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Looking for Cheap Insurance in Florida? Don’t Make These Mistakes

by Posted in Auto Insurance, Homeowners Insurance Leave a comment

Since Florida auto and homeowners insurance rates are some of the highest in the nation, we understand why you’re looking for ways to save on your insurance premiums. However, before you search for your next insurance policy, remember the purpose of insurance: to protect you financially in case of a claim, whether it’s to repair or replace your car, rebuild your house, replace your personal belongings, or protect your liability if you’re responsible for injuries or property damage. You need your claims to be paid, and you need the amount of the payout to make you whole financially, or protect you financially from a lawsuit. That’s why it’s important to find the right balance between a cheap insurance premium and insurance coverage that is adequate and appropriate for your financial situation.

So when you are looking for cheap insurance in Florida, don’t make these mistakes—they could cost you big.

Not carrying enough coverage.

Homeowners: Some people mistakenly insure their homes for real estate market value. In many cases, that’s not enough if your home is completely destroyed. If that happens, you’ll need to receive enough money to rebuild it. If you’ve only insured it for market value, you’re unlikely to receive enough money in a claim payout to do that. A better way to keep the cost of homeowners insurance down is to raise your deductibles—talk to your L & M Insurance Group agent about whether this option is right for you.

Auto: In the case of auto insurance, the mistake some people make is not carrying enough liability coverage. To fulfill the Bodily Injury section of the Florida Financial Responsibility Law, if you’re in an at-fault accident and you injure someone, you must carry Bodily Injury Liability coverage in the amount of 10,000 per person, 20,000 per accident at least. The problem is, those limits are likely far too low. According to Consumer Reports, the average payout for a car crash injury that doesn’t leave the victim incapacitated is $22,000. And what if more than one person is injured?

If your insurance limits aren’t high enough, you’re on the hook for the rest of the claim—or open to a lawsuit. Again depending on your financial situation, you will likely want to purchase higher limits of Bodily Injury Liability—the insurance industry recommends $100,000 per person/$300,000 per accident, and at least $50,000 for Property Damage Liability.

“Looking for cheap insurance in Florida may seem like a good idea, but going with the cheapest price, regardless of the strength of the insurance company or the quality of its customer service may have consequences.”

Price is important. But it’s not the only consideration. If you have a claim, or any kind of problem with your insurance, you’ll want an insurance company that will be easy to work with—and will pay your claims. An independent agency like L & M Insurance Group can steer you away from companies with shaky financials or poor customer service.

Not buying flood insurance.

Flood damage is not covered by a standard homeowners insurance policy, and Florida, flat, surrounded by water and a target for hurricanes, is almost entirely at risk for flooding. Even if you don’t live in a high-risk area, between 2014 and 2018, more than 40 percent of all National Flood Insurance Program (NFIP) claims came from outside of high-risk areas.  And flood damage is expensive—just one inch of water can cause $25,000 worth of damage, according to FloodSmart.gov. (L & M Insurance Group has several competitive private insurance companies that write flood coverage, often for less than you’d pay through the NFIP.)

Not checking insurance rates at renewal.

At least once a year, it’s a good idea to review your insurance coverage, and check that you’re still getting the best deal you can for your circumstances. Just remember, when comparing rates from different companies, compare “apples to apples”—that is, each quote you get should be for the same type and limits of coverage.

As an independent agency, L & M Insurance Group will help you make the most of your insurance money. We represent multiple financially sound auto and homeowners insurance companies, not just one. We take pride in helping our neighbors in Riverview, Brandon, Valrico, and surrounding areas find the most cost effective insurance options for them. Please call us at 813-672-4100 or contact us online for a no-obligation quote.

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Avoid the Dangers of Summer Driving

by Posted in Auto Insurance Tagged , Leave a comment

Summer is here, and just about everyone is longing for a getaway. As Florida opens back up, more residents and tourists will be on the roads. More driving can mean more accidents and breakdowns, but one way to avoid the dangers of summer driving is to prepare your vehicle for the effects of extreme heat.

Here are a few precautions to take before you hit the road this summer (perform these checks yourself, or have a professional mechanic take care of them).

