Riverview, FL

Dalia Monzon Insurance Agent L&M Insurance Riverview, FLL & M Insurance Group would like to congratulate Dalia Monzon, who recently obtained her Florida 4-40 customer service license. She has completed the classwork necessary to become a fully licensed Registered Customer Service Representative. We all appreciate the work she does to keep the office running smoothly.

Be sure to congratulate her on her accomplishment the next time you speak to her!

Well done, Dalia.

 

 

 

Loss of Use Benefits Explained

Loss of Use Tampa Homeowner's Insurance Coverage

If a disaster such as a hurricane, tornado, or fire strikes your home, you may find it temporarily uninhabitable, or even destroyed. Imagine if you have to live someplace else while your home is being repaired—how will you pay for the extra living expenses? Many homeowners insurance policies contain coverage to help you pay for those additional expenses. It’s called “Loss of Use,” “Part D,” or “Additional Living Expenses” coverage. Not all policies include it, but many do.

Here are the three types of coverage that make up Loss of Use:

Additional living expense—reasonable expenses you incur to maintain your family’s standard of living if you must live elsewhere while your home is being repaired. These expenses include things like rent or hotel bills, restaurant or grocery bills above and beyond what you’d normally spend, laundry bills, parking fees, or the cost of storing your belongings while your home is being repaired.

Fair rental value—if you own a tenant-occupied home or rental property and the covered loss makes the rental premises uninhabitable, the insurer will cover the lost rental income. Expenses which will not continue, such as what a tenant pays for utilities, will be subtracted from that reimbursement.

Prohibited use—if you must stay elsewhere when a civil authority, such as a government agency or the state police, prohibits you from accessing your home in a damaged neighborhood, even if your own home is unharmed.

Things to remember:

  • Loss of Use is only payable if the damage was caused by an insured peril. This does NOT include flood, which is normally excluded on a standard homeowners insurance policy. Federal flood also insurance excludes additional living expense coverage, but some private flood markets are starting to provide some Loss of Use coverage in their policies.
  • Most policies cap the amount of Loss of Use coverage, often at a percentage of the limit of insurance carried on the dwelling.
  • No deductible applies to Loss of Use coverage.
  • Loss of Use extends beyond the policy term limits if the covered loss occurs before the policy’s expiration date.

Loss of Use can be an important coverage to have if you’re ever faced with a serious homeowners claim. Since coverage terms vary, you may want to discuss with your L & M Insurance Group agent whether or not your homeowners insurance coverage is appropriate for your situation. Please call us at 813-672-4100, or contact us if you have any questions.

Prepare Now for Flood Risk

Florida Flood Risk

With Hurricane Harvey fresh in our minds, the Brandon/Riverview area is on alert watching the path of Hurricane Irma. While the effects of wind, such as damage from fallen trees, is likely covered under your homeowners insurance policy, less your deductible, damage from flooding is not.

Part of our preparations for Hurricane Irma should include planning for the possibility of flooding.   Here are a few things you can do to before the storm arrives:

  • Evaluate your flood risk. How likely is it that your home or business will flood? Even if you’re not in an official flood zone, you still might be at risk for flooding under the right circumstances. Twenty-five percent of all flood claims come from the preferred zones B, C and X.
  • Know how to stay informed with alerts and information, whether you monitor local radio or TV stations, or listen to a NOAA Weather Radio All Hazards receiver. Make plans for how you’ll stay informed if the power goes out.
  • Understand the difference between a flood watch (flooding is possible in your area) and a flood warning (flooding is happening or is about to happen in your area), and be prepared to evacuate if public officials tell you to do so.
  • Know your best evacuation routes, and plan ahead of time where you’ll stay if you have to evacuate.
  • Make a plan for communicating with friends and family. Write down and keep with you copies of important numbers, don’t just store them in your phone.
  • Gather items you’ll need to take with you if you have to evacuate. Include clothes, food, water, first aid items, money, phones and chargers, and important documents such as insurance policies, home inventories, personal identification, and prescriptions. Also include any irreplaceable items like pictures or other mementos.
  • If you have valuable or sentimental items you’re not taking with you, bag them or put them in plastic bins if possible, and place them in the highest safe spot in your home.
  • Consider buying flood insurance for the future. L & M Insurance Group represents several private companies that write flood insurance policies at a more competitive rate than those of the National Flood Insurance Program (NFIP). These policies also have higher available limits than the NFIP’s standard policies.

According to insurance experts, only about 20 percent of the victims of the devastating floods in the Houston area following Hurricane Harvey had flood insurance. The remaining 80 percent will have to find a way to rebuild with only the possibility of federal disaster relief, which comes in the form of low-interest loans which have to be repaid, or Federal Emergency Management Agency (FEMA) disaster grants, which are typically not nearly large enough to cover the damage.