Inspect your vehicle

Check the pressure and condition of your tires monthly, including your spare tire. Under-inflated tires can overheat, increasing the chance of a blowout, especially if the roads themselves are hot. It’s hard to steer a vehicle after a blowout, which may cause an accident. Tire condition also affects your ability to steer in a storm when roads are slippery.

Check all fluid levels, including coolant, oil, transmission, power steering, and brake fluids. Your vehicle’s fluids help it run smoothly without overheating, something especially important when it’s already hot outside. See your owner’s manual for how often you should flush and replace coolant and other fluids.

Inspect belts and hoses to make sure they’re in good condition and firmly attached.

Be mindful of the age and condition of your battery, and keep a set of jumper cables in your vehicle. It’s not uncommon for Florida’s extreme heat to shorten car battery life.

Keep your cool by keeping your AC system working well. Aside from personal comfort, being too hot can affect your driving by making you sleepy, distracted, or irritable. Check the cabin air filter and replace if necessary to keep the cool air flowing. And remember, it can be warmer in the backseat of a car or SUV, so if you’ve got passengers or pets there, make sure they’re comfortable, too.

Don’t let your gas tank get too low. If there’s a power outage, due to high temperatures or storms, gas pumps may be out of commission.

What else can you do?

Reduce the chance of an accident (and higher insurance rates!) by practicing safe driving habits such as obeying speed limits and driving defensively.

Monitor the weather—a sudden summer storm can close roads or make them hazardous to drive on. Be prepared for a breakdown.

Have an emergency kit in your vehicle, and make sure you have water on hand.

Know if your car insurance policy covers roadside assistance. This optional coverage is usually inexpensive, and may give you peace of mind. Check with your L & M Insurance Group agent if you’re not sure if you have this coverage.

No one wants to be stranded by the side of the road on the way home from the beach, or to try to avoid an accident when a tire blows. Take a few basic precautions, and you’ll be ready to hit the road for summer adventure.

If you need car insurance, please give us a call at 813-672-4100 for a free quote! If you prefer, click here to contact us online.

For more information:

Safe Summer Travel

Prevent Accidents With Basic Car Maintenance

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Why is Car Insurance So Expensive in Florida?

by Posted in Auto Insurance Tagged , , Leave a comment

Living in the Tampa Bay area has many advantages, but cheap car insurance isn’t one of them. In fact, the Sunshine State has the third costliest car insurance premiums in the nation. Florida consumers pay about 48 percent more per year that the national average.

So why is Florida car insurance so expensive? Here are a few factors that contribute to higher auto insurance premiums for Florida drivers. (See below for a few things you can do to make sure you’re getting the best car insurance rate.)

High percentage of uninsured drivers

Florida has the highest percentage of people driving without insurance in the U.S.—more than one fourth (26.7 percent) of the drivers on our roads are uninsured. Insurance companies compensate for that with higher premiums for everyone who is insured.

High percentage of higher-risk drivers

Florida has many elderly drivers, tourists unfamiliar with the roads, and college students attending universities. These drivers are considered to be higher-risk, and therefore more likely to cause or contribute to an accident.

Extreme weather

Severe thunderstorms, hurricanes, and flooding events cause property damage to cars that insurance companies must pay for. Residents near the ocean, rivers, in low-lying or other flood-prone areas are especially affected.

PIP requirement

By law, Florida drivers must purchase Personal Injury Protection (PIP) insurance. This coverage, also known as “no-fault” coverage, pays for medical expenses for you and your passengers if you’re injured in an auto accident, regardless of who is at fault.

More lawyers, more money

Unfortunately, some areas of Florida are known for a high prevalence of fraudulent claims, as well as a high number of claims where there is lawyer representation. One of the latest problems with fraud involves assignment of benefits abuse related to windshield claims. Inflated claims and legal expenses raise the cost of doing business in Florida, and the result is higher insurance premiums for everyone.

Busy roadways

Florida roads are the third busiest in the U.S. More traffic means more chances for accidents.

What can you do?

Now that you know why car insurance is so expensive in Florida, there are a few things you can do to lower your auto insurance premiums. Of course, strive to keep your driving record clean, but also improve your credit score. Before buying a new-to-you vehicle, ask how it will affect your auto insurance rates. Remember, safe and boring is almost always cheaper to insure than fast and flashy! If your financial situation allows, raise your deductibles.