Floods are America’s most common and costly natural disaster, according to FEMA. They cause millions of dollars of damage a year, and can happen anywhere. Don’t wait until the water’s rising to prepare.

Give L & M Insurance Group a call at 813-672-4100 or contact us here if you have any questions about flood insurance, or if you’d like a quote. We are here to help.

Prevent Accidents With Basic Car Maintenance

car-maintenace

Whether you do it yourself or hire a trusted mechanic, regular car maintenance not only keeps your vehicle running well and safely, it also may prevent an accident. Since every vehicle is different, be sure to read your owner’s manual for information specific to your make and model. (If you don’t have an owner’s manual, you may be able to find one online.)

 

If you’re in the market for car insurance,

be sure to call us at 813-672-4100 for a free,

no obligation auto insurance quote.

 

Here are five car maintenance basics that will help you stay safer on the road:

 

Where the rubber meets the road

The condition of your tires affects how your car handles and how well it stops. According to one estimate, there are 33,000 tire-related crashes in the U.S. every year. Once a month, before you drive somewhere and your tires are cool, check their air pressure (don’t forget the spare tire). Also examine the condition of your tires, looking for any cuts, bulges, or uneven wear, and checking tread depth.  Rotate your tires about twice a year and have your wheels aligned as needed so your tires will wear evenly.

 

Brakes

Beware of noise when braking—it could indicate worn brake pads. Worn pads can damage rotors, which can be expensive to repair, and if neglected long enough can lead to brake failure. If you hear grinding, scraping or squeaking sounds, have your brakes inspected as soon as possible.

 

Keep it clean

auto maintenance

When you’re driving, you want to be able to see well and to be seen, so keep your windshield, mirrors and lights clean and free of stuck-on debris such as love bugs. Don’t forget to clean the inside of your windows—they can get grimy, too, making it harder to see.  Clean your wiper blades to remove buildup of dirt, and replace them when they fail to easily sweep your windshield clean.

 

And speaking of lights…

Make sure all your lights and turn signals work. Are you headlights aligned? If they’re not, you may have trouble seeing the road at night.

 

Fluids

Fluids like engine oil, transmission fluid, brake fluid, and power steering fluid keep your vehicle running smoothly. Check oil level once a month, and change it regularly (again referring to your owner’s manual for frequency). Flush and replace fluids according to your vehicle manufacturer’s schedule. Watch for telltale puddles beneath your vehicle—you might have a fluid leak.

 

A well-maintained vehicle is not only a safer vehicle, it will last longer and run better, saving you money in the long run. We hope you’ll never be in a car accident, but if you are, rest assured L & M Insurance Group will be here for you. Please call us at 813-672-4100 if you have any questions about your car insurance policy, or if you need a quote. We’re here to serve you.

Safe Driving Tips for Rainy Days

Safe Driving Tips by L & M Insurance

In the South, over 90 percent of weather-related crashes occur on wet pavement, according to the Federal Highway Administration. We here in the Brandon and Riverview area are certainly familiar with navigating frequent summer storms, so L & M Insurance Group would like to offer a few tips to keep you driving safely when it’s raining or the roads are wet.

  • Rain makes it harder to see and be seen, and it makes the road slippery, so keep your windshield wipers, tires, and lights (headlights, taillights, brake lights, and turn signals) in good repair.
  • Turn on your headlights when it’s raining. This is the law, but it’s also common sense. Your headlights not only help you see, they help other drivers see you. Even though many cars have daytime running lights, turning on your headlights also turns on your taillights, so drivers behind you will be able to see you better. Don’t turn on your high beams, however, as they can cause distracting and dangerous reflections.

Did you know—it’s illegal to drive with your emergency flashers on? Flashers are to be used only when a vehicle is stopped or disabled. If you feel the visibility is so poor you need to turn on your flashers to be seen, you should safely pull off the road as far as you can, and wait out the storm. (And yes, now you can turn on your emergency flashers.)