At least once a year, shop for the best rate, and ask about all available discounts. But be sure that you’re comparing the same coverage limits and deductibles. Shop again when a life event takes place that might change your insurance rates: a teen getting his or her license, a wedding, a child going away to college, etc.

And be sure to call L & M Insurance Group (813-672-4100) for a quote from one of our many quality auto insurance companies—or if you prefer, click here to request a quote via email. As an independent agency, L & M Insurance Group specializes in helping you find the best coverage for the best possible rate. We’ve been helping our neighbors in Riverview, Valrico, Brandon, and surrounding areas for more than 30 years, and we’d love to help you.

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Consumers Beware: Your Cheap Insurance Is Probably Cheap for a Reason

by Posted in Auto Insurance, Homeowners Insurance Tagged , , Leave a comment

No one wants to pay too much for their insurance, but Tampa Bay area consumers need to be cautious if they get insurance quotes that seem too cheap. There’s usually a reason for that—such as the cheap insurance policy being quoted is stripped down to the bare minimum. As is the case for many things, with cheap insurance, you get what you pay for.

Financial trouble ahead

In an attempt to bring in business, some agents will quote bare bones, stripped down insurance policies that don’t provide the coverage most people need. We understand that money’s tight and no one really likes to spend money on insurance—a product you hope you’ll never have to use! The reality is, if you buy a stripped down insurance policy that covers only the bare minimum, you may find yourself in major financial trouble.

The purpose of insurance is to protect you financially in the event of an accident or other covered peril—this means replacing your own damaged or destroyed property, paying for your injuries, and paying for any damage you cause or are responsible for, even something as seemingly innocent as a trip and fall accident that takes place on your property. Insurance protects both your physical possessions and your liability.

Cheap Car Insurance Example

In the case of car insurance, for example, the minimum coverage to meet the Florida Financial Responsibility law requirement is bodily injury coverage of $10,000 per person/$20,000 per accident/$10,000 property damage coverage. When you get a car insurance quote, you may be quoted only the bare minimum. Many car accidents easily exceed these limits, especially if multiple vehicles or injured parties are involved, and then what happens? The injured parties are likely to come after you in court.

Cheap Homeowners Insurance Example

You should also be careful when comparing homeowners insurance. If you have a lender, they will require that you carry a certain amount of coverage to protect them. However, will that be enough to enable you to afford to rebuild if your home is completely destroyed? Will you have enough coverage for your contents if you need to replace them? When comparing quotes, ask if you’re being quoted replacement cost or actual cash value.

Compare Apples to Apples

Remember, when you request insurance quotes, make sure each quote is for the same coverage type and for the same limits so you can make a true comparison.

Let L & M Insurance Group help

The good news for you is that more complete coverage might not cost you much more that a stripped down policy. With multiple insurance companies to choose from, L & M Insurance Group is ideally positioned to find you the best coverage at the most cost effective rate. And your L & M Insurance Group agent can also help you find discounts that help lower your costs.

Yes, there are times in everyone’s life when the bare minimum is all you can afford. But during those times, you probably have the “bare minimum” to protect as well. Once you’ve begun to accumulate assets, such as a home, a newer model car, or expensive personal possessions, you’ll want to be sure your insurance coverage keeps pace. Please give us a call at 813-672-4100, or email us, if you’d like a quote, or have any questions about your insurance needs.

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Commercial Auto Insurance Options for Small Businesses to Fleet Vehicles

by Posted in Auto Insurance, Commercial Insurance Tagged , , , Leave a comment

The start of a new year has many of us thinking of new goals. Maybe one of yours is to start or expand a business. If that’s so, remember that an important protection is the right insurance. Commercial auto insurance is not just for businesses with a fleet of vehicles. It’s also a crucial financial protection for small businesses and individuals who use their vehicles for business purposes. L & M Insurance Group, an independent insurance agency, writes with many different insurance companies to find you the most affordable coverage, as well as a policy tailored to meet your specific needs.

Don’t take the chance of having a claim denied because you have a personal auto policy but are using your vehicle for business purposes. A commercial auto policy is not always more expensive than a personal auto policy; it might even cost less! That’s just one reason why you should not try to hide business use of your vehicle from your agent.