 

  • Don’t use cruise control. Under slippery circumstances, you want to be completely focused on your driving. Plus, if you need to slow down quickly, you can ease your foot off the gas, which is safer in wet conditions than braking. Since cruise control aims to keep your vehicle traveling at a set speed, it might even accelerate at a time you should be slowing down.
  • Slow down and allow more space between you and the vehicle ahead of you. It takes longer to stop in wet weather, so allow yourself the time and space to react to the unexpected. Also give yourself extra time to get to your destination when it’s raining or conditions are wet so you won’t be tempted to drive too fast. Remember, all it takes is 1/12th of an inch of water and a speed of at least 35 MPH to be at risk for hydroplaning (when a layer of water builds up between the tires of your vehicle and the road, leading to loss of traction).
  • Steer and brake gently. If you start to skid, ease off the gas pedal and gently steer the vehicle in the direction you want to go.
  • Don’t drive through large puddles or standing water. If water is deeper than the bottom of your door, you could seriously damage your car. And never drive through moving water unless you can easily see the ground through it. Your car—and you—could be swept away.
  • Take extra care on wet days that follow a dry spell. Oil and grime deposits on the road can mix with the rain to make things extra slick for the first few hours after rain begins falling again.

We likely have at least a few more weeks of wet driving conditions, so please stay safe out there!

FYI, for information on safe driving, consider taking the National Safety Council’s defensive driving course. You may be eligible for a discount on your auto insurance. Be sure to check with your L & M Insurance Group agent at 813-672-4100 to see if you qualify.

Preparing Your Home Before Your Vacation—a Checklist

Your vacation is a great way to relax, refresh, and reconnect. Before you go, there are a few things you should do to protect your home while you’re gone, and ease your reentry when you return.

Photo by Glenn Carstens-Peters on Unsplash

Vacation Checklist to protect your home while you are away

 

Make it hard for burglars to get in

  • Collect any spare keys you have hidden outside.
  • Install a motion-sensitive exterior light.
  • Park your car inside your garage. If you can’t, be sure to remove any valuables and the garage door opener from your vehicle.
  • Make sure all doors and windows are locked, including pet doors. Don’t forget the door between the garage and the house.
  • Disconnect the garage door opener receiver, or manually lock the door.

Safeguard your home

  • Florida experiences a lot of storms and lightning strikes, so unplug electronics, WiFi routers, printers, and computers to keep them safe from power surges. (This will also save you on your electric bill, because some electronics keep drawing power even when they’re turned off.)
  • Turn off the water main.
  • Turn off your water heater (if you’ve turned off the water main), or turn the temperature down.
  • Raise the temperature on the thermostat instead of turning off your air conditioning to protect your home and belongings from Florida’s high heat and humidity.
  • Avoid any unpleasantly smelly surprises by throwing away any food that might go bad before you return, and make sure you take out the kitchen trash before you go.

Don’t advertise the fact that you’re not home

  • Stop newspaper delivery and put a hold on your mail.
  • Wait to post your travel plans and experiences on social media until you return from your trip.
  • Don’t leave an outgoing voice message on your answering machine saying you’re out of town.
  • Help your home look lived-in by connecting interiors lights to a timer, and set them to come on at different times.
  • Hire someone or ask a friend or trusted neighbor to take care of your yard—mow the grass, water if necessary, and generally keep an eye on things. A big tree limb down in your driveway for several days is a major clue that no one’s home!
  • Consider hiring a house sitter to watch over everything while you’re gone, especially if you have pets. There’s something about knowing there is someone at home, and your pets will really appreciate being able to stay in their own environment.
  • If you don’t want or need a house sitter, leave emergency contact information with a neighbor.
  • Let your home security company know you’ll be out of town, and give them the names and contact information of your house sitter or a neighbor who has agreed to keep an eye on your house.
  • Ask a neighbor to park in your driveway a couple of times so your home doesn’t look deserted.

Enjoy your vacation, safe in knowing your homeowners insurance is on the job protecting your assets, and that you’ve done all you can to keep your home safe while you’re away.   And please give us a call at 813-672-4200 if you have any questions about your homeowners insurance, or you need a free, no-obligation quote.

How Your Homeowners Insurance Keeps Working, Even When You’re on Vacation

Brandon Homeowners InsuranceWhile you’re making plans for a summer vacation, packing up the kids, and making arrangements for the dog, the last thing on your mind might be your homeowners insurance. You can rest assured that even though you’re on vacation, your homeowners insurance is still working for you back home. Here’s how:

It protects your personal belongings. Under Coverage C, your homeowners policy protects your personal belongings up to the policy’s limits (usually 50-70% of the insured value of your dwelling), less your deductible. If the contents of your home were to be damaged or stolen while you’re gone, you’d be covered—but did you know the personal property you bring with you on vacation is also covered? That means things like your luggage, your laptop, your golf clubs—if these items were lost or stolen while you’re on vacation, they would also be covered, again less your deductible. Note: some companies reduce off-premises coverage to a percentage of the total coverage for personal possessions, so you may want to check with your L & M Insurance Group agent if you have concerns about this.

It protects your liability. Even if you’re not home, if someone is injured on your property, the liability protection in your homeowners policy will cover you. Let’s say a friend is acting as house sitter for you while you’re away, and he or she falls and is injured. Your liability would cover this.