Do you need commercial auto insurance?

Commercial auto insurance, also known as business auto, is intended to protect you financially if you or a company employee driving a company car is at fault in an accident, and injures someone or damages property. A commercial auto policy will cover the cost of the claim up to the policy limits. You need some form of commercial auto insurance if you use your vehicle for work purposes other than driving back and forth to your job. This might include:

  • Delivering packages or food
  • Transporting people, such as driving for Uber or Lyft
  • Driving to job sites or transporting clients or other employees
  • Transporting tools and equipment to a construction site
  • Vehicles registered in a business name or bearing a commercial license plate
  • Pulling a trailer in relation to your work

Several types of commercial auto policies are available for several different scenarios, including:

  • Occasional business use—a policy that covers one main driver, and often his or her spouse, who uses a vehicle occasionally for work.
  • Business use for multiple drivers—a policy that covers business use by multiple drivers.

L & M Insurance Group—your partner in business

Independent insurance agencies like L & M Insurance Group are ideal places to purchase your commercial auto insurance. Why? Because we work for you. We’re knowledgeable about the options available to you, and can compare insurance rates among the multiple companies we represent. We’re also local—and available to discuss options, look for discounts, and customize an insurance policy to meet your needs. Please give us a call at 813-672-4100, or contact us online for a quote, or if you have any questions about a commercial auto policy.

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Florida Drivers, Remember Texting While Driving Is Against the Law

by Posted in Auto Insurance, News, Uncategorized Tagged , Leave a comment

Texting while driving has been illegal in Florida since 2013, but law enforcement could only ticket you for it if they pulled you over for another violation. Not anymore. The Florida Ban on Texting While Driving Law went into effect July 1, but officers have been issuing warnings rather than ticketing drivers during a grace period which ends Dec. 31. After that, they will issue tickets.

What is/is not allowed

The law forbids texting, emailing and instant messaging—anything that involves you manually typing multiple characters into your phone.

You may still use your phone or GPS for navigation, but be sure to type in the address before you start driving. Use the voice feature so that you don’t have to look at your device while you’re on the road.

Hands-free requirements for certain zones

Another change is that while it’s still legal to talk on your hand-held phone while driving (though it’s not recommended), the new law prohibits using a hand-held phone if you are in a school zone or construction zone. If you use a hands-free device, you may still talk on your phone in one of these zones.

Your rights

If you are stopped by law enforcement for texting, the police officer must inform you of your right to decline a search of your phone. He or she may not search your phone without a warrant, confiscate your phone while waiting for a warrant, or coerce you into allowing him or her to search your phone.

We all know how dangerous distracted driving is. In 2016, Florida had nearly 50,000 accidents caused by distracted driving (233 of which resulted in death), according to statistics cited by Florida Governor Ron DeSantis. And, of course, texting is not the only thing that can distract you from your driving. We at L & M Insurance Group encourages you to abide by this law, as well as minimize any other activity that could distract you while you’re behind the wheel. Not only will you be more likely to avoid an accident that could harm you or others, you’ll also avoid getting ticketed for a violation that could raise your insurance rates.

Have a happy and safe holiday season! 

L & M Insurance Group is a locally owned, independent insurance agency, serving Riverview, Tampa, Brandon, Valrico, and surrounding communities. Please give us a call at 813-672-4100 or email us if you need any assistance with your personal or business insurance needs.

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Tips for a Safer Thanksgiving

by Posted in Auto Insurance, Homeowners Insurance, Uncategorized Tagged , , , , Leave a comment

As you prepare to gather with family and friends for Thanksgiving, L & M Insurance Group wants to thank you for your business, and wish you a happy holiday. We also want to remind you of a few Thanksgiving safety precautions to take to ensure that you also have a safe holiday. Thanksgiving can be a surprisingly perilous day.

While your car and homeowners/renters insurance should protect you financially if you face one of these Thanksgiving mishaps, we hope you will never have to spend any of your holiday time making a claim. Here’s a look at the more common accidents that happen on Thanksgiving, and some tips for avoiding them.