Or maybe you have a pool in your back yard, and some neighborhood kids decide to use it while you’re gone. Even if you’re not there and haven’t given them permission to use your pool, you could still be liable for any injuries.

(If you have someone staying in your home, or if you have a pool or a trampoline, you may need the additional liability protection of an umbrella policy.)

Your homeowners liability also covers you if you if you unintentionally hurt someone while you’re on vacation (for example, if you slice a golf ball into a fellow golfer!).

And, of course, it protects your home itself. Break-ins, vandalism, storm damage, fire—all the usual covered perils will continue to be covered while you are away.

(One thing to be aware of: standard homeowners policies do not cover floods. Since Florida is essentially one big flood zone, talk to your L & M Insurance Group agent about buying a flood policy—they’re more affordable than ever.)

It’s good to know your homeowners insurance is still working for you, even while you’re on vacation. Policy limits, exclusions, and deductibles still apply, so you should consult with your L & M Insurance Group agent to make sure you’re carrying the appropriate coverage and limits to protect your assets. Please contact us if you’d like a homeowners insurance quote, or if you have questions about what your policy covers.

L & M Insurance Group Serves Both Standard and Non-Standard Risks

Car insurance for standard and non-standard risksAs an independent insurance agency, L & M Insurance Group has the ability to help non-standard drivers who have risk factors that make it hard to get insurance at standard or preferred rates—factors such as accidents or a blemished driving record. But did you know L & M is also a great place for drivers with clean records, good credit, and other factors that make them attractive to companies like State Farm or Allstate?

If you have a clean driving record and no or few claims, and you also have good credit, own a home, and carry high limits, L & M could be a good fit for you. After all, good drivers also want and deserve the convenience, personal service, and expertise of using an independent insurance agency!

 

L & M Insurance Group   represents more than 15 auto insurance companies, including Progressive, Safeco, Nationwide, Travelers, GMAC, Metropolitan, and Foremost. We understand the insurance needs that are specific to the standard risk and we can help you choose the liability limits that will best protect your assets. In addition to auto insurance, we also offer a range of insurance policies to cover not only your car, but your house, boat, ATV, investment properties and so on. We also offer umbrella policies to protect your liability.

 

And because we represent many insurance companies rather than just one, chances are excellent that we can save you money, too!

 

We want your business, so when you’re in the market for insurance, please click here to request a quote, or call us at. 813-672-4200.

Boat Safe This Summer

Brandon Boat Insurance Florida

It’s easy to see why Florida is the number one boating destination in the United States—we have thousands of miles of tidal shoreline, Intracoastal Waterways, lakes, and rivers to explore. The waters around Tampa Bay are especially beautiful, and boaters can go from roaming a secluded beach to pulling up to the dock at one of Tampa’s waterside restaurants—all in one day!

Unfortunately, Florida also is the national leader in boating fatalities each year. At L & M Insurance Group, we want to see you out enjoying the boating life, not coping with a life-threatening emergency. Here are five basics to help you boat safe this summer:

  • If you haven’t already, take a boat safety course. Click here for a free online safe boating course endorsed by the Florida Fish and Wildlife Conservation Commission.
  • Inspect your boat each time you get ready to take it out. Among other things, inspect the hull for damage, make sure the boat’s lights work properly, and that you have enough fuel. (Click here for a full pre-departure checklist.)
  • Make sure all safety equipment is in good working order, including life vests (see below), fire extinguishers (make sure yours is U.S. Coast Guard approved), emergency flares, and a carbon monoxide monitor (especially if your boat has an enclosed cabin). If your boat is 16 feet or more, you must also have at least one Type IV throwable flotation device, such as a life ring or flotation cushion. Also make sure you have a first aid kit on board.
  • Have a life vest for every person on board your boat. Make sure the vests fit properly and are in good condition. Most important: make sure everyone actually wears his or her life vest. The main cause of boating fatalities is boaters falling overboard who are not wearing life vests—an average of one person a week. Remember, it’s the unexpected event that poses the most danger—rough water or losing your balance, for example, can land you overboard with no time to find and put on your life vest.
  • Don’t drink alcohol while boating. It’s illegal to operate a boat under the influence of alcohol, and your judgment and reaction time decline even faster in a boating environment than on land. The use of alcohol is involved in about a third of all recreational boating deaths, and the penalties for “Boating Under the Influence” can include fines or even jail time.

And, of course, make sure your boat insurance is current before you brave the waves. Give L & M Insurance Group a call at 813-672-4100 for a boat insurance quote. Our boat insurance policies are designed to fit the needs and budget of today’s boater. Happy boating!