Car accidents

Millions of motorists hit the roads during the four-day Thanksgiving break. Unfortunately, many of them will be distracted or driving while under the influence of alcohol. The National Safety Council estimates that 417 people will die in traffic accidents during the 2019 Thanksgiving holiday, and 47,500 injuries will occur. If you’re driving to a Thanksgiving celebration, take extra care. Buckle those seat belts, put away your phone. If alcohol figures into your Thanksgiving celebrations, make sure you designate a driver, or use a ride service. If you’re the host, don’t be shy about arranging a ride home for a guest who’s had too much to drink. 

Fires

On Thanksgiving Day, cooking fires are three times more common, do more property damage, and claim more lives than on any other day of the year. Unattended cooking is usually the culprit, so keep a close eye on the stove and oven when they’re in use. Have a fire extinguisher on hand, and know how to use it. Check the batteries in smoke detectors and make sure they’re functioning before the festivities start.

Candles left burning are another source of home fires. Be sure to blow them all out before leaving the house or going to sleep. And never leave children unattended in a room with a lit candle.

Falls

To prevent a slip or trip and fall, keep all high traffic areas clear. Watch out for kids playing, toys, purses, or bags where people will be walking. Check handrails for sturdiness, and warn guests of any slippery spots on your driveway or walkways.

Pet problems

Holiday parties can be stressful to pets, and cause even friendly ones to bite or scratch. If you have pets, for both their safety and that of your guests, provide a safe and quiet place for them to retreat while you have company. A dog bite or cat scratch can quickly spoil a party. (Click here for more information on dog bite liability.)

Happy Thanksgiving from all of us here at L & M Insurance Group. We thank you for allowing us to serve you. Please don’t hesitate to call (813-672-4100) or email us if you have questions about your insurance needs. We’re here to help.

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Bad Credit Affecting Your Auto Insurance Rates? Don’t Despair—We Can Help

by Posted in Auto Insurance Tagged , , Leave a comment

Insurance companies use many factors when they calculate what to charge for their policies, and more than 90 percent of them consider credit history when setting auto insurance rates. Insurers have found a strong correlation between bad credit and a higher likelihood of a client filing an insurance claim.

Therefore, if you have bad credit, it’s likely costing you money in your car insurance premiums. According to Nerd Wallet, Florida drivers with bad credit pay an average of $1,898 more per year, or $158 more per month, for their auto insurance than drivers with good credit.

While it’s true that having good credit is one way to help keep your insurance premiums low, even if you have bad credit, or little to no credit history, L & M Insurance Group can help.

We’ll do the checking for you!

If your credit is less than stellar, you should definitely compare the insurance rates of several different companies before buying a policy. While there are insurance companies that don’t use credit as a rating factor, they may charge higher rates overall. A better option may be an insurance company that penalizes you less for your credit score than other companies do! (And don’t worry—getting multiple auto insurance quotes does not lower your credit score.)

Sound confusing? It doesn’t have to be. L & M Insurance Group can do the checking for you! We represent more than 25 quality auto insurance companies, and have more than 30 years in the insurance business. We’re committed to helping all our clients find the most cost-effective policies possible.

Improved credit equals lower insurance rates

It’s still a good idea to improve your credit by paying bills on time, maintaining a low credit utilization rate, and checking your credit report to make sure it’s accurate. If you don’t have much credit history, you can build one by applying for credit judiciously—just don’t apply for too many lines of credit, because that can also hurt your credit score. You may need to start with a secured card, or by becoming an authorized user on a trusted family member’s account.

As your credit score improves, you may be able to save money on your insurance premiums. Be sure to ask your L & M Insurance Group agent to compare rates at renewal if your credit has improved.

No matter whether your credit is good or bad, L & M Insurance Group has an insurance option for you. Give us a call at 813-672-4100 or email us for an auto insurance quote today!

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Just Married? Time to Review Your Insurance Coverage

by Posted in Auto Insurance, Health Insurance, Homeowners Insurance, Life Insurance, Renters Insurance Tagged , , , Leave a comment

Now that you’ve opened the presents and returned from your honeymoon, it’s time to consider some of the changes getting married will bring to your financial life. For instance, if you haven’t done so already, you should review, compare and consolidate your insurance policies. Good news—you may get a discount just for being married, because many insurance companies consider married people a better risk than single people.

Review your existing coverage

Car insurance

Compare your car insurance policy limits and coverage. It may be less expensive to combine all your vehicles onto one policy because you will be eligible for a multi-car discount. Get a quote from each of your car insurance companies to see which is the better deal. If you change policies, make sure new coverage goes into effect before the old coverage is cancelled so you don’t have a lapse in coverage.

Homeowners or renters insurance

If you’ve been living separately, you may have both been carrying homeowners or renters insurance. You should be able to cancel one policy if you no longer own or rent that second home, but make sure the policy you’re left with is appropriate for your needs. 

For example, you may need to increase your personal property limits now that all your belongings are under one roof. You may also need special coverage for high value items like your wedding and engagement rings, high-end electronics, or expensive wedding gifts.

And remember to officially add your spouse to your policy!

Health insurance

Now that you’re married, you have a limited time to enroll in a new health plan or join a spouse’s plan—usually 60 days. If either or both of you have employer-based plans offering spousal benefits, you’ll want to compare these three scenarios: you each keep your current plan; you join your spouse’s plan; your spouse joins your plan. Ask questions about monthly premiums, deductibles, and other out-of-pocket costs. If you don’t have health insurance through work, you can buy or change your coverage through your state or federal exchange. See healthcare.gov for more details.

Life Insurance

Consider buying life insurance—even if neither of you have children. The death of one partner could lead to financial difficulties for the surviving spouse if you have bills or a mortgage one person can’t afford on their own.

One more thing: be sure to update your beneficiaries and emergency contacts.

Need help? We’ve got you covered!

Feeling overwhelmed? Don’t be! Your friendly L & M Insurance Group agent can help you make sense of it all. Whether you’re an existing client or a new one, we will be happy to help you sort through your options. As an independent agency, we represent many financially sound insurance companies and will help you make the best choices for your financial situation. Call us today at 813-672-4100, or email us for a car, home, renters, health, or life insurance quote.

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Got Great Credit? Let Us Save You Money on Your Auto and Home Insurance!

by Posted in Auto Insurance, Homeowners Insurance Tagged , , , Leave a comment

What does your credit score have to do with insurance rates? Plenty. Since the 1990s insurance companies have been using consumers’ credit scores to help set insurance premiums. Industry studies have indicated that using credit-based scores helps insurance companies better predict risk.

What does that mean for you? It means that if you have good credit, you’ll likely save money on your home and auto insurance.

“Just as insurance scores help insurance companies assess and price risks, so too can these scores help insurance customers—particularly if they are considered good risks,” according to the Insurance Information Institute (iii.org).

Insurance scores are different from credit scores, though they are both based on your credit report. And each insurance company makes those calculations a little differently. For an insurance score, “Emphasis is placed on those items associated with credit management patterns proven to correlate most closely with insurance risk, such as outstanding debt, length of credit history, late payments, collections and bankruptcies, and new applications for credit,” according to iii.org.

Therefore, the higher your insurance score, the lower your insurance rates.

What if your credit isn’t so good?

If your credit scores could be better, lower insurance rates are one more reason to improve them. If you want to improve your score, start by keeping a closer eye on it. Make sure there are no errors in your credit history. Make payments on time, avoid high “credit utilization” (the amount you owe divided by your credit limit), and don’t make too many applications for new credit. Remember, credit scores aren’t the only factor used in determining insurance rates. For car insurance, driving history and type of vehicle are also crucial. For homeowners insurance, your location, the size and age of your home, as well as your level of coverage will also affect your rates significantly. However, improving your credit score could make a significant difference in your insurance premiums. According to creditkarma.com, improving from one credit tier to the next can save you an average of 17 percent per year. And Consumer Reports noted that drivers who improved their credit score from the “good” level to the best paid an average of $214 less per year for their car insurance.

If you have good credit, let L & M Insurance Group help you reap the benefits with lower car and homeowners insurance rates. Call us today at 813-672-4100 for a free quote, or drop us an email. For more than 30 years, L & M Insurance Group has helped customers within Riverview, Brandon, Gibsonton, Apollo Beach and Tampa. We also work closely with many customers throughout Hillsborough County, Manatee County, Pinellas County, and Clearwater.